Generation Mortgage Company has announced a new 4.99 percent fixed interest rate reverse mortgage product, offering seniors a long-term lower interest rate option. "We want to give senior homeowners as many alternatives as possible to enable them to stay in their house," said Scott Peters, president and chief executive officer of Generation Mortgage. "And with such a fragile state of our nation's economy, home equity remains a top financial asset for seniors and Baby Boomers."
Generation Mortgage has pioneered the idea of giving seniors every possible option when it comes to a reverse mortgage. In previous weeks, the company announced a reverse mortgage option that eliminated a large portion of the upfront fees, as well as the first-to-market jumbo reverse mortgage for houses valued over $1 million.
"Because we're a lender focused exclusively on reverse mortgages, Generation Mortgage can quickly respond to the needs of the senior market and introduce new products that allow borrowers to tap into more of their home equity," said Peters.
The low interest reverse mortgage applies to Generation Mortgage's FHA-insured HECM (Home Equity Conversion Mortgage) fixed-rate product. Standard terms, conditions and qualifications apply. The reverse mortgage loan offering provides qualified homeowners age 62 and older an affordable rate and a lower balance at the end of the loan term.
The introduction of innovative products has helped fuel unprecedented growth for Generation Mortgage. According to an April 2010 report by Reverse Market Insight, Generation Mortgage ranks fifth in the nation as a provider of reverse mortgage HECM loans to the retail and wholesale markets. The company moved up a notch from seventh place in March to sixth place in April as a provider of retail HECM loans.
For more information, visit www.generationmortgage.com.