Chicago housing foreclosures are at all-time highs, even as political figures announce that the economy is slowing beginning to recover from the recession of the past few years. Foreclosures are painful for people and families, leaving them with the stress of finding a new place to call home even as they might also be looking for jobs. Foreclosure affects people of all ages, but perhaps weighs hardest on senior citizens, who expected to be living comfortable retirements at this time in their lives and don't have the skills, wellbeing or opportunities to go back to work.
Scott Tucker, a Chicago-based mortgage broker, loan officer and coach of his mortgage marketing system, began fighting for the cause of senior citizens facing foreclosure two years ago, when he worked for NewCastle Home Loans. An Illinois county sheriff prepared to auction the home of an elderly man who suffered from a disability. Area real estate investors expected the $260,000 home to go for roughly $78,000, which translated to just 30 cents on the dollar, costing a federally subsidized bank nearly $200,000. Tucker proposed to the bank a payment of $100,000 short with an FHA-insured, payment-free reverse mortgage, which would allow the elderly man to remain in his home with no monthly mortgage payments. The deal would even allow the man to make the house a bequest to his children or grandchildren.
Tucker is familiar with stories such as this one that tug at the heartstrings; in fact, it's part of his business plan. His mortgage marketing system, specifically an emotional direct response system, goes beyond making business transactions simply professional deals; it makes them personal. Tucker determined a very specific target audience for his marketing system and developed unique campaigns to directly target those niches. He found success by forgoing appealing to a general real estate audience and instead focusing on those he knew he had a chance to do business with. Part of the targeting campaign is telling the stories of the people Tucker encounters in his many ventures in order to illustrate the way his system, skills and services succeed.
In the case of the eldery man's home auction, the bank didn't accept Tucker's proposal for a reverse mortgage deal. "They have taken taxpayer bailout money, and now they seek to kick [the man] out ... And they'll lose $182,000 at auction," Tucker said. "But they could do the right thing and lose only $100,000 on a short refi into a reverse mortgage. My way, they're $82,000 better off."
This outspoken approach is unconventional for a broker and loan officer, but Tucker's openly stated opinions create a level of trust between him and his clients by allowing them to feel a sense of camaraderie. In these economic times, people need a support system that is an excellent professional advisor, but many people need a listening ear or a friend, too.
As foreclosure rates soar to record numbers, more and more Americans face the challenge of losing their homes. Since the time Tucker proposed a reverse mortgage for an elderly man in 2009, reverse mortgages have increasingly been on the radar for homeowners and financial institutions. Earlier this year, reverse mortgage rates rose, resulting in lower proceeds for borrowers. As the housing market continues to suffer, rates are likely to continue going up, causing people to seek out a strategy that is completely different than their current methods, which is exactly the business Scott Tucker is in.
Scott Tucker, a Chicago-based mortgage broker, loan officer and coach of his mortgage marketing system, began fighting for the cause of senior citizens facing foreclosure two years ago, when he worked for NewCastle Home Loans. An Illinois county sheriff prepared to auction the home of an elderly man who suffered from a disability. Area real estate investors expected the $260,000 home to go for roughly $78,000, which translated to just 30 cents on the dollar, costing a federally subsidized bank nearly $200,000. Tucker proposed to the bank a payment of $100,000 short with an FHA-insured, payment-free reverse mortgage, which would allow the elderly man to remain in his home with no monthly mortgage payments. The deal would even allow the man to make the house a bequest to his children or grandchildren.
Tucker is familiar with stories such as this one that tug at the heartstrings; in fact, it's part of his business plan. His mortgage marketing system, specifically an emotional direct response system, goes beyond making business transactions simply professional deals; it makes them personal. Tucker determined a very specific target audience for his marketing system and developed unique campaigns to directly target those niches. He found success by forgoing appealing to a general real estate audience and instead focusing on those he knew he had a chance to do business with. Part of the targeting campaign is telling the stories of the people Tucker encounters in his many ventures in order to illustrate the way his system, skills and services succeed.
In the case of the eldery man's home auction, the bank didn't accept Tucker's proposal for a reverse mortgage deal. "They have taken taxpayer bailout money, and now they seek to kick [the man] out ... And they'll lose $182,000 at auction," Tucker said. "But they could do the right thing and lose only $100,000 on a short refi into a reverse mortgage. My way, they're $82,000 better off."
This outspoken approach is unconventional for a broker and loan officer, but Tucker's openly stated opinions create a level of trust between him and his clients by allowing them to feel a sense of camaraderie. In these economic times, people need a support system that is an excellent professional advisor, but many people need a listening ear or a friend, too.
As foreclosure rates soar to record numbers, more and more Americans face the challenge of losing their homes. Since the time Tucker proposed a reverse mortgage for an elderly man in 2009, reverse mortgages have increasingly been on the radar for homeowners and financial institutions. Earlier this year, reverse mortgage rates rose, resulting in lower proceeds for borrowers. As the housing market continues to suffer, rates are likely to continue going up, causing people to seek out a strategy that is completely different than their current methods, which is exactly the business Scott Tucker is in.
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