Generation Mortgage Company, a privately-owned reverse mortgage retailer and wholesaler in the United States, has announced it has introduced a new fixed-rate reverse mortgage product with no origination fee and no servicing fee to provide senior clients more upfront loan proceeds at a lower cost. The new HECM (Home Equity Conversion Mortgage) loan offering is now available in Generation Mortgage's retail and wholesale channels.
"Generation Mortgage is pleased to support our senior community by ensuring we evolve as our industry evolves with improved product options," said Scott Peters, president and chief executive officer of Generation Mortgage. "We are very happy to provide access to more equity to our senior clients with these new changes."
The new zero origination fee, zero servicing fee product applies to Generation Mortgage's Federal Housing Administration (FHA)-insured HECM fixed-rate product and allows qualified borrowers age 62 and older to receive additional, upfront loan proceeds of up to $10,000 or more, depending on the equity in their home.
"We are in the business of helping clients put as much money as possible back into their pockets, and the best way to do that is by regularly evaluating how we can maximize each client's reverse mortgage," Peters said. "This attractive option is a function of positive market conditions. It makes sense for seniors to investigate this option now as these conditions can change at any time."
For its wholesale channel, as of April 1, 2010, Generation Mortgage began offering its brokers and correspondents a fixed-rate HECM loan product option with no servicing fee and no origination fee.
For more information, visit www.generationmortgage.com.