Older Canadians don’t feel old says reverse mortgage lender

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A leading Canadian reverse mortgage lender says that today’s seniors are not ‘old’ and are pushing back against stereotypes.

A leading Canadian reverse mortgage lender says that today’s seniors are not ‘old’ and are pushing back against stereotypes.

HomeEquity Bank’s survey finds that the age-biased views of seniors as “helpless, frail or fumbling” is offensive and not how the demographic views itself today.

The lender, which provides the CHIP Reverse Mortgage, says that nearly 80% of older Canadians (55+) say they don’t want to be called ‘seniors’ and nearly 30% preferred no label at all!

HomeEquity’s research was conducted in association with neuroscience research firm Brainsights and ad agency Zulu Alpha Kilo, and offers insights that could help real estate and mortgage firms shape marketing messages aimed at 55+ customers.

Adventurous and capable

Today’s Boomers see themselves as adventurous and capable and respond well to nostalgia tailored to their generation.

Personal legacy has emerged as another central theme for today’s Boomers, as is the act of sharing and imparting knowledge to other generations.

“Sixty-year-olds see themselves the way forty-year-olds did in the past. They have the attitude, the ability, and the money, to be major players in the marketplace for decades to come. Marketers who don’t ‘get’ this – and who don’t reflect this in their messaging — are leaving literally billions of dollars on the table,” shared David Cravit, Vice President of Zoomer Media.

“Age-based identities are created and reinforced by society and through media and marketing that set expectations for how people should behave and conform,” said Kevin Keane, Founder and CEO of Brainsights. “But 55+ audiences don’t see themselves as old and frail. They’re wise and energetic, with a passion for teaching, legacy and life fulfilment. That’s why advertising that presents aging in a positive light, like the HomeEquity Bank spots, are so successful.”

HomeEquity Bank has recently launched new advertising spots that reflect this positive image of older Canadians.

Steve Randell

Steve Randell

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“It’s a people business in a complex industry that is consistently changing. My role is to take the stress out of homeownership and represent your best interests until you are mortgage-free.”

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