Generation Mortgage Company Reviews

1.7 of 5 | 6 Reviews
Overall Rating
2.3
Rates & Fees
1.0
Customer Service
1.7
Knowledge & Expertise
  • Generation Mortgage is a reverse mortgage originator based in Atlanta, GA and is among the top 10 HECM lenders. Generation Mortgage offers only reverse mortgages and its team is comprised of reverse mortgage pioneers and NRMLA architects. They offer competitive rates and various reverse mortgage loan products to help meet the needs of its borrowers.

    Headquarters: Atlanta, GA
    Website: www.generationmortgage.com
  • Additional Information

    Generation Mortgage Top States AZ, GA, CA, UT
    FHA/HUD Approved Yes
    NRMLA Member Yes
    urban

Bills.com Rating

3.5

This company is in the bills.com network Generation Mortgage specializes in reverse mortgages, so is able to offer borrowers multiple lending options, along with resources for any questions their borrowers would regarding the process.

Pros: Offers Good Rates, Friendly And Knowledgeable Loan Officers And Customer Service
Cons: Lengthy Loan Process, Slow Loan Approvals

Reviews & Ratings

Loan type option was not given to us

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Humphrey, AR  |  June 11, 2014
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1.0

1.0
Rates & Fees
1.0
Customer Service
1.0
Knowledge & Expertise

We were only given the fixed rate at closing. We were always steered away from the variable rate product. This was "WRONG"

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Late payments

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Vancouver, WA  |  October 02, 2013
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3.0

3.0
Rates & Fees
1.0
Customer Service
1.0
Knowledge & Expertise

My reverse mortgage contract says that there is a penalty Generation Mortgage would pay when they're late in payments. They have been late several times, and this month they're already 2 days late and just keep promising "it will be there tomorrow". I'm wondering if they're even fiscally viable, or if they're in financial trouble.

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Mary Ann R.
Atlanta, GA  |  November 01, 2013
 
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Customer Service
 
Knowledge & Expertise

Nanette - As VP of the Servicing Department for Generation Mortgage, I thank you for your feedback and I apologize for the delay in monies reaching your account. Let me start by saying that Generation Mortgage is not in any financial trouble. October was the first time in the six years that Generation Mortgage has been in business that borrower payments were delayed. This delay was due to a mix-up internally. Borrower payments were sent out one day later than usual. Our CFO has put new steps in place to assure that a delay of monthly payments being sent to borrowers does not happen again. All borrowers have been contacted via letter explaining the situation. Borrowers have been encouraged to submit to our Servicing Accounting Department any documentation notating late fees/charges incurred due to delay in monies being received so Generation Mortgage can reimburse the borrower and also advise a borrower that late fee monies have been added to their account for that one day delay. If you experience any additional issues you can reach me direct at 404-995-5530 or at maryann.rutledge@generationmortgage.com. The Manager of Servicing Accounting can also be reached at 404-995-5164 or at chris.jones@generationmortgage.com. Again, I apologize for inconvenience this has caused. Please feel free to contact either myself or the Manager of Servicing Accounting, should the need arise. Thank you, Mary Ann R.

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Negligent?

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Aiea, HI  |  August 07, 2013
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1.0

1.0
Rates & Fees
1.0
Customer Service
1.0
Knowledge & Expertise

My dad had a reverse mortgage with Generation Mortgage. He passed away in Apr 2011 and Generation Mortgage still has not taken back the property like they promised. They're not taking back the property, paid monthly maintenance bills for about 10 months then unexpectedly stopped paying with no explanation to anyone, wouldn't do a Deed in Lieu of Foreclosure and now the maintenance company for the property filed NOL and foreclosure. What a nightmare!!!

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Never trust or use this company. They will tell you everything is fine and at the day of closing

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Eufaula, AL  |  June 13, 2012
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1.0

2.0
Rates & Fees
1.0
Customer Service
1.0
Knowledge & Expertise

Tell you you are declined. The mortgage broker we dealt with "Chris" was rude, impatient and downright dishonest. After working 3 moths to get the mortgage approved and thinking we were going to close that week emailed us and said we were declined. Please save yourself a lot of stress and heartache and use another company. This company has received very low rankings as compared to others. Do your research. You have to much to lose to trust this company.

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Foreclosure on reverse mortgage

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San Mateo, CA  |  November 06, 2011
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1.0

2.0
Rates & Fees
1.0
Customer Service
1.0
Knowledge & Expertise

Generation gave an 80 old woman a reverse mortgage and then found out four years later that title was clouded at the time they gave it. Now they have foreclosed and are kicking her our into the street. Shouldn't they have done a title search to see if the property was owed, or encumbered by anyone else before giving her the mortgage? This type of behavior certainly is not characteristic of the type of company they advertise on their web site.

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Customer Service at Generation Mortgage

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Phoenix, AZ  |  May 24, 2011
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3.0

5.0
Rates & Fees
1.0
Customer Service
5.0
Knowledge & Expertise

I have a loan with Generation Mortgage. No problems with the loan. Just try to call and get anyone to call back. I have been leaving messages for them to return my call (all their agents are busy, please leave your name and phone number and we will return your call as soon as possible) for the past 3 days and still have not gotten any response. This is NOT the way to run a company. Kind of hard to recommend them to anybody when the customer support is this bad at Generation.

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Mary Ann R.
Atlanta, GA  |  September 17, 2011
 
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Customer Service
 
Knowledge & Expertise

Dean G - I apologize for the lack of customer service that you have experienced with Generation Mortgage in the past. There is no excuse that I can offer for the neglect you felt. I can assure you this is not the normal course of business at Generation Mortgage nor is this the customer service image that Generation Mortgage accepts. As Vice President of the Servicing Dept, I thank you for your feedback and would like to let you know that as of July, 2011 Generation Mortgage has developed and staffed a Call Center whose sole purpose is to be available to communicate with our customers. A new phone system has also been installed which allows management to monitor the incoming calls of the Call Center to ensure that they are all answered if not within minutes that those going into voice mail are returned within 24 hours. We have seen marked improvement in the volume of calls that the Call Center is now able to handle on a daily basis compared to the volume of calls handled prior to July, 2011. I also want to give you some direct telephone numbers to call if you ever again run into any problem with Generation Mortgage. My direct office line is 404-995-5530 and my cell number 404-543-9292. The Manager of the Call Center can be reached directly at 404-995-7825 and her cell number is 404-952-4658. The COO of the Company can be reached at 404-995-5174. Again, I apologize for the frustration that you have faced and please feel free to contact either myself, the Manager of the Call Center or the COO. Mary Ann R.

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Thanks for your feedback!

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