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.
Just FYI. There are seven states that allow “reverse second mortgages” which are also Finance America. It would be exactly like a second mtg, except there aren’t any payments, the loan amount is taken from the principal, with of course interest.
Years ago, there was a real estate attorney named Robert Bruss who was a syndicated columnist that talked about reverse mortgages back in the 1990s. He advocated for them as a last resort as there were high fees associated with getting one. The sad reality is for a lot of folks, their home is their retirement plan. He always warned about being house rich, cash poor.
THERE ARE NOT NEW ADS.
WHY ATTACK TOM NOW?????
DID THE MORTGAGE COMPANY CHANGE EXECUTIVES???
Ice T has always been a disgrace
The other reason for taking one is if the area you are living in is in a real estate slump and not selling, with a RM you get the $$ and still have a place to live.
This “story” is ridiculous. He’s been doing this ad for many years. And now it’s a story because supposedly some people don’t like it?
There’s obviously several situations you haven’t been exposed to in life.
Selleck has been doing these ads for several years. I wonder why this is just happening now.
I think the problem is they can have high expenses.
What a calorie-free article. “Faced backlash”? What does that mean? He’s been doing that commercial for years
You hate your kids huh? That’s too bad.
It is happening now because Trump is in office and this will be spun as Trumps fault, the economy, bla bla bla
> I believe most of them let you live in your home until you die <
But you gotta read the small print. There are instances where the reverse mortgage company can take your home before you die. Then as my late father would say, you are sh!t out of luck.
https://reverse.mortgage/lose-home
My guess is the people bitching are the kids who thought they would use their parent’s home as THEIR retirement vehicle. Sucks to be them.
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.
It is a loan, one payment at the end. You have to continue paying taxes and insurance however.
I hate celebrity endorsements.
I feel bad because some celebrities may need the money and feel bad that others don’t need the money but would pimp anything for a buck.
Joe DiMaggio was very, very protective of his brand.
He was either lucky or chose wisely because those Mr. Coffee ads were effective and help convert a large portion of the population to drip coffee makers.
Tom Brady, Steph Curry and Shaq pimped FTX.
Shame on them.
Wait, so Ice-T does not insure his classic cars for repair through this service? I’m shocked. Next thing you are going to tell me is this rapper who promoted anti cop lyrics in his songs plays a cop on TV. Say it ain’t so.
Old people can pull their money out of their house over their declining years. Say, it takes 15-20 years to run your equity to -0-, what is wrong with that for 65 + year old people? They want to spend it to nothingness, so the kids get nothing. WTF not?
I am not a fan of reverse mortgages but there are certain circumstances where they could make sense.
—You do not have kids or do not want them to inherit your home
—You are house rich and cash poor
Everyone else should probably stay away.
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