A reverse mortgage is a home equity loan for senior homeowners age 62 and older who have a small mortgage or have paid off their house. This type of loan allows seniors to tap into the equity in their home through payments they receive from the bank based on their accumulated home equity. It’s a good option for seniors seeking to pay off existing debts or cover a large unexpected expense. The loan is only repaid after the borrower leaves their home or passes away.
Using Direct Mail for Reverse Mortgage Clients
Reverse mortgage prospects are a great audience to target through direct mail due to their age. Many companies focus their efforts on marketing to younger demographics like Millennials, Gen Xers and Baby Boomers, completely neglecting older consumers. This is a good group to target, especially since older age often brings on costly expenses in healthcare. Lots of seniors could really benefit from a reverse mortgage, and direct mail is one of the most effective ways to reach these people. Seniors have been receiving direct mailers their entire life, so it’s something that they’re used to and likely to trust. This familiarity leads to a high number of responses and sales. Seniors tend to consume less digital media than younger generations, therefore they’re exposed to less digital marketing and advertising. This means you’ll face fewer advertising competitors and don’t have to consider pay-per-click, email marketing, and web page ads as major sources of competition.
- Use mail or phone response: Many seniors (especially age 70 and over) aren’t tech savvy. Asking them to visit a website, send an email or fill out an online form may deter them from responding.
- Segment your list: Seniors are a very large, diverse group. Create subgroups in your list based on age or job status so you can better customize your mail piece.
- Use special promotions: Seniors love discounts, sales, and freebies. Offering a free consultation or including a small freebie like a pen with your company name and logo will go a long way.
- Don’t call them old: Avoid using words like senior or elder in your direct mail copy. Many elders see their age as a hindrance.
- Be authentic: Seniors know that they’re frequently targeted for scams, so they treat advertisements with caution. Gain their trust by writing in an authentic tone that doesn’t sound like a sneaky salesperson.
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