The data paints a troubling picture of those senior citizens seekingshelter from the current economic storm, especially in California wheresenior forward mortgage debt is 50 percent more than the national average.Nationally, individuals exploring a reverse mortgage are increasinglyolder, with lower home values, and a greater percentage of them are saddledwith an existing mortgage on their homes.

As evidenced by a recent AARP study that showed more than 684,000 of thoseaged 50 and over were either delinquent or in foreclosure; the existingforward mortgage debt of senior citizens becomes a critical issue. Withoutaction or relief, the number of seniors facing foreclosure could continueto rise steeply.

"Seniors across the nation have been hit by a hard one, two punch withfalling home values and now the reeling stock market," said Eric Bachman,founder and CEO of Golden Gateway Financial. "Many older Americans areexploring reverse mortgages as a proactive way to gain more control overtheir finances in today's economy."

Observations include:-- The average age of those seeking a reverse mortgage has increased by almost a full year from the first quarter of 2008-- Senior citizens self-reported a 4.5% decline in third quarter home values as compared to the first quarter of 2008-- The average national existing forward mortgage debt of senior citizens in the third quarter of 2008 was $146, 217-- In California, the average existing forward mortgage debt in the third quarter of 2008 was 50 percent greater than the national average at $219,321-- In California, during the month of September, the average forward mortgage debt as reported by seniors was $211,411 or 74 percent of the month's reported home sale price of $283,000 across the state (as reported by DataQuick) Reverse Mortgage Calculator National Averages Q1 '08 Q2 '08 Q3 '08Average age 68.6 69.5 69.7Average home value $ 449,200 $ 438,461 $ 428,786Percent with existing mortgage 51.4% 53.4% 53.8%Average existing mortgage debt $ 157,575 $ 159,700 $ 146,217

The company's award-winning online reverse mortgage calculator has beenrecognized as an important resource for seniors by the Wall Street Journal.It allows users to enter basic information to configure reverse mortgageloan parameters and then compare lenders based on those fields. GoldenGateway Financial makes anonymous and aggregated data from these basicentry fields publicly available on a quarterly basis.

For more information about reverse mortgages or to access Golden GatewayFinancial's industry-leading suite of online retirement assessment toolsand resources, please visit http://www.goldengateway.com.

About Golden Gateway Financial

Golden Gateway Financial (www.goldengateway.com), located in Oakland,California, is a comprehensive resource for senior citizens, baby boomersand soon-to-be retirees to assess their financial health at retirement.Through a unique set of online tools and clear and unbiased communication,the company helps individuals address "The Great American RetirementDilemma." The tools enable users to better assess the security of theirnest egg and to make intelligent choices to fully enjoy what should be thebest years of their lives. The company also operates the industry'spremiere reverse mortgage service with a proprietary reverse mortgagecalculator and a team of trained counselors to help seniors betterunderstand the product, evaluate whether it is right for them, and identifytheir ideal lending partner.

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Press Contact:Michael AzzanoCosmo PR415.596.1978Email Contact