Tackling the Local Media Market for Reverse Mortgages

As reverse mortgage lenders continue to reach existing and new audiences through online channels and TV ad campaigns, one originator is taking a local approach via a weekly cable show in Minnesota.

Savvy Senior Sources…Talking with Experts,” airing on a local cable channel in Minnesota and on YouTube, is spreading the word about reverse mortgages to seniors and their adult children in the state. 

The new show made its debut last week, and is scheduled to run weekly for 52 weeks. The show is the brainchild of Certified Reverse Mortgage Professional Beth Paterson, executive vice president of Reverse Mortgages SIDAC. The show is sponsored by GWG Life, a Minneapolis, Minn.-based life settlement company.

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Paterson is also the  founder and owner at Savvy Senior Sources LLC, which provides resources such as adult day services, home care, legal, vision and others for seniors in Minnesota. Paterson is targeting the same demographic in her new show, which discusses reverse mortgages in the context of other strategies related to financial planning and aging.

The show features local experts, such as elder care attorneys, home care providers and others in addition to Paterson, who hosts the show.

“I’m trying to get the word out about reverse mortgages for aging in place,” Paterson says, noting she had a similar show years ago, and now with a sponsor was able to execute the show’s revival. “The first two shows are about planning. How are you going to pay for things, such as long-term care? That’s where the reverse mortgage as well as life settlements can help people.”

The show runs on local cable channel Metro Channel 6, airing at 9:30 p.m. central on Saturdays. This time slot was chosen to reach both seniors and their adult children, Paterson says. It can also be streamlined at www.mcn6.org and is on YouTube channel Savvy Senior Sources.

Having guests discuss various resources related to aging, and noting the role a reverse mortgage can play in one’s financial strategy, helps to inform rather than market, Paterson says.

“I’m coming across as providing the facts, it’s not me being a salesperson,” she says.

In one upcoming episode, a caregiver will discuss how she had to quit her job to help her parents, but had she known about life settlements or the reverse mortgage program she might have been able to use those funds to hire a home health aide or receive compensation for her caregiving.

Paterson admits the shows filming schedule is “aggressive,” and takes a lot of work — in addition to hosting she produces and edits the show.

“It is a lot of work, but I would encourage people in the industry to make those local connections,” she says, adding that her Savvy Senior Sources company also provides a guidebook chock-full of referrals for local services related to aging and elder care.

“Reaching out to your community through these types of channels gives you the local presence and builds the relationships with other professionals, while educating and demonstrating the facts and benefits of reverse mortgages as well as other options and resources for seniors, boomers, caregivers and their advisors,” she says.

View the first episode.

Written by Cassandra Dowell

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  • Nice start.

    As someone who tried a weekly radio show on a Clear Channel station geared to seniors in the Los Angeles basin, it is not an easy process. Beth is doing far more duties than we did.

    Our focus was primarily on reverse mortgages and our audience grew each week per radio channel stats. The station tried to help us get better responses but then doing a show in late 2010 and early 2011 about reverse mortgages was not a wise decision.

    Here is wishing Beth the best and that her timing is much better than ours. Having a sponsor in a different industry should make riding out the hard times much easier.

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