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Over 10 million 65+ homeowners still have a mortgage
- byShannon Hicks
- | 2 Comments
- | January 9, 2023
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Without audience targeting are Google Ads Dead? Think again…
Early this month Google announced new restrictions for targeting specific audiences. The restrictions apply to content related to housing, employment, credit, and those who are disproportionately affected by societal biases. The news of these restrictions created quite a stir among industry brokers and lenders who heavily rely upon targeted Google ad campaigns. All which may have you asking if these changes will kill future reverse mortgage advertising on the world’s most popular search engine. In just a moment we’ll hear from our online SEO expert Josh Johnson to find out.
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The data is in: Older homeowners may need relief
A recent Lending Tree survey examined the latest data from the U.S. Census Bureau to see how many homeowners still have a mortgage. The data was drawn from the nation’s 50 largest metro areas. What they found is 19% of homeowners 65 and older are still making monthly mortgage payments. As inflation continues to prove a stubborn economic drag on the pocketbooks of Americans, it’s safe to assume many of these homeowners find their monthly mortgage payment a significant burden to their monthly cash flow.
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Editor in Chief: HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.
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James E. Veale, MBT
The most common use of reverse mortgage proceeds is paying off an existing mortgage. So analyzing that market and marketing to those seniors who have mortgages should be a high priority in our marketing plans for 2023
Based on the data Shannon shared and HECM data plus estimated proprietary reverse mortgage data, about 9.4 million seniors have a forward mortgage on their principal residence. That is a very significant market even after reducing it for those who do not qualify now for a reverse mortgage or are completely biased against reverse mortgages.
Two decades ago, most originators did not effectively present the negative impact a forward mortgage has on cash flow. Restructuring mortgage payments using a reverse mortgage to conserve cash flow has never been effectively developed even in presentations to financial planners. For example, we tend to discuss costs before presenting.the solution with the costs built in and then disclosing the costs once the solution has been presented. Recently I saw Steve Resch present the solution first quite effectively.
Despite what we already know about reverse mortgages and how to present that information, most of us have much more to learn.
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