Meta Ads for FHA Cash-Out Loans: Why 28% of Spend Went to Age 65+ With Zero Leads

28% of one mortgage team's first Meta ad spend went to people aged 65 and over, and not one lead came from it. We found that on the first report review.

The spend belonged to a mortgage brokerage owner running two campaigns, one for FHA cash-out loans and one for non-QM. For mortgage loan officers running their first ads, the first report is where waste shows up. Here is what this one showed and what we changed.

The situation

The owner had two Meta campaigns live. We held a review call around the first ads report, a CSV export from Meta, and went through both campaigns.

What was leaking

The first report showed three problems.

• In the first report, 28% of spend went to the 65+ age group, and that group produced zero leads.
• The non-QM campaign had run on completely broad targeting, with no investor data behind it. That broad round produced 2 leads.
• Lead quality was a blind spot. Without GoHighLevel call recordings, the team had no data on how good the leads were once the phone was answered.

What we built

We made the changes the same night as the review, then lined up the work that measures them.

• Targeting. We updated the Meta targeting and capped the spend going to the 65+ group.
• Budget. We raised the FHA budget.
• A real audience for non-QM. We uploaded investor data supplied by a data provider to the non-QM campaign, so it stopped running broad.
• Creative. New scripted video creatives were set to be filmed within days of the call.
• Call data. The GoHighLevel call process was to be explained to the FHA loan officer the next day, with a training day for the full team the following week, so calls get recorded and lead quality can be measured.
• AI workflow. We mapped how Claude and two other AI tools would divide the work, and the owner was to complete a Claude interview to produce a voice skill file so messaging stays consistent across them.

What changed

The numbers we have are the baseline, not the result. 28% of spend went to a group with zero leads, and the broad non-QM round produced 2 leads. The changes were made after the review, and no post-change figures existed when the record ended.

What changed is that spend was no longer left to run unexamined. One segment was capped, one campaign had a real audience behind it, and the team had a path to measure lead quality once calls were recorded.

Run this check on your own first report

This section is advice. Export your report with an age breakdown and compare each segment's share of spend with its share of leads. A group that holds a large share of spend and none of the leads is the first thing to look at.

Before you plan an age cap, check what your account allows. Mortgage and other credit ads generally fall under a special ad category on Meta, and that category can limit age and some other targeting. Where targeting is locked, the creative, the offer and any custom audience list you have the right to use carry more of the load.

Frequently asked questions

How do I find out which age group is wasting my Meta ad spend?

Export your report from Ads Manager with an age breakdown, then compare each group's share of spend with its share of leads. In this account, one group took 28% of spend and returned zero leads, which is how the problem showed up.

Why did the non-QM campaign need investor data?

It had run on completely broad targeting, which spreads spend across a lot of people who are not investors. Uploading investor data gave Meta a specific audience to reach instead. Only upload a list you have the right to use.

How many leads are enough to judge a Meta campaign?

There is no fixed number, but 2 leads from a broad test is a baseline and not a verdict. Make the changes, give them time to run, and compare the next report against the first one before you decide what works.

Can I restrict age on mortgage ads?

Check your own account. Mortgage and other credit ads generally fall into a special ad category on Meta, and that category can limit age targeting. Look at which controls are open to you before you plan around an age cap.

If you have never lined up your ad report against your lead sources, book a 30-minute AI follow-up and reporting audit. We read the report with you and show where the spend is not returning leads.