MortgageReverse Draws Millions, Struggles with Senior Market recently saw its membership-base double with the creation of a new website marketing platform.

On September 9, 2012—Grandparent’s Day—the company launched its newly designed website, increasing its membership from approximately 350,000 members to nearly 2 million by year-end.

The company also experienced significant achievements in its social media endeavors, making the cut on the list of the Top 10 Most Shared Brands on Facebook.

In December 2012, entered into a marketing agreement with Humana Inc. Under the agreement, the company’s subsidiary, Grandparents Health Plans, LLC, began marketing Humana insurance plans, including Humana’s Medicare Advantage, prescription drug plans, as well as the company’s dental and vision plans. also entered into a Strategic Alliance Agreement effective on March 1, 2013 with Starr International Group.

Despite reported successes, the company said it continues to face “substantial financial challenges.”

“Although out member ranks have increased dramatically, our advertising revenue has significantly declined compared to the previous year,” the company stated.

The decline, according to the company, is due in part to challenges facing the digital advertising industry as a result of pricing pressures for ad placement on the Internet.

Although the company says it has yet to generate significant revenue from its online advertising ventures to date, it expects to see results in 2013 and beyond.

Since the beginning of the fourth quarter of 2012, says it has raised over $950,000 under a secured bridge loan and an additional $600,000 on an unsecured basis, primarily from members of the its Board of Directors and an advisor to the company.

“Going forward, we will need to raise significant capital in order to successfully implement our business plans,” the company wrote. “We appreciate your continuing faith in our management team and will continue to strive to turn our accomplishments into a healthy on-going sustainable business.”

Written by Jason Oliva

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