It's no secret that much of your reverse mortgage outreach and advertising is geared toward education on the program overall and the benefits to the borrower. As promised, I am reporting on some topics of discussion from the National Reverse Mortgage Lenders Association Road Show in Philadelphia in April.
One of these topics was advertising dos and don'ts. The number of advertising complaints is on the rise, from seniors and their family members as well as reverse mortgage originators (your competition is watching what you do).
Here are a couple of my own suggestions for reverse mortgage advertising:
1) Keep your message positive. Don't try to scare seniors or infer some type of arbitrary market condition that could indicate they must act immediately. It's in the best interest of our clients to drive the transaction at their own pace and make the decision based on their own circumstances.
2) Educate first. The more information you provide to the prospect and/or the family or other trusted advisor, the more likely you are to be seen as the reverse mortgage specialist of choice. Don't overwhelm the senior with jargon and complicated explanations. Be clear and concise in your advertising. You've heard me say before that seniors are not impressed that we know a lot of mortgage terminology. Quite the opposite, they can view that as an attempt to mislead or confuse.
3) Use multiple forms of media. Direct mail, seminars, your website (allow them to request a free special report), articles in local publications, video (have a series of short videos on your website with you talking about the latest reverse mortgage news). Position yourself as the source of accurate information and as such, the local expert.
4) Be compliant. Always and every time. Use appropriate logos and any specific disclosures and information required by your state (licensing, etc). If you are not sure, do some research before putting any piece of advertising out to the public. Some companies have recently been fined for questionable reverse mortgage advertising. Don't let the next one be you.
We have a terrific opportunity to put out a positive message about the reverse mortgage product and the good that it is doing for so many seniors. Keep the tone upbeat and emphasize the benefits, and we'll protect the integrity of the product for years to come.
Sue Haviland is a reverse mortgage consultant in Baltimore and the founder of Reverse Mortgage Success, a leader in the training and education for originators around the country in the rapidly growing reverse mortgage arena. Sue has worked in the lending industry since 1981. She has been originating reverse mortgages for the last six years and still originates loans every day. She has helped hundreds of families all over the country in the last several years. Sue also shares her knowledge of this market in presentations before the Women's Council of Realtors, Mortgage Bankers Association, National Association of Professional Mortgage Women, and SRES - Senior Real Estate Specialists, Brian Sacks' Insider Seminars, as well as the public. Sue is a Certified Senior Advisor and is active in many professional organizations. Sign up for her free seven-part mini-course at
