New Spokesman to Bridge Financial Expertise and Reverse Mortgages

Greenlight Reverse, which opened its doors for business this week, has a new reverse mortgage spokesman. You won’t find him in movies or on sitcom TV, however. That’s because he isn’t an actor or former politician, but a local financial planner with a specialty in reverse mortgages.

Greenlight Reverse, a division of Irvine, Calif.-based Greenlight Financial, brought local finance guru Ray Lucia to represent its products in advertisements and on its website.

“Everyone has an actor,” says Dave Bancroft, reverse division manager for Greenlight. “What about a financial planner, someone who has written books on retirement?”

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Lucia, who is a nationally syndicated TV and radio show host, has appeared on several national broadcast channels including Fox and CNN, and is the author of three books on financial planning.

Bancroft says the hope is that by offering his financial perspective as a reverse mortgage spokesperson, Lucia will help fill a void in the industry where there needs to be a better bridge between financial services and reverse mortgage products.

“Why hasn’t the financial sector gotten more involved in reverse mortgages?” Bancroft says. “Our position was: Who’s a face out here in California who undersatnds what we’re talking about from a financial perspective?”

In addition to his financial background, Lucia is personally familiar with the reverse mortgage product: his dad has one.

Written by Elizabeth Ecker

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  • Ray Lucia looks like a great promoter but will he have national appeal beyond his radio show audience and infrequent TV appearances?  He does a great job of quoting national stats like any good reporter citing a national poll s/he had no part in. 

    Greenlight may help his national image so that he can compete with the likes of Ed Slott and Dave Ramsey BUT will he or his image help Greenlight grow?  No doubt Greenlight got a great deal for his services; so the dollars probably make a lot of sense.

    Ray’s website ignores his formal education but not Wikipedia.  It seems he got some kind of education degree at a junior college in San Diego County while leading the Palomar College Comets’ football team as its quarterback.  His principal background before selling equities was as a football coach and high school teacher.  His website makes it clear that he is a CFP.

    Books, books, everyone has books.  On that basis why not go after Jonathan Neal?  He actually got the National Underwriters to publish his book specifically on reverse mortgages. 

    Like other gurus it seems Ray’s “buckets of money” image has its detractors.  Even some citing some interesting fee splitting agreements making it clear who is getting those “buckets of money.”  It is not so clear how that image will help our industry BUT here we are.

    Here is wishing this is a wise move for the sake of all of us. 

  • Congratulations to all involved in this decision. It’s about time someone broke the mold!
    The future of the reverse mortgage industry depends on bringing this product to mainstream America. And the only way that can be done is to reach out to financial planners and other trusted senior advisors in this nation and show them the reverse mortgage is not just a “product of last resort” but a product that deserves to be an arrow in their quiver…
    Education, education, education…then, suitability, suitability, suitability!

  • Mr. Lucia seems like a caring person, an expert with passion for the reverse mortgage.  He’s a numbers guy and a retirement expert.  This is a huge score for Greenlight and the whole industry.  A financial expert’s endorsement is needed — perfect timing.  It was also great to see that Mr. Lucia’s dad got a reverse mortgage to make his retirement more comfortable.

  • I have a feeling Greenlight will be more successful then I originally thought.  They’ve got Paul Scheper and Dave Bancroft at the top of the Reverse division, and both those guys know how to design and build a successful organization.

    Wishing you success!

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