March-April 2021

Numbers A Closer Look at Marketing Data Reverse Market Insight Gets Behind Numbers to Drive Sales Source: Reverse Market Insight and Statista.com; the numbers are from November 2020. Reverse Market Insight (RMI) in Dana Point, CA, provides data-driven insights on opportunities across the country down to the local level. RMI’s leaders suggest that a low national market penetration means that there are tremendous opportunities nationwide. They suggest that companies focus where competitors are established for three main reasons: marketing dollars likely have been heavily invested in the market by those competitors; the consumers already are educated to some degree; and that means that word-of-mouth marketing is more likely to be positive. “The selling opportunity here is astronomical,” says Jon McCue, RMI director of client relations, during a presentation at the NRMLA Virtual Annual Meeting last November. Here is a closer look at some of the numbers he reviewed. 2.3 percent National market penetration of 62-plus households that have an active reverse mortgage. 62-plus eligible households in the 50 states and Puerto Rico. 27 million Market penetration in California: 2.2 percent Market penetration in New Mexico. 4.2 percent 97+ percent The households that don’t have a reverse mortgage, representing the eligible market. The actual number of active reverse mortgages at a 2.3 percent penetration. By comparison, this is the homeownership rate in 2019. 634,000 65.1 percent 5.8 percent Market penetration in Utah. 36 REVERSE MORTGAGE / MARCH-APR I L 2021