Retirement Expert Says Reverse Mortgages Remain Safe and Viable Alternative for Senior Citizens Seeking Cash

OAKLAND, CA--(Marketwire - September 24, 2008) - As many senior citizens find themselves caught in a new "Senior Squeeze" because of pressures in the larger economy, retirement expert Eric Bachman of Golden Gateway Financial says that reverse mortgages are one of the few avenues for generating income for seniors that remain quick, safe and available.

"Senior citizens are finding it increasingly hard to secure lines of credit, sell their homes as part of a downsizing effort, or pinch pennies to make ends meet," said Bachman. "Even though falling home values have limited some cash payouts, reverse mortgages overall remain one of the lone bright spots for seniors because they remain readily accessible and relatively immune to the credit issues affecting the larger economy and forward mortgages."

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.

"Trickle down bail-outs will not reach seniors, who fortunately are capable of acting and protecting themselves through products such as reverse mortgages," added Bachman.

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