-- California recorded one of the largest individual market self-reported
home value drops at more than 9.5% when compared to first quarter 2008
-- The average national age of visitors to Golden Gateway Financial rose
slightly to 69.5 years old from 68.6 years old in the first quarter
-- Slightly less than half of all borrowers were single or sole owners of
their home
A complete listing of fields and data for the second quarter of 2008 as
well as regional market breakdowns is available by contacting Golden
Gateway Financial.
Highlights are below.
Reverse Mortgage Calculator National Averages
Q1 '08 Q2 '08
--------- ---------
Average age 68.6 69.5
Average home value $ 449,200 $ 438,000
Percentage with existing mortgage 51.4% 53.4%
Average existing mortgage debt $ 157,500 $ 159,700
"This report clearly demonstrates that senior citizens are financially
aware consumers who understand the impact of the economy on their overall
financial health," said Eric Bachman, founder and CEO of Golden Gateway
Financial. "These individuals are exploring reverse mortgages as an option,
and doing so with a realistic sense of how it can help them pay off
existing debt or augment their current level of income."
The company's award-winning online reverse mortgage calculator has been
recognized as an important resource for seniors by the Wall Street Journal.
It allows users to enter basic information to manipulate reverse mortgage
loan parameters and then compare lenders based on those fields. Golden
Gateway Financial makes anonymous and aggregated data from these basic
entry fields publicly available on a quarterly basis.
For more information about reverse mortgages or to access Golden Gateway
Financial's industry-leading suite of online retirement assessment tools
and 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 boomers
and 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 Retirement
Dilemma." The tools enable users to better assess the security of their
nest egg and to make intelligent choices to fully enjoy what should be the
best years of their lives. The company also operates the industry's
premiere reverse mortgage service with a proprietary reverse mortgage
calculator and a team of trained counselors to help seniors better
understand the product, evaluate whether it is right for them, and identify
their ideal lending partner.
Contact Information: Press Contact: Michael Azzano Cosmo PR for Golden Gateway Financial 415.596.1978