Scott Tucker's tips as a mortgage industry leader are invaluable. As the term of the Department of Housing and Urban Development's extension of the Federal Housing Administration's loan limits comes to an end, reverse mortgages and their huge payday opportunity are again at the forefront of discussion about the economy as it relates to the housing market. The national FHA loan limit for the HECM program was voted in at the end of 2010, remaining effective through September 30, 2011.
The loan limit reflects the still-rising costs of housing and development in the nation. Reverse mortgage rates are rising, with homeowners' proceeds decreasing, but the plan can still be a valuable option for homeowners facing foreclosure, especially the elderly.
Scott Tucker, a Chicago-based broker who spearheaded his own mortgage marketing system before turning his focus on reverse mortgages, has been helping elderly implement reverse mortgage plans for several years now. Tucker's first initiative, the emotional direct response mortgage marketing system, honed his skills in working with niche markets and individuals. He targeted only those people whom he knew were likely to do business with them and appealed to them personally as well as professionally in order to build relationships that provided support both professionally and personally-an important recipe for business success in these economic times.
As the recession wore on, Tucker took a specific interest in the financial woes of the elderly, especially those facing foreclosures. As reverse mortgage plans crept into the spotlight, Tucker capitalized on the logic, benefits and security they offered clients, and became an expert in the area. He authored a book called "Reverse Mortgages: What you need to know from Z to A," and he also began giving weekend seminars to educate potential clients on the ins and outs of reverse mortgages.
There tend to be misconceptions related to reverse mortgages, including the belief that in a reverse mortgage plan, the bank owns the home. That isn't the case, says Tucker. The homeowner still owns the home and can even leave it to children or grandchildren after he or she passes away. Other misconceptions include that homeowners will lose equity on their houses forever or accrue enormous debt just before they die, both of which are myths Tucker works to debunk at his workshops. In addition to his book and workshops, he has appeared on radio shows and his own YouTube channel to spread information about reverse mortgages and share success stories and case studies with potential clients everywhere.
Reverse mortgages allow lenders to pay homeowners, building fees and interest over time, which are paid back to the lender when the homeowner dies or moves. For many elderly people facing foreclosure, a reverse mortgage is the antithesis to a foreclosed home; it provides clarity and confidence moving forward. The financial outlook and ultimate standing of reverse mortgages are uncertain as a turning point for reverse mortgage loans approaches. However, for those who don't expect to own a home for decades to come, a reverse mortgage remains an important consideration to make because of the benefits, security and confidence it can provide.
The loan limit reflects the still-rising costs of housing and development in the nation. Reverse mortgage rates are rising, with homeowners' proceeds decreasing, but the plan can still be a valuable option for homeowners facing foreclosure, especially the elderly.
Scott Tucker, a Chicago-based broker who spearheaded his own mortgage marketing system before turning his focus on reverse mortgages, has been helping elderly implement reverse mortgage plans for several years now. Tucker's first initiative, the emotional direct response mortgage marketing system, honed his skills in working with niche markets and individuals. He targeted only those people whom he knew were likely to do business with them and appealed to them personally as well as professionally in order to build relationships that provided support both professionally and personally-an important recipe for business success in these economic times.
As the recession wore on, Tucker took a specific interest in the financial woes of the elderly, especially those facing foreclosures. As reverse mortgage plans crept into the spotlight, Tucker capitalized on the logic, benefits and security they offered clients, and became an expert in the area. He authored a book called "Reverse Mortgages: What you need to know from Z to A," and he also began giving weekend seminars to educate potential clients on the ins and outs of reverse mortgages.
There tend to be misconceptions related to reverse mortgages, including the belief that in a reverse mortgage plan, the bank owns the home. That isn't the case, says Tucker. The homeowner still owns the home and can even leave it to children or grandchildren after he or she passes away. Other misconceptions include that homeowners will lose equity on their houses forever or accrue enormous debt just before they die, both of which are myths Tucker works to debunk at his workshops. In addition to his book and workshops, he has appeared on radio shows and his own YouTube channel to spread information about reverse mortgages and share success stories and case studies with potential clients everywhere.
Reverse mortgages allow lenders to pay homeowners, building fees and interest over time, which are paid back to the lender when the homeowner dies or moves. For many elderly people facing foreclosure, a reverse mortgage is the antithesis to a foreclosed home; it provides clarity and confidence moving forward. The financial outlook and ultimate standing of reverse mortgages are uncertain as a turning point for reverse mortgage loans approaches. However, for those who don't expect to own a home for decades to come, a reverse mortgage remains an important consideration to make because of the benefits, security and confidence it can provide.
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