Since the credit crunch of 2008-2009, almost all lenders in the reverse mortgage market stopped originating proprietary reverse mortgages on until now. Last week, Generation Mortgage Company announced the release of a new jumbo reverse mortgage loan for homes valued up to $6 million. The new product is eligible for homes valued between $500,000 and a maximum value of $6 million. Available in most states throughout Generation Mortgage’s national footprint, the jumbo Generation Plus loan is offered at a fixed rate and may be obtained on primary residential homes, including FHA-approved townhomes. Payout is completed at closing and may be used for any purpose, including covering medical expenses or making home repairs or improvements.
"Many owners of higher-valued homes find themselves in the position of being house rich and cash poor,” said Jeff Lewis, Chairman of Generation Mortgage. “With our Plus loan, these owners can receive the liquidity they require without having to sell their home or other assets. And, with an improving real estate market, this offering becomes even more attractive.”