Scott Tucker is one of our nation's leading experts on reverse mortgages... and he is the author of the new book, Reverse Mortgages... from Z to A, which will be in bookstores beginning January 2009.

"Sample questions for your TV or radio interview with Scott Tucker..."

Q: "What is a reverse mortgage?"

A: "We all know what a 'traditional' mortgage is...it's a loan on your house that you make payments on every month over 15 or 30 years. Well, a reverse mortgage is a mortgage that's only available to seniors, and it works in 'reverse'...so that instead of MAKING payments, a lender pays YOU a lump sum and then makes payments to YOU every month instead."

Q: "That sounds crazy...how does it work?"

A: "Most people, especially seniors, have equity in their homes...in other words, the amount they owe to the mortgage company, on their existing mortgage, is far less than what the house is actually worth. With a reverse mortgage, a lender will lend money to you, based-upon the equity in your house...so that instead of you making payments to the lender, the lender makes payments to you. And, the federal government makes sure that you are never allowed to borrow too much to where you'd ever run-out of equity. Plus, you can never lose your house due to taking-out a reverse mortgage."

Q: "What about seniors who are having trouble making their house payments right now...can a reverse mortgage save them from foreclosure? And what about seniors who have bad credit?"

A: "Seniors who find themselves in default on a 'traditional' mortgage can use a reverse mortgage to pay-off their existing mortgage, to stay in their home, and to put-an-end to any more monthly mortgage payments to make...ever. And if the senior has problem credit...they can still get a reverse mortgage, because credit & income are never considered in qualifying you for a reverse mortgage. It's a loan based on the value of your house, and nothing else."

Q: "Are reverse mortgages safe?"

A: "You bet. Reverse mortgages are regulated & insured by the federal government…FHA to be exact. And they're safe in another way, too...since the FHA ensures that you can never go above 85% of your home's equity owed with a reverse mortgage, you can be sure that your heirs will get the house back, after you pass-away, with no less than 15% of its value, or 'equity,' left in the house for them."

Q: "Are reverse mortgages expensive?"

A: "No. In fact, Congress just recently capped their fees. So nowadays, the fees cannot exceed 2% of your home's value, on the first $200,000 of value. And they can't exceed 1% of your home's value, on home value above $200,000 of value. And the interest rates are very low. And since you make no monthly payments, the mortgage interest that accrues is simply added to the amount you borrowed. See, the lender has to wait on their mortgage interest, until after you pass-away. Then, the loan is paid-off by your heirs, by either selling the house, buying the house, or paying-off the house with other assets from your estate."

Q: "What should I do if I want to find out more about reverse mortgages?"

A: "You can give me a call at my office at 773-327-9941, or toll-free at 1-800-789-4831, and we'll take it from there!"
 

Scott Tucker resides in Chicago, and is available for TV & radio interviews nationally.

To book Scott Tucker for your show, please send him an e-mail.

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©Scott Tucker