Those advertisements often hinge on the voice of a celebrity spokesperson, as in the case of Robert Wagner (Urban Financial) or Fred Thompson (American Advisors Group), and on the testimonials of reverse mortgage borrowers.

While lenders are consistently adapting their messages to reach consumers, the market may now be coming around to the products enough for lenders to move toward a more brand-focused approach.

American Advisors Group, which is rolling out a new campaign featuring borrower testimonials, notes the turning point.

“AAG didn’t use testimonials previous to this new spot because we felt it was more important to build brand awareness and credibility before showing our happy customers to other consumers,” says Teague McGrath, director of marketing for AAG.

Other companies are altering their campaigns as well.

In a male-dominated reverse mortgage TV world, One Reverse is taking a step in a different direction. The San Diego, Calif.-based lender recently landed I Dream of Jeannie star Barbara Eden to appear in a commercial coming this fall.

“In many cases, women drive the financial decisions of the household,” Schachinger says. “As a result, it made sense to test women decision-makers.”

Education, however, will remain a cornerstone, Schachinger says.

“There has been a good amount of reverse mortgage advertising in the past few years helping to educate consumers, [but] many of them still ask a lot of questions and require additional attention to make them comfortable with the product. The objective of our advertising is to not only educate but reinforce One Reverse Mortgage.”

With education as the cornerstone, the message of established brands such as those represented by Robert Wagner remains.

“Over the years, the Wagner campaign has been the flagship for educating consumers on the potential benefits of a reverse mortgage,” says Jason Levy, Head of Retail Division and Brand Management, Urban Financial Group. “Urban’s brand mission is to not only attract a potential customer with a call to action message, but rather have the senior community call because of our brand educational awareness.”

But with that education under way, comes a new opportunity to shift practices, as AAG is doing.

“We always had this spot in mind as part of a staged brand awareness strategy,” says McGrath of the new campaign. “Build a sense of who AAG is, back it up with good service levels and origination numbers proving we walk the walk, then follow up with borrowers who have had a positive experience with an AAG and showcase this to the public. It is proving very successful for us.”

The education is causing AAG to reassess some past strategies as well.

“People have a much better understanding of the product now than they did even 12 months ago. It means the DVD and brochures we send out aren’t as relevant as before.”

Written by Elizabeth Ecker

Eden, the actress who played Jeannie in the 1960s television series I Dream of Jeannie, was in Detroit this week on location for a reverse mortgage commercial for One Reverse Mortgage, a division of Quicken Loans.

Filmed at the Detroit Science Center, the commercial stresses the idea that, “these are the years when you want to enjoy time with your family with the peace of mind knowing that you are financially secure,” a One Reverse spokeswoman told RMD in an email.

“Barbara Eden, being a respected actress and senior in our target demographic, was a perfect fit for this commercial. She has been a joy to work with,” said Richard Mandell, CEO of One Reverse Mortgage.

Eden joins the ranks of several well-known male celebrities to appear in reverse mortgage commercials lately including Fred Thompson for American Advisors Group, Henry Winkler for One Reverse, Robert Wagner for Urban Financial Group and Pat Boone for Security One Lending.

Written by Elizabeth Ecker

The San Diego-based reverse mortgage division of Quicken Loans is the largest reverse-only lender, and upon the recent exits of Wells Fargo and Bank of America from the business, will assume the second spot for reverse mortgage volume behind MetLife bank.

“We pursued the Ginnie Mae HMBS certification because it provides us with an incredible flexibility when originating loans,” Gregg Smith, president and chief operating officer of One Reverse told RMD in an email. “It also allows us the ability to retain servicing on those loans so we can ensure that after closing, our clients maintain the same high level of service that One Reverse Mortgage is known for.”

While Smith says the company does not have plans in the near term to enter the correspondent or wholesale markets, he says the HMBS program is a “must” if the company decides to compete in that space in the future.

For now, the company is seeing the GNMA approval as a growth opportunity, in allowing it to leverage the relationships it has formed with the investor community.

Currently, One Reverse operates a Detroit-based call center of 100 originators, and told RMD in May that it has plans to increase that number to 125 by year end.

“The HMBS program allows us to secure the best possible pricing for our clients, which was the primary reason we decided to undertake the lengthy certification process,” Smith said in a statement. “It is the natural next step in our mission to provide our clients with the best service and pricing in the reverse mortgage industry.”

The company, which will now bundle and sell reverse mortgage securities, is licensed in 46 states with plans to expand nationwide. It joins several other Ginnie Mae issuers in the industry, and is one of the first lenders to receive approval following changes in net worth requirements announced by Ginnie Mae earlier this year.

One Reverse closed 3,241 reverse mortgage loans in 2010, according to data from ReverseBase.

Written by Elizabeth Ecker

Through its “MyQL Mobile” app, Quicken clients will be able to apply for loans from their iPhone, iPad or iPod Touch. The app guides loan applicants from the application to the closing table and all steps in between.

“At a time when consumers expect to have instant access and visibility to all of their purchasing decisions, it only makes sense that we offer our clients a new window into one of the most important purchasing decisions they will make to reach their financial goals,” said Bill Emerson, Quicken Loans CEO.

Features of the application allow users to access real-time loan status updates, reach a home loan specialist and retrieve loan documents needed to begin the loan process. By taking a picture of their loan documents via iPhone, users can then submit the documents directly.

“MyQL Mobile is a milestone in our history,” continued Emerson. “We became the first mortgage provider to offer home loans in all 50 states from centralized online web centers, as well as the first to adopt e-signature technology. Now, with our new mortgage app, we become the first to offer the easiest and most efficient mortgage process ever available to consumers.”

In another recent effort to streamline the mortgage process through technology, the Mortgage Bankers Association urged the Federal Housing Administration to permit the use of e-signatures for all mortgage forms required by the agency.

When asked whether the app would encompass reverse mortgages, a Quicken spokesman said that while the option was considered, it will not be offered in the foreseeable future.

View a demonstration of the Quicken app.

Written by Elizabeth Ecker

RockBridge, one of the portfolio companies of Quicken Loans founder Dan Gilbert, partnerd with Falcon Investment Advisors in the acquiistion, providing subordinated debt and preferred equity financing.  Ken Gross, Connect America’s founder and CEO, will continue to be a substantial owner in the company and will continue in his role as CEO.

“Connect America is one of the largest direct to consumer players in the industry and its large, scalable platform has been instrumental in growing its business to more than 75,000 customers,” said RGE Partner Kevin Prokop. “We believe that Connect America’s unique expertise and exceptional management team will be the foundation for substantial growth in the years ahead.”

Founded in 2004 and located near Philadelphia, Pennsylvania, Connect America differentiates itself from traditional personal emergency response companies through its strategic alliance partnerships, internal marketing expertise and superior customer service.

“I am looking forward to working with Rockbridge and I am confident the relationship is going to transform Connect America into the top direct-to-consumer PERS provider in the country.  Rockbridge and its portfolio of companies support in marketing, technology and operations will be the key to growing our business and opening up new markets.”

Those alliances include insurance companies, medic alert ID companies, and senior services providers according to its website.  The acquisition compliments One Reverse Mortgage, which is part of Quicken Home Loans.

The record month surpassed the previous high of nearly 14,000 closed loans and $3.15 billion in loan volume, which the 50-state centralized home lender achieved just one month prior in August 2010.

“Our technology and process-driven home lending platform continues to separate itself from the entire industry with its unparalleled capacity, speed, geographic reach and client experience,” said Dan Gilbert, Founder and Chairman of Quicken Loans.  ”I am proud of the entire organization and our 4,000-plus brainforce for achieving this amazing accomplishment.”

In addition, Quicken Loans maintained its industry leading closing times by processing nearly 75 percent of its loan closings in 28 business days or less, despite the immense volume that flooded the national Internet-based lender.

In 2009, Quicken Loans closed a company-record $25 billion in home loan volume, and is projecting to close more than $30 billion in home loan volume in 2010.  The company also has significantly increased its retail government lending programs (FHA and VA) closing more than 42,000 loans and $7.5 billion in home loan volume in 2009, which is expected to grow to approximately 45,000 closed home loans and more than $8 billion in closed home loan volume in 2010.

“The fact that we were able to meet an extremely strong market demand these past few months, and still deliver the world-class client experience that Quicken Loans has become known for, is a testament to the scalability and leveragability of our unique, coast-to-coast, retail home loan platform that we have spent numerous years and countless hours developing,” said Quicken Loans CEO Bill Emerson.  ”This principal strategy of Quicken Loans has allowed us to consistently outpace our peers in capacity, execution, and client satisfaction with far lower costs.”

According to data from the Department of Housing and Urban Development, the company’s reverse mortgage division − One Reverse Mortgage − endorsed 306 HECM loans in September.

While FHA hasn’t officially announced the principal limit changes, the annual mortgage insurance premium (MIP) will increase from .5 percent to 1.25 percent. The MIP is the insurance costs on a loan that protects FHA should the home not sell for at least the balance of the reverse mortgage.

“Anyone considering a reverse mortgage will really benefit by beginning the process soon,” said Jay Farner, CEO of One Reverse Mortgage. “This is a fantastic opportunity for folks to get into a reverse mortgage without having to pay any additional fees, and under the current principle limits that will allow clients to leverage more of the equity from their home.”

During a call with reverse mortgage lenders earlier this month, Vicki Bott, HUD Deputy Assistant Secretary stressed the changes are enhancements were to make sure the program is sustainable. The changes are expected to become active on October 4, 2010.

One Reverse Mortgage has endorsed 1,930 HECM loans during 2010, making it the fourth largest reverse mortgage lender according to data from Reverse Market Insight.

Note: This was posted prior to the new PLF announcement, which provides more proceeds to many borrowers.

The company said 110 team members will move to the Compuware Building and share space with its sister companies, Quicken Loans Inc., Fathead and In-House Realty.

“It is a great time to move to the city, and to be part of a budding group of new-economy, technology-focused companies that are looking to call Detroit home along the new ‘WEBward Avenue’,” said Jay Farner, CEO of One Reverse Mortgage, which conducts its business primarily over the Internet.

The majority of One Reverse Mortgage’s team members will relocate to Detroit, others will remain in the company’s San Diego, California, offices.  ”The focus on reverse mortgages is at an all-time high, and as baby boomers continue to reach retirement age, the market is expected to grow dramatically,” Farner added.

“Our move allows us to begin transforming Detroit into a high-tech hub of business and ingenuity,” said Dan Gilbert, Founder and Chairman of Quicken Loans Inc. “We expect additional businesses within our family of companies, as well as other technology companies, to join us in the WEBward Avenue corridor in the near future.”

The company has endorsed 2,215 HECMs during fiscal year 2010 and is the fourth largest reverse mortgage lender in the country according to US Department of Housing and Urban Development data.

One Reverse recently added the “Fonz” as its company spokesperson.