Generation Mortgage Company officially opens its doors in Puerto Rico at a recent ribbon cutting ceremony in San Juan. Show from left to right are: Juan Carlos Batlle, President, Government Development Bank for Puerto Rico; Luis Alberto De Jesús, Manager, Puerto Rico-Hispanic Division, and Scott Peters, President and CEO, Generation Mortgage Company.

Generation Mortgage Company, the largest privately owned reverse mortgage company in the United States, today announced it has opened a new branch office in San Juan, Puerto Rico, to market and service reverse mortgage loans to the Puerto Rican senior community age 62 and older across the island. The company’s new office is conveniently located and open to the public in the business district of Hato Rey at 1254 Roosevelt Avenue in San Juan.

“We’re very excited about being the first top-10 reverse mortgage lender to open a retail branch in Puerto Rico,” said Scott Peters, President and CEO of Generation Mortgage. “Puerto Rico boasts a home ownership rate of 74 percent versus 67 percent in the United States. Additionally, 29 percent of the households in Puerto Rico have at least one person 65 and older compared to 23 percent in the U.S. We’ll be providing older homeowners in Puerto Rico a safe way to access the equity in their home to obtain cash for use as they think best, and still remain in their home.”

Heading up the Puerto Rico operation is Luis Alberto De Jesús. “I have been in the mortgage banking industry for 25 years,” said De Jesús. “Before coming to Generation Mortgage, I used to be a senior executive at Senior Mortgage Bankers, where we played a pivotal role in the recent expansion of the reverse mortgage business in Puerto Rico. It’s tremendously exciting to bring to the Puerto Rican market a financial solution that could literally change the life of a senior in financial need, and Generation Mortgage has a long and proud history of being the leader in customer service in this industry.”

Currently, Generation Mortgage is focused on building its retail presence in Puerto Rico and plans to offer services to its wholesale partners later in the year. The new San Juan office is open Monday through Friday, 9 a.m. to 6 p.m. Eastern Time. Their office phone number is 787.304.0808.


Source: Press Release