A new reverse mortgage program targets homes valued at more than $1 million.
The program was announced today by Generation Mortgage Co.
Dubbed Generation Plus, the loan can be used for homes valued up to $6 million.
The Atlanta-based lender, which claims to be “the largest privately owned reverse mortgage retailer and wholesaler in the United States,” boasts that the program is the only fixed-rate jumbo reverse loan available for higher-valued homes.
Generation said that the minimum property value for the program is $500,000.
Properties in “most states” are eligible.
