PolicyOptions 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.”
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.