Sunday, May 19 2013 12:43 PM EDT2013-05-19 16:43:40 GMT
The National Weather service confirmed two EF-0 tornados touched down Friday in Limestone County. Showers and storms moved in around 10 a.m. A few of those storms intensified as they tracked eastwardMore >>
The National Weather service confirmed two EF-0 tornados touched down Friday in Limestone County.
Sunday, May 19 2013 12:16 AM EDT2013-05-19 04:16:53 GMT
Valley communities came together this week to honor those who lost their lives in the line of duty during Peace Officers Memorial Week. The Athens Police Department honored fallen officers by raisingMore >>
Valley communities came together this week to honor those who lost their lives in the line of duty during Peace Officers Memorial Week.More >>
Saturday, May 18 2013 10:11 AM EDT2013-05-18 14:11:11 GMT
A tornado touched down in Athens, causing minor structural damage. More >>
A tornado touched down in Athens, causing minor structural damage.More >>
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SOURCE Generation Mortgage Company
Company Looks to Broaden Market by Repositioning Home Equity Conversion Mortgages With New Comprehensive App Planning Tool
NEW YORK, March 19, 2013 /PRNewswire/ -- Generation Mortgage Company today unveiled its plan to reposition reverse mortgages as a flexible financial retirement tool and demonstrate the product's feasibility through a new App Planning Tool called "nu62(SM)."
In an industry that has been selling the benefits of how much money a homeowner can access in a single transaction, Generation Mortgage's "nu62(SM)" program shows brokers and consumers how to use a reverse mortgage as a flexible financial resource, enabling borrowers to age in place comfortably.
Generation Mortgage's new "nu62(SM)" App graphically plots the correlation of home equity amount to personal consumption to home equity credit line growth over any period of time in a person's life after age 62. It also compares a reverse mortgage's performance to a traditional mortgage and clearly demonstrates a reverse mortgage's advantage.
"Reverse mortgages were always positioned to give all eligible homeowners aged 62 and over an opportunity to tap into the available equity in their home as a financial resource," said Colin Cushman, president and CEO of Generation Mortgage, at the National Reverse Mortgage Lenders Association Conference being held in New York. "With the arrival of the closed-end Home Equity Conversion Mortgage (HECM) in 2009, came the trend for a one-time full draw. It was clearly suited for people that had more immediate cash needs," Cushman added.
"The way we are presenting reverse mortgages now shows that seniors can plan their consumption either all at once or over time depending on their plan," Cushman said. "nu62(SM)" shows brokers and borrowers both the risks and rewards of different consumption patterns. It makes the options transparent and easy to understand for the first time ever."
Cushman was named CEO of Generation Mortgage last month after managing the credit risk of the reverse mortgage program at the Federal Housing Administration (FHA) where he served as the Director of Portfolio Analysis. In that role, he was responsible for developing valuation models to support product development, premium pricing, risk management and operations. He led the design and creation of the new FHA Home Equity Conversion Mortgage (HECM) Standard and Saver products, helped shape all policy guidance on the HECM program, and co-authored the paper titled, "Identification of Home Maintenance Risk in Reverse Mortgages."
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 Company Generation 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