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.
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.