After announcing in January it will be expanding stateside, Puerto Rico reverse mortgage giant Moneyhouse announced this week it has signed Puerto Rican Salsa star Gilberto Santa Rosa as its spokesman in a new, multimillion-dollar advertising campaign.
“Gilberto Santa Rosa is part of what we are trying to do in preparing for expansion in the U.S.,” David R. Levis, president & CEO of Moneyhouse, told RMD.
In January, the company announced it was gearing up for an acquisition in the U.S. as a part of its expansion stateside. The ad campaign will extend not only in Puerto Rico but also in the United States, which includes several stops on Santa Rosa’s current international tour.
The campaign will span print, TV and social media targeting Latino clients both in Puerto Rico and the U.S. While he does not meet the borrower age requirements himself, Santa Rosa does have firsthand experience with the product as his parents have one through Moneyhouse in Puerto Rico.
“He saw the service we provided them,” Levis says. “He was part of it and that’s part of what he wants for other people people who don’t know much about reverse mortgages.”
The campaign will target reverse mortgage borrowers as well as borrowers in the market for traditional forward mortgage products and refinances—and their families. One difference between the process in Puerto Rico and the U.S. is the involvement of the entire family in the decision to do a reverse mortgage, Levis says.
“He is going to turn 50 soon but he has been singing for 36 years,” Levis says. “Everyone knows him. People who are 80 know who he is, people 10 years old know who he is. We have the entire family be part of the transaction. It’s a cultural difference.”
The campaign will roll out starting in April in Puerto Rico with expansion into the U.S. in the months following. Santa Rosa’s fans on Facebook and some major U.S. cities should aid in Moneyhouse’s U.S. growth, Levis says.
“Gilberto will help us go into that market in a way no one else can,” Levis says. “He’s a famous guy in the Hispanic market.”
Written by Elizabeth Ecker