Reverse mortgages are a federally guaranteed financial instrument that allows eligible homeowners 62-and-over to access equity in their homes, receiving funds either as a series of monthly payments, a lump sum, a credit line or a combination of those options.
Polls show that 80 percent of older Americans want to remain in their homes as long as possible and roughly 50 percent are considering using home equity to help fund retirement. There are now about 24 million households aged 62 or older in the nation and 12 million hold more than 50 percent of their net worth in home equity.
"nu62(SM)" will be available to the industry later this year.
About Generation Mortgage CompanyGeneration Mortgage Company, NMLS ID #1319, is one of the nation's leading privately owned reverse mortgage providers in the United States, and a member of the National Reverse Mortgage Lenders Association (NRMLA).With its sole focus on reverse mortgages, Generation Mortgage is known in the industry as offering the "gold standard" in customer service, providing loan servicing for nearly all of its retail and wholesale reverse mortgage loans. Licensed in 49 states and Washington, D.C., Generation Mortgage offers FHA-insured HECM (Home Equity Conversion Mortgage) loans, including fixed and adjustable rates, HECM for Purchase, and Generation Mortgage's proprietary jumbo Generation Plus® reverse mortgage loan. For more information, go to www.generationmortgage.com NMLS #1319; Corporate Office: 3565 Piedmont Rd, NE, 3 Piedmont Center, Ste 300, Atlanta, GA 30305; Arizona Mortgage Banker License #0909296, 2190 N. 77 th Street, Scottsdale, AZ 85255; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; Colorado, To check the license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Georgia Residential Mortgage Licensee #22292, Generation Mortgage Company, 3565 Piedmont Rd, NE, 3 Piedmont Ctr, Ste 300, Atlanta, GA 30305; Illinois Residential Mortgage Licensee #MB.6760368; Kansas Licensed Mortgage Company #MC.0001660; Massachusetts Mortgage Lender-ML3240; Licensed by the Mississippi Department of Banking & Consumer Finance; Nevada #2970, 907 Tahoe Blvd, Ste 2, Incline Village, NV 89451, Phone # 775-831-0161; Licensed by the New Hampshire Banking Department as Generation Mortgage Company d/b/a Generation Mortgage Company, Inc; Licensed by the N.J. Department of Banking and Insurance, 51 JFK Parkway, Ste 114, First Floor West, Short Hills, NJ 07078, Phone #973-218-2418; Licensed Mortgage Banker- NYS Department of Financial Services; Oregon License #ML-4445, Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TEXAS: COMPLAINTS REGARDING A LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD BE SENT TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. Licensed by the Virginia State Corporation Commission #MC-4832; Washington #CL-1319; Also conducts business in AL, AR, DC, DE, FL, HI, IA, ID, IN, KY, LA, MD, ME, MI, MN, MT, NC, ND, NE, NM, OH, OK, SC, SD, TN (License #3543), UT, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. Some people portrayed are professional models. ©2013 Generation Mortgage Company. All Rights Reserved. 1/2013 SOURCE Generation Mortgage Company