Consumer Complaints and Reviews
Champion mortgage is trying to take my house by claiming that my insurance was never paid. My insurance company sent them proof of payment. They also said they paid my taxes which I still have 3 months to pay. The mortgage company said they paid the taxes. I went to the tax office to inquire if taxes were paid, they were not paid. Why are they lying? And why did Generation Mortgage sell my mortgage to such an incompetent company? Everyone should have a say in what company holds their mortgage.
Unfortunately, in 2009 my father who was not of sound mind and body was advised by Generation Mortgage to take out a reverse mortgage on his home that was paid for. The mortgage was for 379,000. In 2010 my father died. The interest doubled and by 2012 GM claimed he owed 589,000. They demanded all of it or foreclosure. Generation Mortgage are outright crooks.
My husband and I took out a reverse mortgage October 26, 2009 and he died April 13, 2010. The salesman talked us into taking the mortgage in my husband's name, which bothered me. The salesman reassured me that if and when he dies before me, I can get the mortgage in my name. New Mexico is a community property state and before going into the reverse mortgage, my husband made out a warranty deed stating that the house would be mine as a second reassurance as I was quite worried about signing over my rights. Now I am high and dry. Stan, the local salesman is working to help me, but no longer works for Generation and they will not return my phone calls or Stan's. They do not want to help me get the house into my name. I need help. I will lose a $508,000 house with a mortgage they have added over $17,000 of closing costs and it was formerly $349,000 last October. It is now $382,00 and they want it paid immediately. I have requested an extension.
Michele LernerMortgage & Real Estate Contributing Editor
Michele Lerner, author of “HOMEBUYING: Tough Times, First Time, Any Time”, has been writing about personal finance and real estate for more than two decades. Michele writes for regional, national and international publications in print and online for a variety of audiences including consumers, real estate investors, business owners and real estate professionals.
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Generation Mortgage is a retirement planning service that offers reverse mortgages as one of many financial planning tools for seniors.
- Financial planning services: Generation Mortgage Company helps seniors with financial planning in retirement, including using reverse mortgages to increase income.
- Variety of reverse mortgage packages: Consumers have lots of options and can pick the package that best meets their needs.
- Available tools: Generation Mortgage offers an app for financial calculations as well as an online calculator. Consumers can compare options and see how reverse mortgages will affect their finances.
- Reviews: Some consumers may not be comfortable working with a mortgage company that does not have a lot of reviews.
- Rates: Since Generation Mortgage offers proprietary reverse mortgage packages, some consumers may end up paying higher rates than they would with a HECM mortgage.
- Best for Seniors on fixed income, seniors who want to enjoy their later years and seniors who expect their house’s value to rise.
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Generation Mortgage Company Company Profile
- Company Name:
- Generation Mortgage Company
- 3565 Piedmont Road, NE 3 Piedmont Center, Suite 300
- Postal Code:
- United States