Reverse Mortgage Company Golden Gateway Financial Shuts Down

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OAKLAND, Calif. – Golden Gateway Financial, a three-year-old provider of reverse mortgage services, has shut its doors, several months after signing deals with major credit unions.

The closure comes after the company raised $11 million in capital from Menlo Ventures and just seven months after inking deals with Patelco CU, USA FCU and Grossmont Schools FCU. Golden Gateway last year signed a major deal with BECU and its PrimeAlliance CUSO.

The company introduced an online calculator and a prepaid MasterCard that allowed borrowers to securely receive their monthly proceeds on a reloadable prepaid card instead of a check.

 

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