Tom Selleck Reverse Mortgage Explained in Detail

A reverse mortgage can be a complex financial product, but I'm here to break it down in simple terms.

Tom Selleck, the famous actor, has been a long-time advocate for reverse mortgages. He's even appeared in commercials promoting them.

A reverse mortgage allows homeowners aged 62 and above to borrow money using the equity in their home. This can be a great option for retirees who need extra cash.

The loan amount is determined by the home's value, the borrower's age, and current interest rates. For example, a $200,000 home with a 62-year-old borrower and a 4% interest rate might qualify for a loan of $120,000.

Tom Selleck has been the commercial spokesman for mortgage lender American Advisors Group since 2016.

He took over the role after the death of actor Fred Thompson, who preceded him as spokesman.

The company, AAG, has a corporate mission to help older Americans navigate their way into and through retirement with ease and peace of mind.

They provide personalized service and a full suite of home equity solutions designed to give them the best financial outcome for a better retirement.

Reverse mortgages, like those offered by AAG, allow people 62 years and older to convert home equity into available funds through a line of credit, cash advance or periodic disbursements.

They are usually repaid with interest when the borrower dies, moves or sells the home.

The pros of reverse mortgages include helping secure your retirement and allowing you to stay in your home.

However, cons include the risk of losing your home to foreclosure and the fact that it's not free.

Tom Selleck's commercials for reverse mortgages, like those of his character on Family Guy, are satirical and intended to poke fun at the industry.

Worth a look: Reverse Mortgage Equity Requirements