Internet as a Medium to Generate Reverse Mortgage Leads



Credit: Rodolfo E. Aristimuño/Wikimedia Commons;  Copyright: 2012

Try to find one established company without an online presence, and boy, I will tell you, you have 99 percent chance of experiencing difficulty!

It is because the World Wide Web provides the fastest, cheapest, effective means to advertise, communicate, entertain, inform, publish, recruit, research, sell, support, and train any age group around the globe.

As far as users are concerned, the Internet is linked to generations X and Y as opposed to the baby boomers. Undeniably, technological age gap has something to do with the association. While every American are quite comfortable and dependent with technology, the generations X and Y are adopting and using technology at a significantly greater pace than the boomers.

This has been the prevailing assumption until the recent survey released by Pew Research Center revealed that more than half of American adults aged 65 and older now use the Internet and e-mail on a regular basis.

The development shows that even though the generations X and Y are considered the "Online Generation," there is no denying that every age segment is becoming dependent on the Internet. This is also to say that Internet can be an effective medium to generate reverse mortgage leads.

Reverse mortgage leads are a collection or compilation of potential reverse mortgage clients. Leads generation companies collect leads by using filters specified by lenders. For a reverse mortgage, filters include age and loan-to-value ratio (LTV).

As far as age is concerned, reverse mortgage leads enable agents, lenders and brokers to access and synthesize effectively the needed information about seniors 62 years and older with equity on their property.

With the unstable valuations of real estate property, LTV has become a leading risk factor that lenders look into to qualify seniors for a reverse mortgage. Currently, most lenders focus on clients with 50 percent or lower LTV. This means that for a property worth $300,000, they want a list of clients who would loan $150,000 or lower.

With a growing number of seniors 62 years or older using the Internet, the use of the medium side by side with credit bureau mailing lists, telemarketing reverse mortgage list and reverse mortgage mailers may prove to be an effective lead generation strategy.

Problems, however, arise when sales people cross the ethics line and directly or indirectly, solicit or communicate with the seniors through false, misleading, or deceptive and unfair communications or advertisements.

In the end, the Internet's ability to deliver the needed leads for a reverse mortgage is largely dependent on the lead generation provider's ability to build trust and credibility among seniors.



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