One Reverse Mortgage has launched a national sweepstakes in an effort to gain new interest in reverse mortgages.
The sweepstakes, which opened to U.S. citizens ages 62 and older on January 1, offers cash prizes to three winners in the amounts of $10,000 for the grand prize and two runner-up prizes of $5,000 each.
The winners will be announced in early April.
Upon submitting an email address for entry into the sweepstakes, borrowers can opt-in to receiving more information about reverse mortgages, at which point the potential borrower becomes a potential customer for One Reverse’s reverse mortgage origination team.
“It’s good for exposure, a good opportunity to gain leads and certainly could be help to increase conversions,” says Kim Schachinger, vice president of marketing for One Reverse.
So far, Schachinger says, the response has been positive with thousands of entries received since the contest’s launch. It can be a way for the company to reach new potential borrowers, raise brand awareness in general and also reconnect with potential customers in the company’s database who either have a reverse mortgage or have previously considered one, she says.
“We have two main objectives,” she says. “No. 1 being lead generation and No. 2, exposure and awareness of our brand.”
One Reverse is promoting the sweepstakes through its current advertising materials including direct mail and TV ads.
Written by Elizabeth Ecker