New FHA Reverse Mortgage Lending Limit Reinforces Need for Greater Reverse Mortgage Education and Awareness

OAKLAND, CA--(Marketwire - October 2, 2008) - With today's announcement by the Federal Housing Administration (FHA) regarding the new nationwide reverse mortgage lending limit, Golden Gateway Financial, the Web's most comprehensive financial resource for senior citizens and retirees, urged senior citizens in need of additional income to learn more about and carefully evaluate the benefits of a reverse mortgage.

A number of factors are exerting unprecedented pressure on senior citizens and their retirement nest eggs. With retirement budgets squeezed by the economy, falling home values eroding what is often a retiree's biggest asset, and seniors living longer than ever before, a reverse mortgage could be a viable way to unlock the equity that remains in a senior's home. The new lending limit will also make reverse mortgages a viable option for many homeowners previously excluded from the market by the current economic environment.

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

"What new lending limits provide to seniors, declining home values are slowly taking away," said Eric Bachman, founder and CEO of Golden Gateway Financial. "With the changes created by this legislation, the worsening economy, and the continued reduction in home values, it is more important than ever for seniors to educate themselves about the potential benefits of a reverse mortgage."

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

To learn more about reverse mortgages, visit Golden Gateway Financial, the Web's most comprehensive financial resource for senior citizens and retirees, at www.goldengateway.com. Senior citizens can also research lenders and compare reverse mortgage loans by using the company's award-winning online reverse mortgage calculator.

About Golden Gateway Financial

Golden Gateway Financial, located in Oakland, California and at www.goldengateway.com, 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 in order to better assess how secure their nest egg really is and then make intelligent choices to eliminate money concerns and 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 then research the perfect lending partner. Golden Gateway Financial is an advocate for seniors, helping them find the answers and resources necessary to spend their retirement financially secure and with complete peace of mind.

Contact Information: Press Contact: Michael Azzano Cosmo PR for Golden Gateway Financial 415.596.1978