Reverse Mortgage Loans
Building Relationships Senior Members Senior members, those over 62 years of age, help build our credit unions into the strong, stable, relationship organizations we’ve become. Continued service to these members, who are part of our heritage and our strength, requires new products and services to better meet their needs. Did ya Know?
- The 62+ population in the USA have
$4.3 trillion in home equity available to them? - 5,500 Baby Boomers turn 62 everyday?
80% own their homes.
In 25 years, at current savings rates, retirees will
be $45 billion per short of the income they need to
meet basic need |
Prime Alliance Solutions, Inc. has partnered with Golden Gateway Financial www.goldengateway.com, 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 (GGF) 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. A Turn-Key Solution Reverse mortgages are growing in popularity as seniors look for additional options as they plan for retirement. Golden Gateway Financial and Prime Alliance have created a turn-key solution for all credit unions. Golden Gateway will market, educate, originate and process reverse mortgage loans for participating credit unions. Credit unions have the option of funding the loan for their portfolios or using Golden Gateway’s lender network. Simple, Yet Elegant Web-based Tools
Golden Gateway Financial’s simple yet elegant web-based tools help seniors and others determine if a reverse mortgage loan is an option. Similar to Prime Alliance’s Loan Consultant, GGF’s technology guides members through product selection, shows how much of their equity is available, the costs involved and the disbursement options. These technologies are designed to be private-labeled; each participating credit union will have their own branded reverse mortgage lending website. Knowledgeable, Helpful Staff
Prime Alliance chose Golden Gateway Financial for its consultative approach with potential borrowers. They work with borrowers much like credit unions work with members: of highest importance is ensuring the member is comfortable with the transaction, understands their loan and chooses the reverse mortgage that best meets their needs. GGF’s knowledgeable, trained staff is prepared to answer member questions, whether general in nature or specific to their situation. The Golden Gateway team will guide members through every step in the process, too, keeping them informed as their loan progresses from origination through funding. Reverse Mortgage Fast Facts
- A reverse mortgage is most often a government guaranteed loan which allows qualified seniors, age 62+, to:
- Take equity out of their homes tax free
- Live without making any payments toward the loan. (The loan is paid off by their estate.)
- Enjoy the rest of their lives, if they desire, in their home risk free
- Purchase a home with no mortgage payments with much less cash than the home price
- Reverse mortgages are easy to qualify for:
- No credit or income requirements
- Reverse mortgage lenders are protected by guarantees by FHA/ HUD
- Reverse mortgages are well suited to those in need as well as those
- with savvy strategic plans
- Reverse mortgages are mis-understood:
- The lender doesn’t take title to the house.
- Once they’ve taken a reverse mortgage, a borrower cannot be forced out of the house because the loan isn’t due until the borrower sells the house, moves out of the house, or the last applicant passes away.
- Insurance, similar to PMI, provides continuing payments if the borrower lives longer than expected (100 years) and ensures the non-recourse nature of the loan.
- At the end of the loan, in most cases, there WILL be remaining equity for the borrower to pass on to their loved ones
- Reverse mortgages can now be used to purchase a home enabling seniors to down-size even in a poor market
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A Wealth of Information
In addition to powerful technologies and knowledgeable, helpful staff, Golden Gateway Financial’s website is a valuable resource for anyone interested in a reverse mortgage or for those who simply want to get educated. GGF is interviewed frequently and quoted regularly by the national financial and mainstream press as a reliable, thoughtful expert on this important lending product. A Lender Network that includes your credit union Golden Gateway Financial brings its lender network to this relationship, a network that can include your credit union, should you choose to place all or some of your member’s reverse mortgage loans in your portfolio. Only those lenders you wish your members to work with will be presented during product selection. Your credit union may also choose to be the only reverse mortgage lender on the site. Getting Started Contact your Prime Alliance Account Executive today to learn how your credit union can begin offering reverse mortgage loans. The PA / Golden Gateway relationship offers marketing assistance, a private-label website and training for your staff.
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