Golden Gateway Financial introduced a new prepaid card program for reverse mortgage proceeds and a service that allows seniors to automatically pay bills from the card.
The Golden Gateway Financial Your Money Prepaid MasterCard®, issued by The Bancorp Bank, allows reverse mortgage borrowers to immediately and securely receive their monthly proceeds on a reloadable prepaid card instead of a check. The account is opened up at closing and cardholders can log into an online account to check their funds balance and transaction history.
"New government regulations are making reverse mortgages more desirable than ever, and we’ve introduced these new services to provide even greater control and access to the funds made available through these programs," said Eric Bachman, founder and CEO of Golden Gateway Financial.
The card will help seniors track their expenses and provide the thousands of seniors who are underbanked a way to eliminate the need for check cashing services. In conjunction with the new card program, Golden Gateway Financial also offers the Priority Pay(SM) Service. This service allows seniors to enjoy their retirement with complete peace of mind — knowing that they will never miss paying a critical bill.
When I first read about the new program, I was under the impression that borrowers would have direct access to their line of credit through the card. However, that’s not the case. Borrowers are still required to make written requests to the servicer and then funds will be deposited onto the card.