The biggest reverse mortgage marketing moves will begin in the first half of 2024

Consolidation of the Finance of America brand

When Finance of America announced its intention to acquire the then market leader American consultant group (AAG), the reverse mortgage industry initially reacted with cautious optimism. AAG has long been a leader, not only in terms of the volume it brings in, but also in industry coverage thanks to the efforts of celebrity spokesman Tom Selleck.

While this year will bring its own challenges for the current market leader, one of the ways the combined entity will move forward is by consolidating its two core brands: America’s finances in reverse (FAR) and AAG – under the unique umbrella of Finance of America.

“Americans are changing the way they think and plan for retirement right before our eyes,” said Chris Moschner, Chief Marketing Officer of FOA. “Today, more and more of our customers are finding that their savings are simply not enough to maintain their quality of life as they age. A unified Finance of America brand means we can play a more active and focused role in this broader retirement conversation and demonstrate how home equity can positively impact people’s lives.”

Reverse mortgage industry participants have explained in the past that AAG’s marketing apparatus was a great boon to the industry at large, even if an originator or other professional was not directly affiliated with the company.

Kristen Sieffert, who ascended to the role of FOA president after the completion of the acquisition, previously provided an explanation HousingWire‘s Reverse Mortgage Daily (RMD) that these marketing tools – and Selleck’s services – were an important part of the acquisition. And FOA is interested in taking over the baton previously held by AAG.

“Our primary goal is to educate – to help reverse mortgages and our full suite of home equity solutions will become a bigger part of the retirement conversation and ultimately the choice for many more homeowners in America,” Moschner said.

NAF: Telling new stories with ‘Old Wives’

Novelty is also a vehicle of value when it comes to introducing new reverse mortgage prospects, and that’s what New American financing (NAF) wanted to do something with the creation of a new initiative called ‘Old Wives’.

There’s a lot to be said for the effectiveness of marketing campaigns and approaches that have worked for a long time, but finding new and novel ways to increase understanding of the product category also has value.

Kevin Thomson, the company’s vice president and executive creative director who designed the campaign, tried to find a way to create new connections to “Old Wives.”

“After speaking with the NAF reverse team and looking at the marketing landscape, it became clear we needed to shake things up,” Thomson told RMD in May. “We wanted to speak to this audience in a way that felt fresh and unique, but also reflected their own perspectives on aging.”

Myths and prejudices, he said, are common about the reverse mortgage product. The idea of ​​’old wives’ tales’ formed a starting point for the further development of the campaign.

The campaign also uses data showing that the product category is often explored by single women. Walking the path of showing that a reverse mortgage can be a tool to empower single women is one of the reasons the campaign has taken the form it has.

“In terms of the future of the campaign, I would like to see it potentially grow beyond the social world and expand into new media,” said Thomson.

In one respect, the campaign has already expanded into newer media by using generative AI in the creation of the visual material.

Later phases of the campaign will take a testimonial format with real ‘old women’ who can tell more about their experiences with the product in retirement. But NAF leader Shannon Robinson previously explained that the company wanted to first roll out the concept as conceived by the creative team.

“This was the first campaign we ever ran that was all about artificial intelligence,” Robinson said. “[The team] will then bring them to life in short videos that we have already tested, and that will be the next release in the summer. You’ll see these women talking through this and having fun with the concepts.