Golden Gateway Sells Life Settlement Business

NewImage.jpgPolicyOptions announced the acquisition of the life settlement division of Oakland, CA based Golden Gateway Financial.

“We are excited about the opportunity to work with Golden Gateway’s life settlement clients to help them achieve the financial freedom they are seeking through life settlements,” says Rick Johnson, president of PolicyOptions.

The company said it was looking to expand its footprint int he life settlement industry and “Golden Gateway was a natural fit since they share our core principles of full disclosure, regulatory compliance and superior customer service.”  Adding, “this acquisition will allow us to further cement our position at the industry’s leading direct-to-consumer life settlement brokerage.”

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Golden Gateway also operates a reverse mortgage division which Eric Bachman, chief executive officer of the company said will continue to operate in an email to RMD.

“We are very comfortable with the PolicyOptions team and their commitment to provide exceptional service and outstanding results to our senior clients,” said Bachman.  “Life settlements provide a viable source of retirement income for seniors in need of immediate cash. We are pleased that PolicyOptions will continue to provide their services to our life settlement customers to help them realize their financial goals.”

The company’s reverse mortgage volume is up 16% during 2010, endorsing 90 HECMs during the year according to data from Reverse Market Insight.

Terms of the acquisition were not disclosed.

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  • Finally, actual reliable news from GGF. But as usual, not much.

    The life insurance companies have never been a happy partner of the life settlement industry. Many in that industry believe the life insurance companies will continue to find ways to dismantle it.

    It is not surprising to see a reverse mortgage participant sell off its life settlement division since companies which derive significant revenues from their life insurance divisions are having a very significant impact in our industry.

    Just wondering if the timing of this sale was a means to rid itself of a possible unspoken objection to being approved and sponsored by a bank with significant life insurance activities? Just a thought….

  • Finally, actual reliable news from GGF. But as usual, not much.rnrnThe life insurance companies have never been a happy partner of the life settlement industry. Many in that industry believe the life insurance companies will continue to find ways to dismantle it.rnrnIt is not surprising to see a reverse mortgage participant sell off its life settlement division since companies which derive significant revenues from their life insurance divisions are having a very significant impact in our industry.rnrn Just wondering if the timing of this sale was a means to rid itself of a possible unspoken objection to being approved and sponsored by a bank with significant life insurance activities? Just a thoughtu2026. rn

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