In the News
Could a reverse mortgage help you?
USAWeekend.com - December 18, 2009
“In this tough economy, more seniors, whose retirement funds have been sorely depleted by the downturn, are turning to the reverse mortgage, a special home loan that lets a homeowner convert the equity in his or her house into cash.
”
The ABCs of reverse mortgages
CBS8.com - December 8, 2009
“Get a large wad of cash! Never make a mortgage payment again! Stay in your home as long as you want! Sounds like a great deal, right? Well, for some older homeowners, it can be.
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Debunking 4 Life Insurance Myths
Main Street News - September 24, 2009
“Life settlements are gaining in popularity, but critics are taking a sledgehammer to these controversial life insurance products.
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More Americans cashing in on life insurance policies
New Jersey Business News - September 22, 2009
“Many older Americans, who are strapped for cash and as anxious as the rest of us, are selling an unlikely asset: their life insurance policies.
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ReverseLinks: A roundup of August 2009's links to reverse mortgage articles and reports
National Mortgage Professional Magazine - August 10, 2009
“New Data Shows that Economy and Higher Reverse Mortgage Limits Are Driving Seniors to Seek More Immediate Cash Benefits.
”
Number of Americans Delaying Retirement Beyond Age 70 Nearly Doubles Because of Economic Crisis
Senior Housing News - August 2, 2009
“A new survey conducted with United Sample, in partnership with Golden Gateway Financial that polled a nationwide sample of more than 500 senior citizens aged 62 or older and found half of the respondents net worth has decreased by 10 to 30 percent over the past 18 months.
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Reverse Mortgages to the Rescue
Kiplinger - August, 2009
“New reverse-mortgage rules let you squeeze more cash from your house and even buy a new home.
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More working until they drop
Examiner.com - July 31, 2009
“Golden Gateway Financial surveyed 500 people aged 62 and older and discovered, not surprisingly, more than half were concerned that their
overall net worth may no longer be enough to sustain their retirement.
”
Growing Older: Recession seems to hit seniors differently
Oakland Tribune via Contra Costa Times - July 25, 2009
“A recent survey by Golden Gateway Financial found that the economic crisis permanently hurt the retirement savings of more than 60 percent of those 65 or older.
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Over Half of Seniors Fear Current Net Worth Can?t Sustain Their Retirement
Reverse Mortgage Daily - July 22, 2009
“A new survey conducted with United Sample, in partnership with Golden Gateway Financial that polled a nationwide sample of more than 500 senior citizens aged 62 or older and found half of the respondents net worth has decreased by 10 to 30 percent.
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Money Zone
New York Daily News - July 21, 2009
“The pain of the recession and the huge selloff in the stock market from its 2007 peak have kept millions of older Americans from retiring.
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Retirement outlook grows older and older
Times & Democrat - July 18, 2009
“A new survey from Golden Gateway Financial shows individual financial losses are causing many seniors to consider retiring at a later age than originally planned.
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Later Retirement Spells Problems for Motivating Younger Workers
CNBC.com - July 17, 2009
“A recent survey of workers aged 62 and over by Golden Gateway Financial found that the percentage planning on retiring before 70 dropped from 67 percent before the crisis to 40 percent.
”
Number of Americans Delaying Retirement beyond Age 70 Increases because of Economic Crisis
RisMedia - July 16, 2009
“The current economic crisis is having a lasting impact on many older Americans, forcing them to make difficult financial decision because they have so little time and resources available to them to recover from losses in the housing and financial markets.
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Business Briefs
Santa Cruz Sentinel - July 15, 2009
“People 62 and older are changing their plans to retire before 70 because of the economic crisis, a new survey from Golden Gateway Financial found.
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Recession has retirement age creeping upward
Colorado Springs Business Journal - July 15, 2009
“One survey indicates the national retirement age is rising as a result of the economic recession, and while Coloradoans are working further into their golden years, it might not be just because of poor economic times.
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Economic Crisis Pushing Retirements Beyond Age 70
PlanAdvisor - July 13, 2009
“Losses in the financial and housing markets during the economic crisis are causing many seniors to consider retiring at a later age than originally planned.
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Reverse Mortgages Can Be Part of Overall Financial Plan
Senior-Spectrum - July 20, 2009
“As the boomer generation enters retirement, many seniors, hard pressed by the economic downturn, are considering reverse mortgages, leading senior financial experts to recommend increased education for consumers to allow them to integrate their home equity into their overall financial strategy.
”
Your money: Pensions, savings bonds, mortgages
Associated Press via Foster's Daily Journal - July 18, 2009
“Eric Bachman says the recent loan limit changes make reverse mortgages even more compelling for older Americans interested in downsizing or moving to another location. This article also appears in the Laconia Citizen
”
New FHA reverse mortgage boon to seniors
Bankrate.com - July 12, 2009
“A new Federal Housing Administration, or FHA, reverse mortgage program can help senior homeowners relocate or downsize to a new home without giving up all their savings -- and save them thousands of dollars in the process.
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Seniors Drawn to Mortgages That Give Back
The Wall Street Journal - June 10, 2009
“‘People are trying to recover or buy some time before their retirement holdings need to be liquidated,’ says Eric Bachman, chief executive of Golden Gateway Financial, an Oakland, Calif., brokerage.
”
Run Cheap TV Commercials with Google TV Ads
Inc. - June 2009
“Despite those drawbacks, Google TV Ads is a great tool for smaller firms, says Bob Purcell, chief marketing officer of Golden Gateway Financial, a 25-employee start-up in Oakland, California...
”
Mortgage crisis robbing seniors of golden years
USA Today - June 04, 2009
“In the fourth quarter of 2008, about 46% of older Americans around 60 who researched reverse mortgages had an existing traditional mortgage with an average debt of $149,683, according to Golden Gateway Financial. A reverse mortgage is one that makes payments to the homeowner from a home's equity.
”
Life settlement sales may be taxed as capital gains, IRS rules
Bloomberg - June 04, 2009
“A survey of 500 people aged 62 and older released last month showed that 80 percent of respondents had life insurance and 45 percent of those questioned were not aware they could sell their policies. The survey was conducted for Golden Gateway Financial, an Oakland, California-based life settlement* broker.
”
What You Need to Know
The New York Times - March 13, 2009
“Reverse mortgages can help older homeowners who are house-rich but cash-poor...The reverse mortgage association's Web site has a calculator that estimates how much borrowers might qualify for. Other calculators
are offered by the AARP...and at lender sites like Golden Gateway Financial at goldengateway.com.
”
The Reverse Gear
The New York Times - March 13, 2009
“‘Even if you live to be 130 years old, you'll never owe more than the value of the house,
’ explained Eric Bachman, the chief executive of Golden Gateway Financial in Oakland, Calif., one of the nation's largest
reverse mortgage brokers.
”
Seniors face grim choices amid market shock
CNN Money - December 09, 2008
“‘
”Older Americans are aggressively searching for ways to gain control over and offset losses that might
be near to impossible to recover in their lifetimes,
’ said Eric Bachman, founder and CEO of Golden Gateway.
More relying on loans to stave off foreclosure
The San Diego Union Tribune - November 30, 2008
“At Oakland-based Golden Gateway Financial, the percentage of reverse-mortgage inquiries that involve foreclosures has grown from
25 percent to 40 percent in recent months. A recent study by AARP's Public Policy Institute found that people 50 and older represent
about 28 percent of all home-mortgage delinquencies and foreclosures.
”
Reverse Mortgages Get Better
Kiplinger - November 26, 2008
“To estimate the potential payouts and costs of a reverse mortgage–which
can be substantial–and compare actual offers from several lenders, use the Reverse Mortgage
Cash Calculator at Golden Gateway Financial.
”
Reverse mortgages get a boost from Uncle Sam
The Christian Science Monitor - October 27, 2008
“Mr. Bachman [GoldenGateway CEO] believes today's shaky real estate market has created a timing consideration.
‘
”Seniors' home values have dropped roughly 20 percent in the past year,
’ he says, and they're projected to
slide further over the next 12-to-24 months. Thus, he feels that seniors looking for a reverse mortgage should act sooner than later to avoid any further slide in their home values, which could reduce the amount they could get from a reverse mortgage.
Sticky subject: Finances, seniors and adult children
The Colorado Springs Business Journal - September 26, 2008
An independent generation, boomers are reluctant to take advantage of financial tools available to them—such as reverse mortgages.
But 20 percent of adults in their 40s and 40 percent in their 50s already financially support their parents.
“
The important thing is that these two parties start talking,” [Bachman, Golden Gateway CEO] said.
Unlocking home equity
The Arizona Republic - September 02, 2008
“At a time when banks are tightening creditworthiness requirements and even refusing in some cases to give loans to qualified borrowers, reverse mortgages still appeal to lenders, Bachman said, possibly more than ever.
”
A nagging worry: Will you outlive your nest egg?
The Wall Street Journal Online - August 20, 2008
“The U.S. Government's treasury department says that 50% of those families on the brink of retirement have less than $40,000 in liquid assets.
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Growing Older
NPR - August 15, 2008
“Folks need to sit down and create a sound financial plan.
”
Listen to interviews of Golden Gateway Financial CEO Eric Bachman
on NPR's program, Growing Older:
1. Seniors and their Adult Children
2. Reverse Mortgages
Good news for reverse mortgages
The Chicago Sun Times - August 04, 2008
“Now there's a terrific new way for seniors to compare the various specific products, costs, and interest
charges to find the best offering for their situation.
”
Rethinking Reverse Mortgages
The Motley Fool - June 18, 2008
“Declining equity is a big problem for borrowers. According to a new study from reverse-mortgage broker
Golden Gateway Financial, a 72-year-old potential borrower who owns a house that was worth $200,000 in January 2007 would be able to borrow about $17,000 less now - roughly $126,000, versus $109,000 - than he or she could have a year ago.
”
How to Size Up a Reverse Mortgage
Kiplinger's Personal Finance magazine - May 2008
“Golden Gateway Financial, a reverse-mortgage broker, has an online calculator that uses AARP's model to let you compare loans.
”
The Best In...
The Wall Street Journal - March 22, 2008
“Trying to estimate how much cash you might net from a reverse mortgage? Golden Gateway Financial, a financial-services firm in Oakland, Calif., offers a good calculator. Plug in your ZIP Code, your age and the value of your house, and the tool shows you lump sums, or monthly payouts, available from different lenders. A separate chart spells out closing costs and related fees.
”
Reverse mortgage bails out seniors facing foreclosure
Inman News, Tom Kelly - March 19, 2008
“Eric Bachman, CEO of Oakland, Calif.-based Golden Gateway Financial, a reverse-mortgage brokerage focusing on online customers, recently helped a senior in Kansas ‘reverse a foreclosure.’
”
A reverse mortgage requires sound advice
The Baltimore Sun, Eileen Ambrose - March 2, 2008
“Lucy Hull of Overland Park, Kan., says a reverse mortgage saved the house she has lived in for 30 years ... Hull's house appraised at $122,000, and she owed nearly $74,000 on it, says Eric Bachman, chief executive of Golden Gateway.
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