Marketing / Origination

As many of you know, the industry faces many challenges around the practice of cross-selling financial and insurance products with reverse mortgages.

Following is a memo from NRMLA President Peter Bell on appropriate marketing practices.

The purpose of NRMLA Ethics Advisory Opinion 2008-01 is to provide specific guidance to NRMLA Members about what constitutes Unethical Advertising.

In just the past five months (January thru May 2007), the reverse mortgage business has witnessed a rapid evolution not seen in over 17 years of existence.

He answers questions for seniors and for mortgage professionals. They call him with their issues, and he helps them find solutions. Many have not met him for he is a voice: a caring voice, a passionate voice, a strong voice for seniors in the communities that he serves.

God is important to many older adults. Go to any church, temple, or mosque during worship hours, and you will find them present in large numbers.

Successful marketers are able to predict where older homeowners congregate, what makes them special, and how the mature market overall is changing.

Whether you are an industry veteran or a newcomer to the reverse mortgage business, one option to stay ahead of the competition is to seek advice from a marketing specialist who can help you grow your business more wisely.

One of the most important assets you can develop for your business is a strong brand. Brands are not just logos or slogans. Brands are the culmination of who you are, how you’re different from your competition, and why a buyer should do business with you.

NRMLA has developed the following Member Logo that you can use on your business cards, web site, and other marketing materials.

NRMLA has prepared two generic ads (black and white) to promote reverse mortgages that may be used by firms that are members of NRMLA.

Marketing reverse mortgages is hardly a science. What works for one lender, may not work for another.

Over the past couple of years, the reverse mortgage industry has seen an influx of "lead generation" companies to assist lenders with their marketing efforts.

This year, you should resolve to increase your reverse mortgage business by maximizing on the relationships you have built in past years.

The National Council on the Aging (NCOA) published a report showing that reverse mortgages can help an estimated 13.2 million elderly homeowners pay for long-term care, allowing many to remain independent in their homes longer.

Instead of leasing a condo a few weeks out of the year to escape bitterly cold winters or hot muggy summers, some seniors are using reverse mortgages to purchase their dream vacation homes.