In the first quarter of 2009, Generation Mortgage’s combined retail and wholesale divisions closed 1,405 HECMs said a company statement. It’s the most the Atlanta, GA company has closed over the same period since it opened for business in 2006.
From January through March 2009, demand for all types of reverse mortgages increased nationwide to nearly 30,000 according to the U.S. Department of Housing and Urban Development. While the year-over-year volume of HECM loans originated in the first quarter remained close to that of 2008, Generation Mortgage experienced a 233 percent increase in HECM loans originated, rising to sixth position among the country’s 10 largest reverse mortgage lenders.
“The federal stimulus package provided for some integral changes to the HECM program that have led many more homeowners 62 years of age and older to consider reverse mortgages,” said Joe Morris, chief executive officer, Generation Mortgage Company. “The higher lending limit provides for greater liquidity in homes with higher values. This, in turn, makes the reverse mortgage more attractive than ever before for older boomers and seniors seeking greater financial independence.”
Jeff Lewis, chairman, Generation Mortgage Company added, “As the economy shifted and credit markets became less liquid, the FHA-insured reverse mortgage has become the best option for those in need of cash now. At Generation Mortgage, we are committed to customer service and treat every borrower with the dignity and respect that they deserve. When asked, our clients say that they chose Generation Mortgage over other reverse mortgage lenders because we remain a trusted advisor for the life of the loan and we are extremely proud of this fact.”