Tom Selleck Faces Backlash for Promoting Reverse Mortgage Ad

The International News ^

[DIRTYSECRET]

California Pines-ghostown.

Eric Estrada.

[Some Fat Guy in L.A.]

Selleck is seen as somewhat conservative so he is to be attacked relentlessly.

[CaptainK]

He has been promoting RM for at least a dozen years or more and now they are complaining?

[ealgeone]

Good grief, he’s been doing this for years.

[vladimir998]

He’s been doing these ads for years and years.

And people are upset now?

[af_vet_1981]

They are simply another financial vehicle, like a life insurance annuity.

Another expensive high fee financial vehicle for those with substandard retirement plans

Reverse mortgage-- why not??

One point against is the real risk of losing one's home by failing to keep up with required payments to maintain the home, basically living too long and the front money has run out so nothing left to pay taxes and maintenance.

[MayflowerMadam]

He’s been doing the reverse mortgage commercials forever. At least about 10 years, I think.

[MayflowerMadam]

“Haven’t seen one in a long time.”

I see them every day. Must be in Newsmax ‘cause that’s about all we watch.

[Governor Dinwiddie]

Great link! Thanks! 👍

I recommend that link to anyone who wants a Cliff's Notes overview of what's involved with reverse mortgages. I learned quite a bit.

[Steely Tom]

He’s been doing the reverse mortgage commercials forever. At least about 10 years, I think.

Didn't know that !

[MayflowerMadam]

“Toms alright in my book.”

In the ‘80s, I had a picture of him in my office — the famous one of him in the red Hawaiian shirt.

I went on vacation and a temp filled in for me. She mentioned to someone that I sure had a handsome husband. LOL!

[MayflowerMadam]

Per AI: “Tom Selleck began starring in commercials for the reverse mortgage lender, American Advisors Group (AAG), in June 2016.”

[Raycpa]

A good book on using reverse mortgages

Reverse Mortgages: How to use Reverse Mortgages to Secure Your Retirement (The Retirement Researcher Guide Series) Paperback – February 24, 2022
by Wade D. Pfau Ph.D. (Author)

I have three scenarios where I might use it as a tool:

1. If SS benefits are cut, I might use a reverse mortgage to pay me the amount of the cut so that I have the same fixed income coming in so that I wouldn’t need to deplete my portfolio faster than planned.

2. If a prolonged market downturn. This is called the sequence of return risk. Instead of drawing on a portfolio that is down and selling stock too low, I would use the reverse mortgage instead.

3. One of us needs nursing home care and the SS income is going to nursing home. The reverse mortgage can make up the shortfall.

These are possible backup plans that a reverse mortgage can provide as part of my retirement planning.

Even though the initial expense is high, the potential use to keep other money invested may offset those expenses.

[Captainpaintball]

Most critics are GenX-zoomer kids who will not inherit the house, and will thus never own a home in the crapworld their parents helped create.

[nickcarraway]

Gen X?

[MotorCityBuck]

😄👍

[MotorCityBuck]

I get that.
If his own family does not like him.
He will always have his TV family.😉

[Freedom_Is_Not_Free]

Kind of late. His adds for reverse mortgages have been running for 10 or 15 years now. ortg

[JimRed]

There are instances where the reverse mortgage company can take your home before you die.

If you fail to maintain the home, fail to pay property taxes, fail to keep up your homeowners insurance, or allow liens to be filed against the property, the bank can call the loan due and payable. That forces a sale or exposes you to foreclosure.

[Vision]

Reverse mortgages are not a good situation to be in but people have too much time on their hands if they are getting upset with Tom.