Senior Citizens Resource Applauds Work of National Reverse Mortgage Lenders Association and AARP

OAKLAND, CA–(EMWNews – July 27, 2008) – The Housing and Economic Recovery Act of 2008

is historic and ambitious legislation that the President of the United

States is expected to sign into law as early as this week.

While this legislation is designed to aid homeowners in distress and to

support Fannie Mae and Freddie Mac, it also includes important changes that

will dramatically affect senior citizens through modifications to the

standard Federal Housing Administration HECM reverse mortgage product.

Portions of the Housing and Economic Recovery Act of 2008 that directly

impact senior citizens and reverse mortgages include:

1. A single national reverse mortgage lending limit of up to $625,000

   -- Benefit to seniors: Expands the amount of equity available through an

      FHA insured reverse mortgage



2. Home purchase using a reverse mortgage

   -- Benefit to seniors: Provides more ways to leverage a reverse

      mortgage, including using the proceeds from the sale of one property

      to downsize into another



3. Co-op provisions

   -- Benefit to seniors: Allows seniors to stay in their own home and

      community, especially in urban areas



4. Fees capped at two percent on the initial $200,000 loan amount and one

   percent on the balance thereafter with a cap of $6,000

   -- Benefit to seniors:  Reduces total cost of a reverse mortgage



5. Prohibitions on requiring the purchase of annuities and other financial

   products

   -- Benefit to seniors: Protects senior citizens from predatory

      individuals



6. Restrictions on cross-selling financial products

   -- Benefit to seniors: Protects senior citizens from predatory

      individuals



7. Requirements on counseling protocols, funding and practices

   -- Benefit to seniors: Helps seniors to become more educated and

      empowered borrowers

“This legislation is a solid first step in alleviating the mounting

economic pressures on senior citizens,” said Eric Bachman, founder and CEO

of Golden Gateway Financial. “These actions will provide borrowers with

much greater flexibility in leveraging the equity that is rightfully

theirs, but we must continue to find even more aggressive and innovative

ways to assist senior citizens.”

Golden Gateway Financial is the Web’s most comprehensive financial resource

for seniors, baby boomers and impending retirees. The company provides

information and award-winning tools to help senior citizens assess their

financial health at retirement. For those seeking a reverse mortgage,

Golden Gateway Financial is the premiere reverse mortgages resource,

providing seniors with a private and lender agnostic way to compare, choose

and get the right reverse mortgage for their unique situation.

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.