While Google already helps reverse mortgage lenders generate mortgage leads through Pay Per Click (PPC) ads, the search engine announced it was starting to test Comparison Ads.  The new format allows user to compare multiple relevant offers and make ads more useful for users.  As an example, Google uses a home loan scenario where users searching for “mortgage” may see a promotion from Comparison Ads prompting them to select the type of mortgage they’re looking for and to compare rates and loans offered.  If users click the promotion, they’re taken to a page with more detailed sponsored results. They can choose directly from the offers listed on that page, or they can further refine their search by providing additional information like income and home value.

By giving users the ability to refine their search on a number of relevant attributes, Google says it can show more targeted ads and provide its customers with more valuable internet mortgage leads.  Advertisers will only pay when a user calls the phone number on the business offer or fills out a form to request a quote.  While driving online mortgage leads and comparing ads is still an early-stage feature, Google continues to focus on several methods to enhance the user experience: Speed, Transparency and Privacy remain the focal point for Google’s search engine direction.

Why is Google’s system good for the reverse mortgage industry?  Google offers targeted traffic for mortgage lead providers like Bills.com and Lendingtree through its search engine which they use to generate home loan leads for reverse mortgage lenders.  In a way, Comparison Ads take the “broker” out of the equation and allow the mortgage lender to reach consumers directly through the search engine.

However, reverse mortgage lead providers don’t seem all that worried.  One company that spends a significant amount of money using Google Adwords to generate leads told RMD it’s skeptical of how much an impact the new format will have because reverse mortgage lenders don’t compete nearly as much on rate as most traditional and FHA lenders.

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