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Posted on 05/13/2025 3:31:29 PM PDT by nickcarraway
Tom Selleck has recently faced backlash for promoting reverse mortgage scheme.
A source spilled to Radaronline.com that the Blue Bloods actor’s fans found his TV ads misleading.
“A lot of people who used to look up to Tom think it's despicable he's the spokesperson for a reverse mortgage lender that is seen as preying on the elderly,” said an insider.
The source pointed out, “It's all well and good for him to preach – but he still makes huge paychecks and lives on a 63-acre ranch in California, so what would he know about hardship?”
“The feeling is that the financial products he's pushing are a good way to lose your home,” revealed an insider.
The Magnum P.I. actor helped seniors retire to the life they had dreamed of with mortgage scheme advertisements.
“In my mind, retirement is all about spending more time with the ones you love and more time to enjoy what you've earned,” mentioned the actor.
However, unfortunately, Tom told viewers, “Many older Americans just don't have the money to do all that.”
He explained, “What people don't realise is your biggest asset might very well be your home, and using your home's equity with a reverse mortgage loan from AAG could play a vital part in funding your retirement, not to mention give you the cash to cover all those bills that seem to come out of nowhere.”
An insider further said, “Clearly, Tom doesn't see what the fuss is about.”
“But it hasn't gone down well with the people who watched his shows. They think he has no integrity,” added a source.
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I have known people who have taken reverse mortgages. They are simply another financial vehicle, like a life insurance annuity. It isn’t intrinsically a scam, though for all I know the company he was working for might have been no good.
I assume these are the ads for something they call a “home investment,” that “features” no monthly payments and no credit check.
I haven’t seen any with Tom Selleck, and I’m a bit disappointed that he’d do one.
The ones I’ve seen use an anonymous blond woman.
Reverse mortgages can make sense in select situations. However, one should definitely make sure one understands what you’re getting into...just like every other financial decision.
A RM is simply a loan, however if you can’t pay, you lose your home.
Watch The Grit Channel. He was on there a few months ago.
He did these years ago. Haven’t seen one in a long time.
Why now?
In *most* cases, people who hate their own kids raised them wrong or were just lousy parents right out of the gate.
They seem to be making a come-back.
Might have something to do with the neutering of Princess Grey Beaver's "Consumer Financial Protection Bureau."
Don't come for me. I'm only guessing, I have no idea.
But the timing is interesting.
By far the biggest celebrity sell-out is not Tom Selleck but Ice-T.
Reverse mortgages can be right for some people. You’ve just got to know what you’re getting into.
“Car Shield”, which TV actor Ice-T pushes, is right for no one. It’s a legal scam that preys on poor people particularly. Ice-T disgraces himself by being part of it.
https://ctwatchdog.com/warranties/carshield-review-ice-t-loves-it-you-just-might-want-to-take-a-pass
(The positive internet comments for CarShield are on sites that link to CarShield. They get a commission if you are sucked in.)
It is similar to contracts where people sell off life insurance for a payout now.
It is usually done by people forecast with short life spans. If you are over 80, you might consider a “reverse” mortgage a good deal.
Not true. The homeowner doesn’t make payments. It is a loan against the value of your home and your equity is gradually eroded. The idea is the loan is paid off when you sell or die. Companies don’t let you borrow anywhere near the total market value of your home. It is still your asset.
If you bought a bungalow on the Jersey Shore or in Pasadena California in the 50’s, that home is now worth millions. If you could use some cash or just want to have some fun, then a RM makes sense......in a broader financial structure. Maybe you don’t have kids or don’t want them to inherit the asset.
RM’s make a lot of sense for those folks who are real estate rich......
Every financial guy I spoke to was against it.
As for Selleck. Pete Wilson should have appointed him to the senate in 1991. Instead we ended up with Boxer and Feinstein.
Maybe they have kids that have shunned them over politics or some such. Reverse mortgage is a legitimate tool for some people. And there are plenty of people out there house rich, cash poor and fairly short on time.
The article is hating on Tom because he is a noted conservative.
They aren’t a scam but they are a terrible idea. There are much better and less expensive ways to do the same thing.
yours is the correct answer ...
wrong ...
“Source.... insider....”
You see phrases like this with no one identified and you know it’s BS.
A RM is simply a loan, however if you can’t pay, you lose your home.
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Incorrect. Not true. There are no loan payments to pay on a reverse mortgage by the homeowner.
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