Converting Baby Boomer Leads With The Lifestyle Home Loan

Recently, I attended a training event, conducted for a group of sales agents at an Adult Active Community for a top 10 ranked National Builder. Such a powerful experience to watch my training duo engage the group in one of the most dynamic discussions on converting leads that have been walking out the door.

The Challenge: Converting Leads Walking Out the Door

It’s no secret that price points and interest rates have created buyers that are cautious or just can’t afford to move forward. Maximizing revenue opportunity means that you must convert as many leads that walk through the door as possible. What if you had a tool to help you convert more Baby Boomer Buyers leads.

The Baby Boomer Market: A Driving Force in Real Estate

According to the National Association of Realtors 2022 Generational Trends Report, Baby Boomers represent the largest buying group at 39%. Furthermore, Baby Boomers also have the largest amount of overall equity in their homes at 18 Trillion. Yes, that is Trillion with a “T,” according to real estate company Redfin. What that means is that the Baby Boomer generation is driving the real estate market.

The Lifestyle Home Loan by Mutual of Omaha Mortgage

What if there was a product that is focused solely on serving this consumer segment and it was provided by a mortgage company that specialized solely in that product. That is exactly what was being discussed at the recent sales meeting previously mentioned using The Lifestyle Home Loan* offered by Mutual of Omaha Mortgage.

Retirement Planning and Phases

The presentation started out discussing the path that everyone must take with retirement planning, the accumulation phase and ending with retirement income planning. Retirement income planning is the decumulation phase and is the most difficult to get right. Solving the amount of income needed for an extended unknown retirement timeline using the specific assets that you have acquired.

Cash Flow as a Key Factor

The most important factor for baby boomers during the retirement income planning phase is cash flow. The Lifestyle Home Loan* is unique in that you must be 62 years old to qualify and it provides the most compelling feature of having no payments or flexibility of payment to provide cash flow solutions. It is a mortgage insured by FHA and just like any mortgage borrowers are required to pay for taxes, insurance, and HOA.

A Solution for Baby Boomer Buyers

What does having flexibility in payment and therefore monthly cash flow savings mean for your baby boomer potentials that walk out the door? Using the Lifestyle Home Loan* we can show them how they could use their anticipated down payment and still purchase the home that they desire. Or maybe they wanted the specific model but were going to walk away because they couldn’t afford all the upgrades to make it the home of their dreams.

Within the span of 45 minutes, we were able to have each agent recall the missed lead opportunities, that were just represented, and a solution for each. Smiling agents, reaching sales goals, now knowing that they have a way to convert more leads that traditionally walked out the door. Builders going back and reviewing past un-converted leads from this challenging year and closing out the year ahead of plan.

Impact and Benefits for Sales Agents and Builders

I would like to close with several important points that make this such a powerful tool. First, baby boomer buyers are pushing the purchase market in multiple aspects. The reason for their move is not just about the active lifestyle. Right-sizing, closer to family are just some of the many reasons. The Lifestyle Home Loan* is not just a tool for active adult communities.

Senior buyers have their eyes on specific models in any development. Secondly, the Lifestyle Home Loan* product is also a powerful tool for Real Estate Agents. Which means that we can partner with you to conduct unique product events at your projects that will help give you additional exposure traffic.

Lastly, the partner that we presented to, being a national top 10 builder, has an in-house lender, but the uniqueness of our product and Mutual of Omaha Mortgage specializing in this project creates such incredible value that we are an approved provider. We don’t compete with your traditional lending partners.

Real-World Success: From Morning Meeting to Lead Acquisition

We conducted the meeting in the morning and had received a lead from the sales agents that same afternoon! Let us show you how we can convert your baby boomer leads that are walking out the door.

At Mutual of Omaha Mortgage, we have a national sales force. Which means that we can partner with you locally in YOUR market. Reach out to me to find out more.

Special thanks to Mitchell Cooper CRMP and Launi Cooper Mutual of Omaha Mortgage located in Northern CA for allowing me to join the presentation discussion.

*The Lifestyle Home Loan is a Home Equity Conversion Mortgage for Purchase.