California based Golden Gateway Financial recently published their second quarter usage data from their online reverse mortgage calculator. The second quarter results showed that visitors are entering lower home values compared to the first quarter. This drop in home value is very similar to the most recent S&P Case Shiller Home Price Index.
California is one of the states that has been hit hardest by falling home values and Golden Gateway’s data affirms this. According to the press release, California recorded one of the largest individual market self-reported home value drops at more than 9.5% when compared to first quarter 2008.
“This report clearly demonstrates that senior citizens are financially aware consumers who understand the impact of the economy on their overall financial health,” said Eric Bachman, founder and CEO of Golden Gateway Financial. “These individuals are exploring reverse mortgages as an option, and doing so with a realistic sense of how it can help them pay off existing debt or augment their current level of income.”