Marketing for the Future continued from page 20 “That’s all about education, and it’s all about addressing the barriers that are out there,” says Christopher Moschner, chief marketing officer for American Advisors Group (AAG), based in Irvine, CA. It’s also about using new technologies, broadening the distribution network and reaching out to the people who can influence seniors’ decision-making, according to Moschner and other marketing executives in the reverse mortgage industry. For Moschner, the best approaches start with meeting customers where they are. For instance, the reverse industry has tended to discuss retirement as an endpoint. But many seniors see it as the beginning of a new stage of life, albeit one they might not be fully prepared for financially, he says. “Seniors may have 20 or 30 years ahead of them. What role can our products play in that journey?” By focusing on new borrowers, lenders can build a more solid footing for the future, he adds. “The interest rate and macroeconomic environment are going to ebb and flow,” Moschner says. “But if we have dedicated marketing investment and messaging around bringing new people in and driving household penetration, that puts the industry in general and AAG itself on a more stable path.” The need for the reverse product is unlikely to diminish any time soon as people look for ways to fund their retirement, says Ryan Schmidt, wholesale marketing director for Tulsa, OK-based Finance of America Reverse (FAR). (Finance of America Cos. Inc., parent company of Finance of America Reverse, announced in December that it was acquiring the assets of AAG.) “Some people see these as tough times. We see this as an opportunity,” Schmidt says. To make the most of that opportunity, loan originators will need to examine their approaches and make whatever changes are necessary, he adds. Younger originators who came into the industry during the refinancing boom, for example, may need to refocus on how they educate potential borrowers, Schmidt says. Instead of focusing on the numbers, which play a big role on the forward side, younger originators can help seniors understand the role a reverse mortgage plays in retirement planning. “We want to start the conversation about what their life could look like with a reverse mortgage in place,” Schmidt says. “Then you can go into ‘this is how it works.’” Younger originators also may need ideas for generating leads, an area where FAR can help, Schmidt says. “We have a great lead-generation guide at FAR that offers several ways for loan originators to find leads with little to no cost.” Veteran originators likely already understand how to dig up leads and present a reverse mortgage, Schmidt says. But they may need to burnish their digital and online footprints and learn how to connect virtually with potential borrowers, whether by phone or video call, Schmidt says. Technology Indeed, continuing trends accelerated by the COVID19 pandemic, digital tools and approaches will continue to play a growing role in marketing for reverse mortgages. “Whether it’s fashion, consumer goods or reverse mortgages, data and technology are becoming paramount in marketing,” says Moschner, who brings experience from consumer products giant Procter & Gamble, whose brands include Charmin, Febreze, Gillette and Pantene. New tools allow for greater automation but also greater personalization of the messages people see, he says. The end goal is to create a customer journey that guides more people through the sales funnel, from initial contact all the way to closing. Ryan Schmidt Christopher Moschner 22 REVERSE MORTGAGE / MARCH–APRIL 2023
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