A number of factors are exerting unprecedented pressure on senior citizensand their retirement nest eggs. With retirement budgets squeezed by theeconomy, falling home values eroding what is often a retiree's biggestasset, and seniors living longer than ever before, a reverse mortgage couldbe a viable way to unlock the equity that remains in a senior's home. Thenew lending limit will also make reverse mortgages a viable option for manyhomeowners previously excluded from the market by the current economicenvironment.

The new S&P/Case Shiller home price index is further evidence of this"Senior Squeeze." The most recent index for July 2008 illustrated acontinued drop in home prices nationwide. Since the peak of the housingmarket in mid-2006, the 20-city price index has fallen nearly 20 percent.

"What new lending limits provide to seniors, declining home values areslowly taking away," said Eric Bachman, founder and CEO of Golden GatewayFinancial. "With the changes created by this legislation, the worseningeconomy, and the continued reduction in home values, it is more importantthan ever for seniors to educate themselves about the potential benefits ofa reverse mortgage."

A reverse mortgage allows individuals 62-years or older who own their homesto secure up-front cash, ongoing monthly payouts, or a combination of thetwo from a lender. No credit evaluation is required for a reverse mortgage;the only stipulations are that the owner remain in the home, pay theproperty taxes, and properly maintain the property. And because a reversemortgage is a non-recourse loan, borrowers will never owe more than thecurrent market value of their homes, effectively protecting their heirsfrom debt.

To learn more about reverse mortgages, visit Golden Gateway Financial, theWeb's most comprehensive financial resource for senior citizens andretirees, at www.goldengateway.com. Senior citizens can also researchlenders and compare reverse mortgage loans by using the company'saward-winning onlinereverse mortgage calculator.

About Golden Gateway Financial

Golden Gateway Financial, located in Oakland, California and atwww.goldengateway.com, is a comprehensive resource for senior citizens,baby boomers and soon-to-be retirees to assess their financial health atretirement. Through a unique set of online tools and clear and unbiasedcommunication, the company helps individuals address The Great AmericanRetirement Dilemma in order to better assess how secure their nest eggreally is and then make intelligent choices to eliminate money concerns andfully enjoy what should be the best years of their lives. The company alsooperates the industry's premiere reverse mortgage service with aproprietary reverse mortgage calculator and a team of trained counselors tohelp seniors better understand the product, evaluate whether it is rightfor them, and then research the perfect lending partner. Golden GatewayFinancial is an advocate for seniors, helping them find the answers andresources necessary to spend their retirement financially secure and withcomplete peace of mind.

Add to Digg Bookmark with del.icio.us Add to Newsvine

Press Contact:Michael AzzanoCosmo PR for Golden Gateway Financial415.596.1978Email Contact