LendingTree Enters The Reverse Mortgage Business

image LendingTree recently announced that it launched a reverse mortgage service for senior homeowners looking to talk with lenders.  The Charlotte, NC based company started providing brokers leads in 1998 through its lead exchange and grew into one of the largest lead providers in the country.  As its business contracted, it shouldn’t be any huge surprise they’re getting into the reverse business.

"With baby boomers nearing and entering retirement age, a larger population than ever before is now eligible for reverse mortgages and LendingTree, as always, is here to help,” said Keith Moore, Senior Vice President of Emerging Businesses for LendingTree.com

A company spokesperson wouldn’t comment on the cost of its reverse mortgage leads, but did say they’re interested in hearing from lender partners and will make tweaks to pricing as necessary.  To learn more about buying leads from lending tree, check out the link below.

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  • I just completed Lending Tree’s form and there wasn’t anything on the the form that was specific to Reverse Mortgages. After submitting the form I was informed it’d take a minimum of 2 weeks for them to process it. That timeframe seems a bit excessive … they must really be busy at Lending Tree.

  • I have purchased forward leads from Lending Tree in the past and you have to be VERY aggressive with calling the prospect immediately. I have also found that many prospects become very upset because they become overwhelmed by phone calls from several lenders as Lending Tree sells the lead over and over again.

    If they run on their standard “let several lenders compete for your business” platform I think it will be very demeaning to the reverse mortgage industry as the costs to do this type of loan are controlled by FHA.

  • “When banks compete, you lose!” I agree that seniors will go beserk at getting a multitude of calls. I worked LT leads exclusively for forward mortgage for three years, and at best had a 1.5% pull through rate company wide. The only plus I see is that they might increase public awareness with TV ads.

  • >>Has anyone bought forward leads from them before?

    Not from Lending Tree, but I tried “Reverse Mortgage” leads from Lower My Bills when they first started offering them for Reverses – it was a painful experience.

  • I agree with everything I just read. That is exactly what I was thinking when I left my first response to the article. The seniors are going to flip out with all the calls they will be getting from the sharks.

    Also, the pull through rate on the forwards with LT for me is about the same as Jerry or maybe a little higher.

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