There are scores of huge homes across the Southern U.S. that are simply sitting on the market, and sellers are settling for massive price cuts in order to move on with their lives. What gives? Blame the Boomers. Hordes of retirees with easy access to credit built their late-in-life dream homes across the Sunbelt in the early 2000s, only to discover that these huge, high-maintenance abodes didn't exactly make for ideal living in their Golden Years.
I got into the mortgage business in 2008, possibly the worst year for the financial markets. I was armed with three people in my sphere of influence and $1,900 in capital. Fast-forward a couple of years, and my company posted an astronomic three-year growth of 987%. While most successes can't be attributed to just one factor, in my case, personal branding played a huge role. Here's how I did it, and some tips on how you can do it, too.
Most of the time, when a homeowner takes out a HELOC, the plan is to use the proceeds to fund home renovations. But a recent survey of 1,003 HELOC or future HELOC borrowers by Citizens Bank revealed that younger borrowers are much more open to using the loan for things other than home renovation, shedding light on a generational divide in the way homeowners utilize their home equity.