SANDWICH GENERATION STRETCHED THIN FINANCIALLY

64 Percent of Those Supporting Parents and Children
Describe Their Financial Situation as Negative

Today, Generation Mortgage Company and Zogby International released alarming new data detailing the financial tribulations of the Sandwich Generation — a sector largely comprised of Baby Boomers who are caring for their aging parents while supporting their own children. The study found that a majority of the Sandwich Generation give their household’s current financial situation a negative rating and are having to make tough financial decisions and cutbacks.

The eye-opening results shed light on many financial hardships facing the Sandwich Generation. With unemployment near 10 percent, it is no surprise that 23 percent of those polled have lost a job recently and an additional 24 percent have taken a cut in pay or benefits. This has resulted in 17 percent failing to make a mortgage or rent payment on time due to insufficient funds.

According to the Generation Mortgage/Zogby International survey, finances have forced the Sandwich Generation to make serious cuts in their spending habits to survive during the recession. Seventy-three percent have decreased spending on entertainment, recreation or eating out. Moreover, 43 percent have decreased overall spending on food or groceries and three out of five of those polled say it is difficult to be a caregiver for their parents and/or in laws while financially supporting their children.

“The Sandwich Generation is probably the most financially vulnerable demographic to result from the recession,” said Jeff Lewis, Chairman, Generation Mortgage Company. “They are unemployed or under-employed, financially supporting two generations in their family and are saddled with debt from bills and a mortgage. As this group looks to retire, their financial situation, coupled with the state of the economy, is not leaving them with many options.”

The study also uncovered that 78 percent of those polled said they are worried about having enough money to retire comfortably and 23 percent have restructured their retirement plan in the last year due to financial reasons. Even more distressing, 52 percent responded that they plan to work part time during retirement to make ends meet.

“As the Sandwich Generation looks towards retirement,” commented Lewis, “they should become educated on their available financial options. One of the financial options that is often overlooked is a reverse mortgage.”

Zogby International was commissioned by Generation Mortgage to conduct an online survey of 271 adults who have children and are caregivers of parent(s). The survey was conducted from August 9-11, 2010. A sampling of Zogby International’s online panel, which is representative of the adult population of the U.S., was invited to participate. Slight weights were added to region, age, race, gender,education to more accurately reflect the population. The Margin of Error (MOE) is +/- 6.1 percentage points. Margins of Error are higher in sub-groups. The MOE calculation is for sampling error only.

For information about reverse mortgages please call Joseph Cina at 626-691-0135 or request information here.

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 47 states and Washington, DC, Generation Mortgage offers FHA-insured HECM (Home Equity Conversion Mortgage) loans, including fixed and adjustable rates, HECM for Purchase, and Generation Mortgage’s new 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.

Equal Housing Lender. NMLS #1319; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; Terms subject to change without notice. ©2010 Generation Mortgage Company. All Rights Reserved.

Solutions For Independent Living With Phil and Joe 08/13/2010 radio show w/ special guest JoAnn Kalama. Topic: Estate Planning

Today’s show covers the topic of Estate Planning and why it is so important to do before it is too late. Our guest JoAnn Kalama gives us great examples of the importance to be prepared. Listen to our show archive. Or visit our show page.

JoAnn’s Bio:
JoAnn Jackson Kalama, J.D. graduated cum laude from Brigham Young University in 1969 and from the UCLA School of Law in 1991. She was admitted as an active member of The State Bar of California in December 1991.

She is a member of the Citrus Estate Planning Council (Secretary 2004, Vice President 2005 and President in 2006) and is a past president (1993-94) of the Fiduciary Round Table of the San Gabriel Valley.

Mrs. Kalama clerked for the Honorable Cynthia Hall of the Ninth Circuit Court of Appeals from January to May of 1990, and worked as an attorney with the Pasadena estate planning firm of Anglea & Bannon, from December 1991 through January 1999. In February 1999 she opened her own law firm in Glendora where she practices in the areas of estate planning, probate and trust administration, conservatorships, and guardianships.

Please remember our show is every Friday at 8:00 am and can be heard by going to our show site.

Next week JoAnn will be back to discuss some of the tools you have to plan.

Generation Mortgage

Reverse Mortgage Proceeds Likely to Decrease October 1

Seniors Encouraged To Get Maximum Financial ReturnOn Home Equity Before FY11 Budget Cuts

ATLANTA, August 11, 2010 – Seniors should be informed that the budget proposals working their way through both the House and Senate, as currently drafted, bring a 150 percent increase in annual FHA (Federal Housing Authority) insurance premiums, as well as reductions in available proceeds on FHA- insured HECM (Home Equity Conversion Mortgage) reverse mortgage loans.

“Now is a good time for seniors to take advantage of low rates on reverse mortgages and get the maximum return on the product before the new fiscal year starts this fall,” said Jeff Lewis, Chairman of Generation Mortgage Company.

According to Lewis, starting October 1st, both bills will change the HECM value proposition if approved in their current form. “With the upcoming Senate vote, seniors have limited time to take advantage of the current pricing on reverse mortgages,” commented Lewis. “Reverse mortgages provide financial independence to thousands of seniors struggling to sustain their retirement. A majority of our borrowers use reverse mortgages to pay off existing traditional mortgages, and free up much-needed income.”

In early July, the Transportation Housing and Urban Development, and Related Agencies Appropriations Subcommittee met and provided $150 million in funding for the Federal Housing Administration’s reverse mortgage program. The bill passed the full House Appropriations Committee late last month and went to the House of Representatives two weeks ago. In the house, the appropriation was lowered to $140 million, and later passed by a vote of 251 to 167. It is not yet clear when the bill is headed to the Senate.

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 47 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 new 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 Ctr, 3565 Piedmont Rd NE, Ste 300, Atlanta, GA 30305; Arizona Mortgage Banker License #0909296; Arkansas Combination Mortgage Banker-Broker-Servicer License; 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, 800 N Rainbow BLVD, Ste 170, Room 164, Las Vegas, NV 89107, Phone# 702-948-5031; 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, Suite 114, First Floor West, Short Hills, NJ 07078, Phone # 973-218-2418; Licensed Mortgage Banker- NYS Banking Department; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TX SML License #68405; Licensed by the Virginia State Corporation Commission #MC-4832; Also conducts business in AL, DC, DE, FL, HI, IA, ID, IN, LA, MD,ME MI, MN, MO, MT, NC, ND, NE, NM, OH, OK, OR, PR, 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. ©2010 Generation Mortgage Company. All Rights Reserved.
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Generation Mortgage Offers New Jumbo Reverse Mortgage Loan for Homes up to $6 Million

Exclusive Generation Plus fixed-rate loan provides seniors higher payout

ATLANTA, June 1, 2010 – Generation Mortgage Company™, the largest privately owned reverse mortgage retailer and wholesaler in the United States, today announced the availability of a new jumbo reverse mortgage loan for homes valued up to $6 million. Currently, the only fixed-rate jumbo reverse loan offered industry-wide for higher-valued homes, Generation Mortgage’s Generation Plus™ loan product caters to a presently underserved consumer segment, seniors owning homes appraising higher than $1,000,000.

“Many owners of higher-valued homes find themselves in the position of being house rich and cash poor,” said Jeff Lewis, Chairman of Generation Mortgage. “With our Plus loan, these owners can receive the liquidity they require without having to sell their home or other assets. And, with an improving real estate market, this offering becomes even more attractive.”

For the Generation Plus reverse mortgage loan product, the minimum appraised home value eligible is $500,000 while the maximum value is $6 million. Available in most states throughout Generation Mortgage’s national footprint, the jumbo Generation Plus loan is offered at a fixed rate and may be obtained on primary residential homes, including FHA-approved townhomes. Payout is completed at closing and may be used for any purpose, including covering medical expenses or making home repairs or improvements.

“Generation Mortgage is in the business of helping clients to enjoy their homes for as long as possible,” commented Lewis. “We will continue to introduce innovative products like Generation Plus to fulfill that goal for the full spectrum of the senior community.”

For more information on the Generation Plus jumbo reverse mortgage loan, call Generation Mortgage at 1-626-691-0135.

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 the loan servicing for nearly all of its retail and wholesale reverse mortgage loans. 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.

Equal Housing Lender. NMLS #1319; Arizona Mortgage Banker License #0909296; Georgia Residential Mortgage Licensee #22292; 3 Piedmont Ctr, 3565 Piedmont Road NE, Ste 300, Atlanta, GA 30305; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Illinois Residential Mortgage Licensee # MB.6760368; Kansas Licensed Mortgage Company License #MC.0001660; Massachusetts Mortgage Lender-ML3240; ME License #SLM9169; Licensed by the Mississippi Department of Banking & Consumer Finance; Licensed by the New Hampshire Banking Department 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 New Jersey Department of Banking and Insurance; NV – 800 N Rainbow BLVD, Ste 170, Room 164, Las Vegas, NV 89107, Phone #702-948-5031; Licensed Mortgage Banker- NYS Banking Department; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TX SML License #68405, 27030 Masters Pkwy, Spicewood, TX 78669; Licensed by the Virginia State Corporation Commission #MC-4832; Also conducts business in AL, AR, CO, DC, DE, FL, HI, IA, LA, MD, MI, MN, MO, MT, NC, ND, NE, NM, OH, OK, OR, SC, SD, TN, UT, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. ©2010 Generation Mortgage Company. All Rights Reserved.

GENERATION MORTGAGE OFFERS NEW ZERO ORIGINATION FEE, ZERO SERVICING FEE REVERSE MORTGAGE TO SENIOR CLIENTS

ATLANTA, April 7, 2010 – Generation Mortgage Company™, the largest privately owned reverse mortgage retailer and wholesaler in the United States, today announced it has introduced a new fixed-rate reverse mortgage product with no origination fee and no servicing fee to provide senior clients more upfront loan proceeds at a lower cost. The new HECM (Home Equity Conversion Mortgage) loan offering is now available in Generation Mortgage’s retail and wholesale channels.

“Generation Mortgage is pleased to support our senior community by ensuring we evolve as our industry evolves with improved product options,” said Scott Peters, President and CEO, Generation Mortgage. “We are very happy to provide access to more equity to our senior clients with these new changes.”

The new zero origination fee, zero servicing fee product applies to Generation Mortgage’s FHA-insured HECM fixed-rate product and allows qualified borrowers age 62 and older to receive additional, up-front loan proceeds of up to $10,000 or more, depending on the equity in their home.

“We are in the business of helping clients put as much money as possible back into their pockets, and the best way to do that is by regularly evaluating how we can maximize each client’s reverse mortgage,” Peters said. “This attractive option is a function of positive market conditions. It makes sense for seniors to investigate this option now as these conditions can change at any time.”

For its wholesale channel, as of April 1, 2010, Generation Mortgage began offering its brokers and correspondents a fixed-rate HECM loan product option with no servicing fee and no origination fee.

About Generation Mortgage
Generation Mortgage Company is the largest privately owned reverse mortgage retailer and wholesaler in the United States, and a member of NRMLA (National Reverse Mortgage Lenders Association) and Better Business Bureau A+ accredited. With its sole focus on reverse mortgages, Generation Mortgage Company™ offers clients “A New Generation in Reverse Mortgages™” and pledges to deliver outstanding customer service, as exemplified by its Loan Servicing – Generation services all its reverse mortgage loans and does not outsource them. Generation benefits from the financial and logistical support of its controlling shareholder, Guggenheim Partners, LLC, a renowned financial services firm with more than $100 billion in assets under supervision.

For more information, visit www.generationmortgagesocal.com or call toll free 1.877.691.0135.

Equal Housing Lender. NMLS #1319; Arizona Mortgage Banker License #0909296; Georgia Residential Mortgage Licensee #22292; 3 Piedmont Ctr, 3565 Piedmont Road NE, Ste 300, Atlanta, GA 30305; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Illinois Residential Mortgage Licensee # MB.6760368; Kansas Licensed Mortgage Company License #MC.0001660; Massachusetts Mortgage Lender-ML3240; ME License #SLM9169; Licensed by the Mississippi Department of Banking & Consumer Finance; Licensed by the New Hampshire Banking Department 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 New Jersey Department of Banking and Insurance; NV – 800 N Rainbow BLVD, Ste 170, Room 164, Las Vegas, NV 89107, Phone #702-948-5031; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TX SML License #68405, 27030 Masters Pkwy, Spicewood, TX 78669; Licensed by the Virginia State Corporation Commission #MC-4832; Also conducts business in AL, AR, CO, DC, DE, FL, HI, IA, LA, MD, MI, MN, MO, MT, NC, ND, NE, NM, OH, OK, OR, SC, SD, TN, UT, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. ©2010 Generation Mortgage Company. All Rights Reserved.

NEWS: Washington Post’s Positive Reverse Mortgage Story: “Reverse mortgages are not the next subprime”

Here is an article that finally tells the truth about reverse mortgages. Read here

In the article Professor Jack Guttentag a professor of finance emeritus at the Wharton School of the University of Pennsylvania explains how reverse mortgages work, how they came about, and what real customers are saying.

Thank you professor!

For more information contact me HERE

GENERATION MORTGAGE REFUTES TOP 10 REVERSE MORTGAGE MYTHS

Glendora, CA, January 19th –Recent headlines pointing to the detriments of reverse mortgages aren’t getting the story straight. One of the nation’s leading reverse mortgage lenders, Generation Mortgage Company™, wants to separate fact from fiction.

“Because so many Americans over the age of 62 are facing significant financial stress due to dropping retirement and savings account balances, as well as higher healthcare costs, many groups are targeting seniors under the guise of helping them,” said Scott Peters, CEO and President of Generation Mortgage. “HECM reverse mortgages are Federal Housing Administration-insured products and are heavily scrutinized by regulators and legislators looking to protect seniors’ best interests. As a result, more than 600,000 American seniors have obtained reverse mortgages that have enriched their lives by allowing them to stay in their homes and pay off their bills.”

According to Generation Mortgage, the most common reverse mortgage myths are:

Myth: If I take out a reverse mortgage the lender will own my home.
False. Homeowners still retain title and ownership to their homes during the life of the loan, and can choose to sell the home at any time. As long as the house is maintained and property taxes and homeowners insurance are paid, the loan cannot be called due.

Myth: My children will be responsible for the repayment of the loan.
False. Reverse mortgages are non-recourse loans. That means, if the property is sold to pay-off the loan when the homeowner passes away or decides to leave the home for other reasons, there will be no mortgage debt for the family and heirs to repay. The maximum amount owed is the current market value of the house. If the homeowner’s heirs want to keep the home, they would pay the balance in-full to the reverse mortgage lender.

Myth: I cannot get a reverse mortgage if I have an existing mortgage.
False. With enough equity, you may be able to pay off your existing mortgage or other debt with the reverse mortgage. The reverse mortgage must be in a first lien position, so any existing mortgage must be paid off. Seniors who take out reverse mortgages are free to do anything they want with their reverse mortgage proceeds. Paying off an existing mortgage is the number one reason most of our clients take out a reverse mortgage.

Myth: Only low-income seniors get reverse mortgages.
False. Although some seniors may have a greater need than others for the monthly proceeds or lump sum funds reverse mortgages offer, most simply prefer to be free of monthly mortgage payments. Without monthly mortgage payments, many homeowners find they can maintain their existing quality of life and build their savings to help with future expenses. A growing number of people who have no immediate need are taking out these loans so that they have a financial cushion for future expenses.

Myth: If I outlive my life expectancy, the lender will evict me.
False. Reverse mortgage lenders put no time limit on how long seniors can stay in their homes. Since homeowners still own the property, lenders cannot evict them, provided they follow the program guidelines.

Myth: Reverse mortgage lenders pressure seniors to buy additional financial products.
False: Generation Mortgage offers only reverse mortgage products; it does not sell seniors any other financial products. Not every reverse mortgage lender operates that way. In fact, Generation has a policy to safeguard seniors from buying unsuitable financial products with reverse mortgage proceeds.

Myth: There are no objective advisors available to seniors trying to decide if a reverse mortgage suits their needs.
False. Borrowers are required to work with independent, third party counselors approved by the U.S. Department of Housing and Urban Development (HUD) in their local communities. This educational session helps them make the right decision for their unique situations.

Myth: There are restrictions on how reverse mortgage proceeds may be used.
False. There are no restrictions. The cash proceeds from the reverse mortgage can be used for virtually any purpose and borrowers should be cautious of lenders attempting to cross sell other products. Many seniors have used reverse mortgages to pay off debt, help their kids, make ends meet or to have a financial reserve.

Myth: Reverse mortgage lenders take advantage of seniors.
False. Seniors who have been victims of reverse mortgage lending schemes are extreme exceptions and typically victims of unsavory lenders. As a consumer, you should only work with lenders who are Better Business Bureau and National Reverse Mortgage Lenders Association (NRMLA) members and adhere to those organizations’ strict Code of Ethics and Standards for Trust.

Myth: I’ve heard I won’t qualify for a reverse mortgage because of my limited income.
False. Unlike a traditional mortgage where mortgage payments must be made each month, a reverse mortgage pays you. Because of this, many seniors who do not qualify for traditional financing are eligible for a reverse mortgage.

About Generation Mortgage
Generation Mortgage Company™ is the largest, privately owned reverse mortgage retailer and wholesaler in the United States, and a member of NRMLA (National Reverse Mortgage Lenders Association) and Better Business Bureau A+ accredited. With its sole focus on reverse mortgages, Generation Mortgage Company™ offers clients “A New Generation in Reverse Mortgages™” and pledges to deliver outstanding customer service, as exemplified by its Loan Servicing – Generation services all its reverse mortgage loans and does not outsource them. For more information, call toll free 626-691-0135. Or email

Equal Housing Lender. NMLS #1319; Arizona Mortgage Banker License #0909296; Georgia Residential Mortgage Licensee #22292; 3 Piedmont Ctr, 3565 Piedmont Road NE, Ste 300, Atlanta, GA 30305; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Illinois Residential Mortgage Licensee # MB.6760368; Kansas Licensed Mortgage Company License #MC.0001660; Massachusetts Mortgage Lender-ML3240; ME License #SLM9169; Licensed by the Mississippi Department of Banking & Consumer Finance; Licensed by the New Hampshire Banking Department 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 New Jersey Department of Banking and Insurance; NV – 800 N Rainbow BLVD, Ste 170, Room 164, Las Vegas, NV 89107, Phone #702-948-5031; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TX SML License #68405, 27030 Masters Pkwy, Spicewood, TX 78669; Licensed by the Virginia State Corporation Commission #MC-4832; Also conducts business in AL, AR, CO, DC, DE, FL, HI, IA, LA, MD, MI, MN, MO, MT, NC, ND, NE, NM, OH, OK, OR, SC, SD, TN, UT, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. ©2010 Generation Mortgage Company. All Rights Reserved.