Every mortgage company needs to find new reverse mortgage prospects.
For the Reverse Mortgage industry, 2020 is expected to be a promising and profitable year.
Did you know that 10,000 or more Americans reach age 62 each day? They need specific retirement planning and resource tools as components to a financial longevity strategy.
According to the National Reverse Mortgage Lenders Association, homeowners aged 62 and older held $ 7.14 trillion in home equity in the first quarter of 2019.
The Stigma is Gone
Reverse Mortgages are now an acceptable element of a person’s retirement strategy.
In it’s simplest definition, a reverse mortgage is simply a loan. The top prospect is a homeowner who is 62 or older with considerable home equity. This homeowner can borrow against the value of their home and receive funds. The dollars they receive may be a lump sum, fixed monthly payment or line of credit. This is different than a forward mortgage, which is the type used to buy a home.
The truth is that reverse mortgages can actually be a helpful financial planning tool for retirees.
Using a reverse mortgage is no longer just for the cash poor and house rich.” said Jamie Hopkins, an associate professor of taxation at The American College in Bryn Mawr, Pa. “Instead, reverse mortgages can be used strategically as one part of a retirement income plan. It can be designed to build a buffer against sequence of returns risk early in retirement. The loan can also help defer Social Security benefits.”
Target your best prospects
You can zero in on the best Reverse Mortgage Mailing List prospects in your specific market by customizing the following selects:
- Geography (zip-code, county, state)
- Current home value
- Estimated current equity in home
- Mortgage Information
- Age of Homeowner (*most brokers use age 62+ for Reverse Mortgage mailings)
- Presence of Spouse in Household
- Estimated household income
- Telephone number
- Ethnic surname overlays
Marketing is about Timing
First of all, reverse mortgages are now considered “acceptable”. You need to hop on the marketing train. Secondly, you need to educate the consumer. Your customers need to understand the benefits of the program. Last, there are literally tens of thousands of quality prospects in your market who could benefit from a Reverse Mortgage. You have lot’s of opportunity!
Scrubbed telephone #s are available for a small percentage of the file. You might also consider appending email addresses to your list. This way you can gain extra visibility in digital media. Above all, the more times someone sees you company name and message increases your credibility.
**2 hour delivery of your list – Monday through Friday from 9-5
Click here to read the MetLife’s Mature Market Study on Reverse Mortgages as well as national statistics provided by the NCOA American Housing Study. Therefore, this is good information for Reverse Mortgage Marketers