Reverse Mortgage Prospects
Reverse Mortgage Real Estate Prospects will enable you to market directly to borrowers who are 62 years old and older and have an LTV (Loan To Value) of 60% or less on their home mortgage loan. Similarly, Reverse Mortgage prospects are also known as Home Equity Conversion Mortgages (HECM). They are taking out a loan on a home where the borrower holds substantial equity, usually 50-60% minimum. The portion of the house the borrower has paid off, known as equity, is the collateral for the new home equity or reverse mortgage loan. HECMs can apply to regular second mortgages (home equity loans), but the term mainly applies to reverse mortgages.
Why do owners sell properties under market value?
Reverse Mortgage prospect leads, and with this massive victory for the HECM program and the most recent program changes that took place last year, everything is finally falling into place for the Reverse Mortgage industry.
The probable reasons,
- Living and working in another state or country
- Need money
- Unnecessary burden and have no interest in spending money on maintenance
- Selling for instant cash
Reverse mortgage prospect leads are motivated sellers.
Geography (zip code, county, state)
Current home value
Estimated current equity in the home
Age of homeowner
Presence of spouse in household
Estimated household income
Telephone number when available
Ethnic surname overlays
Marketing to off-market real estate.
Unique marketing to reverse mortgage real estate prospects.
Moreover, “The early bird gets the worm” and “The squeaky wheel gets the grease” are crucial to success. Finding the owner or person who can execute a deed is essential. For example, start with a unique 4-6 week mailing campaign. We recommend handwritten letters with colored envelopes and distinctive markings. Technology has arrived, and an effective way to communicate your intentions is postcards with pictures of the real estate imprinted. Postcards are fast and effective.
Marketing must include working the returned mail and people changing addresses over time. Databases, including government, courthouses, and property appraisers, to name a few, need to be updated or corrected information. In addition, skip tracing is a tool to sort out address issues and phone numbers, broaden your search, and give you more information. For example, if John Doe has three addresses, could you mail them all? We don’t need to call heirs. First, a high percentage of family members are in the grieving process. Nothing beats knocking on doors. What works for you depends on location demographics and other factors, including personal preference.
Investors and real estate financial institutions target Reverse mortgage prospects.
Investors and others in the real estate profession attend meetups and clubs—an excellent resource for networking for new and seasoned investors. Meet our staff and customers at an event near you. Approved vendor at a National Real Estate Investors Association (REIA) event near you. See EVENTS near you.
ProbatesDaily.com- ForeclosuresDaily.com difference?
Decades of experience in the real estate industry. Our highly skilled professionals are committed to personalized services to all our customers.