Reverse Mortgage Testimonials Garner Marketing Success

While many reverse mortgage lenders have made use of client testimonials in order to spread word of mouth about product offerings, American Advisors Group has launched a new print publication featuring client success stories to use in its marketing and sales process. Rolled out just this week, AAG says it already is seeing positive feedback and success with the new booklet.

Titled “In Their Own Words,” the 14-page booklet features close to two dozen testimonials from reverse mortgage borrowers and details their experiences and feedback.

While the process of seeking feedback and creating the materials took close to a year, it’s already working, says Teague McGrath, director of marketing for AAG.

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“The response we’ve had has been fantastic,” says McGrath.

In a world of increasing customer feedback online and growing review sites that seek the input of such customers, AAG opted to use the materials as a follow up during the reverse mortgage sales process. That, he said, was a decision not without a lot of thought and planning.

“The biggest issue is fear,” he says of borrower concerns. “Fear of a reverse [mortgage] and fear of the process. Fear of the important financial decision.” The idea behind the project, he says, was to address that fear head-on, by making borrowers feel more comfortable and showing them that others have gone through with reverse mortgages and come out with a positive experience.

After speaking with potential borrowers on a phone call, originators send the booklet through the mail. Featuring photos, background, firsthand accounts, and an introduction from AAG spokesman Fred Thompson, the book also goes hand in hand with a senior advocate program AAG works with.

“We think you have to educate borrowers first,” says McGrath. “Tell them what a reverse mortgage is before you get to this next step.”

Written by Elizabeth Ecker

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  • While it may be well though-out and be a nice approach, booklets do not sell reverse mortgages. Highly-trained loan originators who know how to sell the benefits do. Our clientele can barely get through the necessary program disclosures (loan comparison, talc, etc.) and even put reading these pertinent disclosures off for weeks. Any more reading material will just slow the process down, and give the competitors more time to sneak in behind the mailing and grab the customer. HMMmmmmmm…….Please keep sending that material out!!!

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