Golden Gateway scores $5 million for reverse mortgages

Golden Gateway Financial, an Oakland, Calif.-based firm that offers reverse mortgages tailored to senior citizens, has raised $5 million in a first round of funding led by Menlo Ventures — which had also kicked in $6 million earlier in the round, according to peHUB. The company’s site gives its clients the option to pay certain monthly bills automatically out of their reverse mortgage income. That way, they don’t have to worry about mail fraud or missing a critical payment.

Golden Gateway claims that its services make reverse mortgage borrowing easier and simpler for its target demographic. To do so, it provides a prepaid MasterCard that users can reload with funds as needed. The card can also be used to get cash and make purchases wherever MasterCard debit purchases are accepted. Users can check and edit the balance on their cards at any time through the company’s web site.

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