Reverse mortgage lenders can no longer target seniors via Google

Facebook rolled out similar anti-bias advertising policy last year

National /
Sep.September 04, 2020 03:35 PM
Google is restricting ads based on age. Some mortgage lenders are crying foul. (iStock)

Google is restricting ads based on age. Some mortgage lenders are crying foul. (iStock)

In a blow to reverse-mortgage lenders and perhaps other real estate players, Google is introducing new restrictions for targeted ads next month.

Starting Oct. 19, Google will restrict ads targeting customers on the basis of “gender, age, parental status, marital status, or ZIP code,” the tech giant told advertisers, as reported by Reverse Mortgage Daily. The new policy will have an impact on housing, employment and credit companies.

Some lenders say the anti-bias policy will hurt reverse-mortgage companies, which use Google ads (and other search and social-media platforms) to target users of a certain age. Reverse mortgages allow homeowners to borrow against a property and are geared toward owners 60 and older, who sometimes find themselves foreclosed upon by lenders.

Cliff Auerswald, president of All Reverse Mortgage in Orange, Calif., called Google’s decision “shortsighted” and said the rule doesn’t take into account some age restrictions that are not discriminatory. “Hiding reverse mortgage ads from prospects in their 20s isn’t age discrimination,” he told Reverse Mortgage Daily. “It is common sense.”

The new policy, based on the Equal Credit Opportunity Act of 1974, is a major step to combatting discrimination in online advertising. Facebook rolled out a similar policy last year as part of a fair housing settlement and now prohibits ads from targeting users by ZIP code and has a 15-mile minimum radius for geographic ad targeting. [Reverse Mortgage Daily] — E.B. Solomont


Related Articles

arrow_forward_ios
Jerome Powell (Getty)
Powell sees new opportunity to reform low-income lending rule
Powell sees new opportunity to reform low-income lending rule
R&B Realty's Aron Rosenberg and Maverick's David Aviram of Maverick with 28 West 36th Street and 32 West 39th Street (Google Maps)
Midtown landlord sues to stop foreclosure by Maverick
Midtown landlord sues to stop foreclosure by Maverick
(iStock/Illustration by Alexis Manrodt for The Real Deal)
US home prices are more than 5% too high: Fitch
US home prices are more than 5% too high: Fitch
The Texas snow storm was partly responsible for the decline in mortgage applications. (Getty)
Texas storm, increasing rates freeze home mortgage market
Texas storm, increasing rates freeze home mortgage market
(iStock)
Mortgage rates tick up again
Mortgage rates tick up again
(Getty)
Home mortgage applications fall as rates, prices rise
Home mortgage applications fall as rates, prices rise
Louisville, Kentucky (iStock/Photo illustration by Kevin Rebong for The Real Deal)
Cities come back: Home prices up 15% in 3 months
Cities come back: Home prices up 15% in 3 months
From left: 410 Tenth Avenue, 100 Park Avenue, a rendering of 230 East 20th Street, a rendering of 30 Morningside Drive, SL Green's Marc Holliday (Photos via Google Maps, Getty, Gramercy Square, 30 Morningside Drive/Illustration by Kevin Rebong for TRD) 
These were the largest Manhattan real estate loans in January
These were the largest Manhattan real estate loans in January
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...