Golden Gateway in the News

Seniors face grim choices amid market shock

CNN Money - December 09, 2008

“‘Older Americans are aggressively searching for ways to gain control over and offset losses that might be near to impossible to recover in their lifetimes,’ said Eric Bachman, founder and CEO of Golden Gateway.”

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More relying on loans to stave off foreclosure

The San Diego Union Tribune - November 30, 2008

“At Oakland-based Golden Gateway Financial, the percentage of reverse-mortgage inquiries that involve foreclosures has grown from 25 percent to 40 percent in recent months. A recent study by AARP's Public Policy Institute found that people 50 and older represent about 28 percent of all home-mortgage delinquencies and foreclosures.”

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Reverse Mortgages Get Better

Kiplinger - November 26, 2008

“At Oakland-based Golden Gateway Financial, the percentage of reverse-mortgage inquiries that involve foreclosures has grown from 25 percent to 40 percent in recent months. A recent study by AARP's Public Policy Institute found that people 50 and older represent about 28 percent of all home-mortgage delinquencies and foreclosures.”

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Sticky subject: Finances, seniors and adult children

The Colorado Springs Business Journal - September 26, 2008

An independent generation, boomers are reluctant to take advantage of financial tools available to them—such as reverse mortgages.

But 20 percent of adults in their 40s and 40 percent in their 50s already financially support their parents.

“The important thing is that these two parties start talking,” [Bachman, Golden Gateway CEO] said.

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Unlocking home equity

The Arizona Republic - September 02, 2008

“At a time when banks are tightening creditworthiness requirements and even refusing in some cases to give loans to qualified borrowers, reverse mortgages still appeal to lenders, Bachman said, possibly more than ever.”

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A nagging worry: Will you outlive your nest egg?

The Wall Street Journal Online - August 20, 2008

“The U.S. Governement's treasury department says that 50% of those families on the brink of retirement have less than $40,000 in liquid assets.”

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Growing Older

NPR - August 15, 2008

“Folks need to sit down and create a sound financial plan.”

Good news for reverse mortgages

The Chicago Sun Times - August 04, 2008

“Now there's a terrific new way for seniors to compare the various specific products, costs, and interest charges to find the best offering for their situation.”

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Rethinking Reverse Mortgages

The Motley Fool - June 18, 2008

“Declining equity is a big problem for borrowers. According to a new study from reverse-mortgage broker Golden Gateway Financial, a 72-year-old potential borrower who owns a house that was worth $200,000 in January 2007 would be able to borrow about $17,000 less now - roughly $126,000, versus $109,000 - than he or she could have a year ago.”

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How to Size Up a Reverse Mortgage

Kiplinger's Personal Finance magazine - May 2008

“Golden Gateway Financial, a reverse-mortgage broker, has an online calculator that uses AARP's model to let you compare loans.”

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The Best In...

The Wall Street Journal - March 22, 2008

“Golden Gateway Financial ... offers a good calculator ... the tool shows you lump sums, or monthly payouts, available from different lenders.”

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Reverse mortgage bails out seniors facing foreclosure

Inman News, Tom Kelly - March 19, 2008

“Eric Bachman, CEO of Oakland, Calif.-based Golden Gateway Financial, a reverse-mortgage brokerage focusing on online customers, recently helped a senior in Kansas ‘reverse a foreclosure.’ ”

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A reverse mortgage requires sound advice

The Baltimore Sun, Eileen Ambrose - March 2, 2008

“Lucy Hull of Overland Park, Kan., says a reverse mortgage saved the house she has lived in for 30 years ... Hull's house appraised at $122,000, and she owed nearly $74,000 on it, says Eric Bachman, chief executive of Golden Gateway.”