Statement from Generation Mortgage Company Chairman Jeffrey M. Lewis on Wells Fargo Decision to Exit Reverse Mortgage Market

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Generation Mortgage Company Chairman responds to Wells Fargo announcement that they will exit the reverse mortgage lending market.

Jeffrey M. Lewis, Chairman of Atlanta-based Generation Mortgage Company, the largest privately owned reverse mortgage retailer and wholesaler in the United States, issued the following statement in reaction to Wells Fargo’s decision to exit the reverse mortgage lending market:

“Reverse mortgages are a critically important financial tool for seniors seeking financial security and independence. With health care and other living expenses on the rise, and income and retirement assets limited, seniors need as many financial options as possible to maintain their financial independence. At Generation Mortgage we will continue to offer seniors financial products that help them live in their homes longer and give them financial flexibility.”

“Wells Fargo's decision to leave the reverse mortgage origination business is regrettable. Especially in a challenging economy and housing market, the reverse mortgage is an extraordinarily effective tool for consumers, many of whom would otherwise lose their homes. Fewer providers mean fewer options for consumers. Reverse mortgages change the lives of many borrowers profoundly. As our financial system gets concentrated into a smaller number of larger and larger institutions, many niche markets will be underserved or not served at all by these mega-institutions. Independent, entrepreneurial companies like Generation Mortgage will do everything we can to fill that void, but we can only do so with the continued cooperation and participation of the Federal Housing Administration, Ginnie Mae and other arms of the federal government. We look forward to working together with our partners at FHA on continuing to evolve Reverse Mortgages so that consumers can continue to benefit from this important product.”

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