Generation Mortgage Co., a reverse mortgage lender based in Atlanta, has opened a branch office in San Juan, P.R. to serve senior borrowers across the island.
Scott Peters, president and chief of Generation Mortgage, noted “Puerto Rico boasts a home ownership rate of 74% versus 67% in the United States. Additionally, 29% of the households in Puerto Rico have at least one person 65 and older compared to 23% in the U.S."
Heading up the new office is Luis Alberto De Jesus, previously a senior executive at Senior Mortgage Bankers. That company played a pivotal role in the expansion of the reverse mortgage business in Puerto Rico, he stated.
Right now, Generation is focusing on building its retail production operation in Puerto Rico. It plans to start a wholesale channel there later this year.
Puerto Rico is a commonwealth associated with the United States. The Federal Housing Administration insures mortgages secured by properties there.
