Generation Unveils New Reverse Feature

Generation Mortgage, Atlanta, has announced the introduction of Generation Plus Estate Guard, which allows Gen Plus loan borrowers to halt interest accrual on their homes depending on real estate market conditions.(A Gen Plus loan is a jumbo reverse mortgage designed for owners of higher-valued homes.) Under the Estate Guard feature, which the company termed a first for the reverse mortgage industry, the lender will suspend the accrual of interest if the home value is significantly less than the loan balance, Generation Mortgage said. If a future appraisal indicates that the value of the home has risen, the interest rate will resume. "Estate Guard safeguards the borrower and his heirs, reducing an exposure many have not recognized to be present in nonrecourse loans," said Jeffrey M. Lewis, chairman of Generation Mortgage. The company can be found online at http://www.generationmortgage.com.