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.
He did these years ago. Haven’t seen one in a long time.
Why now?
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.
“Source.... insider....”
You see phrases like this with no one identified and you know it’s BS.
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???
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?
Selleck has been doing these ads for several years. I wonder why this is just happening now.
What a calorie-free article. “Faced backlash”? What does that mean? He’s been doing that commercial for years
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.
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.
Selleck is seen as somewhat conservative so he is to be attacked relentlessly.
He has been promoting RM for at least a dozen years or more and now they are complaining?