Golden Gateway Updates Reverse Mortgage Calculator, Adds More Tools

image Golden Gateway Financial recently announced a new and updated version of its online reverse mortgage calculator to reflect the new FHA reverse mortgage limits.  Along with new calculator, the Oakland, California based company also introduced its Budget Reality Check and Retirement Calculator.

Both tools help seniors asses their financial situation and see how much money they need to live comfortably.  “Our goal as an unbiased online resource is to assist seniors in realistically assessing their needs, and then helping them find smart, meaningful ways to generate income during retirement,” said Eric Bachman, founder and CEO of Golden Gateway Financial.  

Golden Gateway also added a new life settlement section which looks to be a new line of business for the company.  “There are many seniors who cannot take advantage of a reverse mortgage because they no longer own a home or haven’t built up enough equity to qualify, making life settlement a compelling way to generate additional income independent of their credit history or financial circumstances,” added Bachman.

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Life settlements allow policyholders to sell their policy in exchange for a lump sum cash payment that is greater than the policy’s cash surrender value.  To learn more about GG’s life settlement business you can check out the website here.

There is a growing trend with reverse mortgage lenders offering products for people who might not qualify for a reverse mortgage.  I’ve spoken with different people who were actively promoting products from REX and Equity Key for leads that didn’t qualify and have had some success.

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  • Cynic,

    It’s obvious your not a big self promotion fan and while I agree to a certain extent, all companies need to market themselves.

    I do think GG offers the best consumer focused calculator, just my opinion. I’d rather see companies present themselves as a resource (ie GG)vs. rebranding the HECM as their own product like some have started doing.

    The REX and Equity Key products are relevant even though they have suspended funding recently. I still see plenty of traffic coming to RMD looking for that type of information and I do think they will begin funding again in the next couple months.

    Also, I don’t agree with your statement about the products being something of a last resort. What makes sense for one person might not make sense for someone else so I’m simply saying people should present all options to consumers and let them decide.

    Dont get me wrong, I still think the HECM is a better product most of the time but as well all know, it’s not for everyone.

    As always I appreciate your comments, but I certainly don’t always agree =)

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