NEWS

WIRES

OTHER

Seniors' Home Saved From Foreclosure With Generation Mortgage Reverse Mortgage

For senior homeowners Rich and Brigitte Svec of suburban Chicago, a Generation Mortgage reverse mortgage proved to be a powerful tool to turn their serious foreclosure dilemma into a happy solution.

Over the past year, foreclosures have become a major financial dilemma facing millions of homeowners including the Svecs. When their home was just two days away from foreclosure, a concerned executive at a major Chicago bank - the financial institution that serviced the Svecs' mortgage, contacted Chicago-based reverse mortgage professional Dennis Keese of Generation Mortgage Company - one of the nation's leading reverse mortgage lenders. Keese learned that the Svecs, who had built and lived in their house since the mid-1970s, had a first mortgage of $155,000 yet their home was worth in excess of $500,000. The couple's home was about to go on the market for a quick sale at $155,000, meaning that they would effectively lose well over $300,000 and be permanently out of the home that meant so much to them.

"I showed the Svecs that a reverse mortgage would enable them to completely pay off their first mortgage and another line of credit," Keese said, "and still have an equity line of over $80,000." Keese was able to complete the entire reverse mortgage process within the 30-day foreclosure extension he secured from Freddie Mac, the Svecs' mortgage holder.

According to Rich Svec, "I was more comfortable with a reverse mortgage as the solution to our foreclosure problem, especially because our bank recommended it. As the major Chicago bank doesn't offer reverse mortgages, the bank's senior clients are frequently referred to Generation Mortgage when it is the tool that can best meet clients' financial needs."

Once the reverse mortgage went through, Svec told Keese that "it was the first night in a long time that we were able to sleep soundly without worry." Keese replied, "This is one of many stories I can tell. Most of them have good endings - that is what makes my job so rewarding."

Thanks to Generation Mortgage's Dennis Keese, Rich and Brigitte Svec got a first-hand education on the power and flexibility of a reverse mortgage, and they are still living comfortably as owners of their Illinois home of 42 years - without the obligation of any further monthly mortgage payments.

At the February 13, 2008, meeting of the U.S. Senate Special Committee on Aging, Sen. Gordon H. Smith (R-OR), the ranking minority member, said, "I believe we need to do more to educate people who may be facing default or foreclosure on what their options are and how to protect themselves from fraudulent schemes. An educated consumer is the first line of defense against fraud and abuse."

With its sole focus on reverse mortgages, Generation Mortgage offers seniors "A New Generation in Reverse Mortgages" and pledges to deliver outstanding customer service. The company's culture is to respect seniors, listen to their needs, and ultimately help them reach a decision that is right for them.

A reverse mortgage allows homeowners age 62 or older to tap into the significant equity they have in their home, enabling the house to pay them back. Reverse mortgages have no income, credit or health qualifications and the homeowners retain the title to the home. Homeowners are expected to continue to pay taxes, insurance and maintain their home. In addition, the reverse mortgage borrowers are never required to make monthly mortgage repayments. Only when the last of the homeowners dies or moves away permanently is the loan and interest payable, and that debt can never exceed the current value of the property.

Generation Mortgage offers a variety of reverse mortgage loans including the traditional FHA-insured HECM loan. Visit 'http://www.generationmortgage.com', or for a free information packet, call toll free 1.866.733.6089.

Generation Mortgage Company conducts business at 8770 West Bryn Mayr - 13th Floor, Chicago, IL 60631 and is an Illinois Residential Mortgage Licensee.

NOTE TO EDITORS: This is the first release in a series of foreclosure articles on how reverse mortgages are helping seniors across the nation during challenging economic times.

Generation Mortgage Company is an Equal Housing Lender and member of NRMLA. AZ Mortgage Banker License #0909296; GA Residential Mortgage Licensee #22292; Corporate headquarters: 3 Piedmont Ctr, 3565 Piedmont Road NE, Ste 300, Atlanta, GA 30305; Licensed by the Dept. of Corps. under the CA Residential Mortgage Lending Act; In CT, licensed as Generation Reverse Mortgage, Inc., Generation Mortgage Company d/b/a.; Illinois Residential Mortgage Licensee # MB.6760368; Kansas Licensed Mortgage Company License #2007-5293; MA Mortgage Lender-ML3240; ME License #SLM9169; Licensed by the Mississippi Department of Banking & Consumer Finance; Licensed by the NH Banking Dept as Generation Mortgage Company d/b/a Generation Mortgage Company, Inc; Licensed at 51 JFK Parkway, Suite 114, First Floor West, Short Hills, NJ 07078, Phone # 973-218-2418 by the NJ Dept. of Banking and Insurance; Licensed by the PA Dept. of Banking; Rhode Island Licensed Lender; TX SML License #68405, OCCC License #51201; Licensed by the VA State Corp. Commission #ML-731; Also conducts business in AL, AR, CO, DC, DE, FL, HI, IA, IN, KY, LA, MD, MI, MN, MO, MT, NC, ND, NE, NM, NV, OH, OK, OR, SC, SD, TN, UT, VT, WA, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice.
MOBILE: http://www.e4mobile.com/pressreleases/18886
HTML: http://www.eworldwire.com/pressreleases/18886
PDF: http://www.eworldwire.com/pdf/18886.pdf
ONLINE NEWSROOM: http://www.eworldwire.com/newsroom/314065.htm
RSS NEWSROOM: http://newsroom.eworldwire.com/xml/newsrooms/314065.xml

   Ms. Candace Kaufman
   Communications Director
   Generation Mortgage Company
   Atlanta,    GA,    30305
   USA
   404/995-5509 (phone)
   404/995-5409 (fax)
   candace.kaufman@generationmortgage.com