OAKLAND, CA--(Marketwire - February 9, 2010) - Golden Gateway Financial, a comprehensive financial resource for seniors and retirees, today announced that it has been selected by three acknowledged innovators in the credit union industry to provide its reverse mortgage solution to their members. These new partners -- San Francisco-based Patelco Credit Union, San Diego-based USA Fed, and Grossmont Schools Federal Credit Union -- have turned to Golden Gateway Financial to help their members age in place as their exclusive provider of reverse mortgage information, tools and products.
Golden Gateway Financial current partners include BECU (Boeing Employees' Credit Union) -- the nation's fourth largest credit union, and credit union technology provider Prime Alliance Solutions. In total, Golden Gateway Financial can now offer reverse mortgage information, tools, and products to over one million credit union members nationwide.
Many credit unions are actively searching for a compelling reverse mortgage solution because a large percentage of the industry's $825 billion in assets are held by seniors. With nearly 8,000 adults celebrating their 60th birthday every day(1), that number will continue to grow.
Additionally, many adult children of seniors are interested in better understanding how a reverse mortgage can help their parents retire more comfortably or help ease any potential financial burden their parents might present for them. To date, 25 percent of the referrals from Golden Gateway Financial's current credit union relationships are older non-credit union members that have been introduced to the program by adult children, financial planners, and friends who are credit union members. This reverse mortgage program then is a natural way for credit unions to drive new membership while also better serving the needs of current members.
"Older Americans are still vulnerable to the effects of this economic crisis, and they are turning to the financial institution they trust most -- their local credit union -- for help in making important financial decisions," said Eric Bachman, founder and CEO of Golden Gateway Financial. "Our goal is to equip credit unions to provide all the information and guidance necessary so their members can make smart, educated decisions about reverse mortgages within the framework of their existing credit union relationship."
Golden Gateway Financial is a comprehensive online financial resource and reverse mortgage broker. The company offers a number of industry leading and award-winning financial tools and calculators to help older Americans better prepare for retirement. In addition, the company provides seniors with superior customer service through a trained team of consultants, a prepaid card program for reverse mortgage borrowers, and a service that allows seniors to automatically pay critical bills from reverse mortgage proceeds. As a broker, Golden Gateway Financial works with multiple lenders to provide members with the right reverse mortgage for their unique situation. The Golden Gateway Financial solution can integrate a credit union's own products into its offering.
As part of these agreements, Golden Gateway Financial will provide educational and marketing materials to help credit union partners initiate a dialogue with members about the benefits of a reverse mortgage. Additionally, Golden Gateway Financial can make its online information and award-winning reverse mortgage calculator available to members through their respective credit union websites.
To learn more about Golden Gateway Financial or its online retirement assessment tools and resources, please visit http://www.goldengateway.com.
About Patelco
Patelco was started in 1936 to serve employees of the Pacific Telephone and Telegraph Company. Since then, Patelco has grown to become the 13th largest credit union in the United States with 40 branches, 288,000 members and over $4 billion in assets. Today, Patelco maintains its headquarters at 156 Second Street, San Francisco and operates offices throughout California and in the Chicago, Illinois metro area.
About USA Fed
With more than 58,000 members and over $650 million in assets, San Diego, California-based USA Federal Credit Union operates 20 branches, including locations in San Diego and Riverside Counties, Las Vegas, Japan and Korea. Members of the not-for-profit financial cooperative include the military, civilians and select employee groups. USA Fed is federally insured by the National Credit Union Administration.
About Grossmont Schools Federal Credit Union
GSFCU was founded in 1956 by employees of the Grossmont Union High School District for the benefit of all employees and family members of the GUHSD. Shortly thereafter the credit union began serving employees of the Grossmont-Cuyamaca Community College District and now can service the entire "Education Industry" and their families in East County San Diego. Grossmont Schools Federal Credit Union provides financial solutions that are uniquely tailored to the educational community they serve and delivered with a genuine focus on value, trust and exceptional service.
About Golden Gateway Financial
Golden Gateway Financial (http://www.goldengateway.com), located in Oakland, California, is a comprehensive resource for senior citizens, baby boomers and soon-to-be retirees to assess their financial health at retirement. Through a unique set of online tools and clear and unbiased communication, the company helps individuals address "The Great American Retirement Dilemma." The tools enable users to better assess the security of their nest egg and to make intelligent choices to fully enjoy what should be the best years of their lives. The company also operates the industry's premiere reverse mortgage and life settlement services with innovative new calculators and products for each, and a team of trained counselors to help seniors better understand the products and evaluate whether they are right for them.
(1) US Census, Oldest Baby Boomers Turn 60! (press release), January 2006
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Press Contact:
Michael Azzano
Cosmo Public Relations, Inc.
415.596.1978