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 '08 Average age 68.6 69.5 69.7 Average home value $ 449,200 $ 438,461 $ 428,786 Percent with existing mortgage 51.4% 53.4% 53.8% Average existing mortgage debt $ 157,575 $ 159,700 $ 146,217The 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 configure 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 415.596.1978