Generation Mortgage announced a new 4.99% fixed rate reverse mortgage product it’s offering to both wholesale and retail customers.
“We want to give senior homeowners as many alternatives as possible to enable them to stay in their house,” said Scott Peters, President and CEO, 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.”
The company has been busy, recently rolling out the first jumbo reverse mortgage in years.
“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 announcement from Generation comes only days after MetLife quietly rolled out its fixed rate at 4.99%. Both companies are matching Live Well Financial, who released a fixed rate at 4.99% in April.
Data from Reverse Market Insight shows Generation is the 5th largest reverse mortgage lender in the country.