Financial planners have historically been hesitant to put reverse mortgages on the table when retirement planning for individuals, but investment advisers in Texas said last week that the HECM Saver will change that. Financial planners, they say, should consider reverse mortgages along with other retirement options because it provides money to individuals who need it the most.
Scott Tucker, a mortgage broker from Chicago who entered the reverse mortgage industry several years ago, has been working with clients to implement reverse mortgage plans post-retirement all along, even when his desires don't come to fruition. In 2009, Tucker proposed a reverse mortgage plan for a 74-year-old man with a disability whose house was going to auction for 30 cents on the dollar. The bank declined his offer, which he said would have ultimately saved the bank more than $80,000, but that didn't stop Tucker from promoting the reverse mortgage plan through workshops, radio appearances and a book he authored.
The HECM Saver allows retirees to get cash when their other investments aren't doing well without the costs that its predecessor, the HECM Standard, required. A Texas Tech University professor encourages financial planners to recommend reverse mortgages to the mainstream as an option for retirement, whereas before, it was typically limited to discussions with persons older than 80 with low monthly income and a large mortgage for whom any amount of money would be valuable.
The Texas research, which is set to be published in the next few weeks, could mean demand for reverse mortgage originators and other reverse mortgage professionals will soon be higher. In fact, with large financial institutions leaving the reverse mortgage marketplace, the industry has already seen an increased demand for them, as small lenders attempt to get some market share. For Tucker, who has already seen success with a mortgage marketing system he created before moving into reverse mortgages as well as his reverse mortgage endeavors, the research findings could mean more success is on the way.
Tucker could couple the positive research findings with the workshops he already teaches, in which he works to debunk common misconceptions about reverse mortgages for potential clients. With the ultimate goal of easing people's minds about reverse mortgages, debt and equity, the Texas research findings could only make Tucker's case stronger.
Tucker has worked with hundreds of individuals in reverse mortgage deals in which he successfully obtained monthly payments upwards of $1,000 for the client. Depending on the property, some clients receive less, but for many elderly persons with low monthly income and high mortgage prices, any amount of money is invaluable. If the new research catches on and makes reverse mortgages mainstream, Tucker's client base could see even more positive growth over a larger demographic.
It is unclear what a change in financial planners' perspectives on reverse mortgage could do for reverse mortgage providers. While reverse mortgages have faced criticism in the recent past, they continue to be an excellent option for the people who need them the most, and with the research findings out of Texas on the horizon, the tables might take a turn for the better for reverse mortgages in mainstream opinion. With years of experience and a deep client base as well as a relentless determination to do what he believes is right, this historic change would only mean good things to come for Scott Tucker.
Scott Tucker, a mortgage broker from Chicago who entered the reverse mortgage industry several years ago, has been working with clients to implement reverse mortgage plans post-retirement all along, even when his desires don't come to fruition. In 2009, Tucker proposed a reverse mortgage plan for a 74-year-old man with a disability whose house was going to auction for 30 cents on the dollar. The bank declined his offer, which he said would have ultimately saved the bank more than $80,000, but that didn't stop Tucker from promoting the reverse mortgage plan through workshops, radio appearances and a book he authored.
The HECM Saver allows retirees to get cash when their other investments aren't doing well without the costs that its predecessor, the HECM Standard, required. A Texas Tech University professor encourages financial planners to recommend reverse mortgages to the mainstream as an option for retirement, whereas before, it was typically limited to discussions with persons older than 80 with low monthly income and a large mortgage for whom any amount of money would be valuable.
The Texas research, which is set to be published in the next few weeks, could mean demand for reverse mortgage originators and other reverse mortgage professionals will soon be higher. In fact, with large financial institutions leaving the reverse mortgage marketplace, the industry has already seen an increased demand for them, as small lenders attempt to get some market share. For Tucker, who has already seen success with a mortgage marketing system he created before moving into reverse mortgages as well as his reverse mortgage endeavors, the research findings could mean more success is on the way.
Tucker could couple the positive research findings with the workshops he already teaches, in which he works to debunk common misconceptions about reverse mortgages for potential clients. With the ultimate goal of easing people's minds about reverse mortgages, debt and equity, the Texas research findings could only make Tucker's case stronger.
Tucker has worked with hundreds of individuals in reverse mortgage deals in which he successfully obtained monthly payments upwards of $1,000 for the client. Depending on the property, some clients receive less, but for many elderly persons with low monthly income and high mortgage prices, any amount of money is invaluable. If the new research catches on and makes reverse mortgages mainstream, Tucker's client base could see even more positive growth over a larger demographic.
It is unclear what a change in financial planners' perspectives on reverse mortgage could do for reverse mortgage providers. While reverse mortgages have faced criticism in the recent past, they continue to be an excellent option for the people who need them the most, and with the research findings out of Texas on the horizon, the tables might take a turn for the better for reverse mortgages in mainstream opinion. With years of experience and a deep client base as well as a relentless determination to do what he believes is right, this historic change would only mean good things to come for Scott Tucker.
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