Last week Generation Mortgage announced that it completed the rebranding of California Reverse Mortgage, Co. as Generation Mortgage Company. Generation acquired California Reverse Mortgage in 2006 for an undisclosed amount.
The founders of California Reverse Mortgage originated and funded the first Fannie Mae reverse mortgage in California nearly 20 years ago; we have since built a brand that was recognized by the senior community and respected by our peers for strength of service and commitment to our customers," said Richard Young, executive vice president of Generation Mortgage.
As the industry continues to grow, Generation has added to both its retail and wholesale divisions. Most recently, Bill Bolton, former director of the U.S. Department of Housing and Urban Development’s (HUD) Multifamily Housing Division, has joined Generation Mortgage in California as a reverse mortgage professional.
"This is an important move for Generation Mortgage," commented Joe Morris, chief executive officer, Generation Mortgage. "We have had tremendous success building our nationwide footprint, and our ability to introduce the Generation Mortgage brand into one of the country’s largest residential markets enhances our position as one of the country’s leading reverse mortgage lenders. Bringing California Reverse Mortgage into our family allowed us to enter the California market with the very best team in place. We look forward to building upon our past successes and moving forward as Generation Mortgage."