Generation Mortgage Opens New Branch Office in Puerto Rico

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First top-10 U.S. reverse mortgage company to open retail branch in Puerto Rico

Generation Mortgage Company, the largest privately owned reverse mortgage company in the United States, today announced it has opened a new branch office in San Juan, Puerto Rico, to market and service reverse mortgage loans to the Puerto Rican senior community age 62 and older across the island. The company’s new office is conveniently located and open to the public in the business district of Hato Rey at 1254 Roosevelt Avenue in San Juan.

“We’re very excited about being the first top-10 reverse mortgage lender to open a retail branch in Puerto Rico,” said Scott Peters, President and CEO of Generation Mortgage. “Puerto Rico boasts a home ownership rate of 74 percent versus 67 percent in the United States. Additionally, 29 percent of the households in Puerto Rico have at least one person 65 and older compared to 23 percent in the U.S. We’ll be providing older homeowners in Puerto Rico a safe way to access the equity in their home to obtain cash for use as they think best, and still remain in their home.”

Heading up the Puerto Rico operation is Luis Alberto De Jesús. “I have been in the mortgage banking industry for 25 years,” said De Jesús. “Before coming to Generation Mortgage, I used to be a senior executive at Senior Mortgage Bankers, where we played a pivotal role in the recent expansion of the reverse mortgage business in Puerto Rico. It’s tremendously exciting to bring to the Puerto Rican market a financial solution that could literally change the life of a senior in financial need, and Generation Mortgage has a long and proud history of being the leader in customer service in this industry.”

Currently, Generation Mortgage is focused on building its retail presence in Puerto Rico and plans to offer services to its wholesale partners later in the year. The new San Juan office is open Monday through Friday, 9 a.m. to 6 p.m. Eastern Time. Their office phone number is 787.304.0808.

About Generation Mortgage®
Generation Mortgage Company is the largest privately owned reverse mortgage retailer and wholesaler in the United States, a member of NRMLA (National Reverse Mortgage Lenders Association) and is Better Business Bureau A+ accredited. 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 48 states, Washington, DC and Puerto Rico, 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. Generation Mortgage benefits from the strategic and financial support of its controlling shareholder, Guggenheim Partners, LLC, a renowned financial services firm with more than $100 billion in assets under supervision.

NMLS #1319; Corporate Office: 3 Piedmont Center, 3565 Piedmont Rd NE, Ste 300, Atlanta, GA 30305; Arizona Mortgage Banker License #0909296, 6740 E. Camelback Rd, Ste 104, Scottsdale, AZ 85251; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; Colorado, To check the license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Georgia Residential Mortgage Licensee #22292, Generation Mortgage Company, 3 Piedmont Ctr, 3565 Piedmont Road NE, Ste 300, Atlanta, GA 30305; Illinois Residential Mortgage Licensee #MB.6760368; Kansas Licensed Mortgage Company #MC.0001660; Massachusetts Mortgage Lender-ML3240; Licensed by the Mississippi Department of Banking & Consumer Finance; Nevada #2970, 907 Tahoe Blvd, Ste 2, Incline Village, NV 89451, Phone # 775-831-0161; Licensed by the New Hampshire Banking Department as Generation Mortgage Company d/b/a Generation Mortgage Company, Inc; Licensed by the N.J. Department of Banking and Insurance, 51 JFK Parkway, Ste 114, First Floor West, Short Hills, NJ 07078, Phone #973-218-2418; Licensed Mortgage Banker- NYS Banking Department; Oregon License #ML-4445, Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; Licensed by the Virginia State Corporation Commission #MC-4832; Washington #CL-1319; Also conducts business in AL, AR, DC, DE, FL, HI, IA, ID, IN, KY, LA, MD, ME, MI, MN, MT, NC, ND, NE, NM, OH, OK, PR, SC, SD, TN (License #3543), TX, UT, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. Some people portrayed are professional models. ©2011 Generation Mortgage Company. All Rights Reserved.

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