Generation Mortgage Company has announced the availability of a new jumbo reverse mortgage loan for homes valued up to $6 million. Currently, the only fixed-rate jumbo reverse loan offered industry-wide for higher-valued homes, Generation Mortgage's Generation Plus loan product caters to a presently underserved consumer segment, seniors owning homes appraising higher than $1 million.
"Many owners of higher-valued homes find themselves in the position of being house rich and cash poor," said Jeff Lewis, chairman of Generation Mortgage. "With our Plus loan, these owners can receive the liquidity they require without having to sell their home or other assets. And, with an improving real estate market, this offering becomes even more attractive."
For the Generation Plus reverse mortgage loan product, the minimum appraised home value eligible is $500,000 while the maximum value is $6 million. Available in most states throughout Generation Mortgage's national footprint, the jumbo Generation Plus loan is offered at a fixed rate and may be obtained on primary residential homes, including Federal Housing Administration (FHA)-approved townhomes. Payout is completed at closing and may be used for any purpose, including covering medical expenses or making home repairs or improvements.
"Generation Mortgage is in the business of helping clients to enjoy their homes for as long as possible," said Lewis. "We will continue to introduce innovative products like Generation Plus to fulfill that goal for the full spectrum of the senior community."
For more information, visit www.generationmortgage.com.