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Senior Avoids Last-minute Foreclosure With Reverse Mortgage From Generation Mortgage

When Annette Roseberry, 65, learned that a bank foreclosure on her Irvington, N.J., home of 23 years was imminent, she saw it as the latest of a long string of misfortunes that had befallen her family. However, a fast-acting Reverse Mortgage Professional from Generation Mortgage Company , a nationwide top-ten HECM lender, prevented that foreclosure with a reverse mortgage.

Only seven years earlier, she lost a daughter who had been waiting for a second kidney transplant. That left Roseberry to take care of her two grandchildren, one of whom has special needs. She was living on a meager disability check and a small pension, and she had been unable to make her mortgage payments for about eight months. Luckily for her, she had received - and held on to - information from Patricia Repetti, a reverse mortgage professional with Atlanta-based Generation Mortgage.

"I don't know why I kept Pat's letter or what motivated me to call her when I did," Roseberry said, "but it had to be one of the best decisions of my life."

Repetti, also a senior, was able to put Roseberry's worries to rest. After explaining how a reverse mortgage differs from a traditional forward mortgage and from a home equity loan, Repetti contacted Roseberry's bank and halted the impending foreclosure proceedings. Repetti was able to convince the bank that, within a short time, Roseberry would have a reverse mortgage in effect which would enable her to use the equity she had in her home to pay off the $180,000 mortgage in full.

The officers at the bank saw the wisdom in waiting a few weeks and getting paid back in full versus having the house put up for sale and having to wait perhaps many months to take in a far lower return.

The immediate benefit for Annette Roseberry was that she could stay in her home without the worry of ever having to make another monthly mortgage payment. Unlike a home equity loan, a reverse mortgage requires no monthly mortgage payments.

"For my family and me, keeping my home was the most important thing," Roseberry said. "Having a very caring person like Pat handle all this for me was such an added - and unexpected - bonus. She truly got me through what could have been more hard times."

Repetti, who had many years in the financial business, began selling reverse mortgages through Generation Mortgage only a few years ago. "My husband, Paul Ladell, also sells reverse mortgages with Generation Mortgage," she added. "We both agree that any program that enables older Americans to tap into all the equity they've built up in their homes - and use the money for whatever the need may be - is the best thing that's come along since Social Security."

Today, in an environment where foreclosures are taking place by the hundreds of thousands in every corner of the United States, senior citizens are especially vulnerable. Unfortunately, many are losing homes where they've lived for 40 or 50 years, completely unaware that a simple and safe financial tool - a reverse mortgage - may be able to help them stay in their homes. "It doesn't have to be like this," Repetti said. "A reverse mortgage may enable these folks to live the rest of their lives in the homes that mean so much to them and their families."

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. The borrowers are never required to make monthly mortgage repayments.

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.

Generation Mortgage offers a variety of reverse mortgage loans including the FHA-insured HECM loan. Learn more online at 'http://www.generationmortgage.com'. For a free information packet, call toll free 1.866.733.6089.

Generation Mortgage is 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.

NOTE TO EDITORS: This is the second release in a series of foreclosure articles on how Generation Mortgage 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.
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   Ms. Candace Kaufman
   Communications Director
   Generation Mortgage Company
   Atlanta,    GA,    30305
   USA
   404/995-5509 (phone)
   404/995-5409 (fax)
   candace.kaufman@generationmortgage.com