They're the spots that feature Tom Selleck, the mustachioed star of “Blue Bloods” and, long-ago, “Magnum P.I.,” as the pitchman for reverse mortgages. Reza Jahangiri knows the power of celebrity. He's used it to push his Orange-based company - reverse mortgage lender American Advisors Group - to No.

AAG will continue to operate, but as a part of Finance of America, the companies said.

A big downside to reverse mortgages is the loss of home equity. Because you're not paying down your reverse mortgage balance, you'll make less profit when you sell, or limit your borrowing power if you need a new loan. You'll pay high upfront fees.

Tom Selleck There's a Better Way to Measure TV & Streaming Ad ROI AAG Reverse Mortgage and Tom Selleck interview people who benefited from getting a reverse mortgage. If you are a homeowner 62 years old or older, it invites you to call to learn more.

Specifically, the CFPB alleges that AAG: Deceptively inflated home values: In marketing their reverse mortgage products, AAG provided consumers with inflated estimates of home values to entice them to enter into negotiations to open a reverse mortgage.

Selleck Says: A Reverse Mortgage Turns Your Home Equity into Cash That You Pay Off When You Leave the House. This statement can be a little bit misleading. It is not incorrect, but not fully accurate either. Yes, the loan turns your home equity into cash.

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed a complaint and proposed consent order alleging that American Advisors Group (AAG) used inflated and deceptive home estimates to lure consumers into taking out reverse mortgages.

On Dec. 6, 2022, FOA announced it would acquire the majority of AAG's assets, comprised largely of residential reverse mortgage loans and mortgage servicing rights, and certain liabilities, for approximately $48 million in FOA shares and $10 million in cash.

If you're a homeowner age 62 or older, a reverse mortgage can help you obtain tax-free income based on the equity in your home. A reverse mortgage might give you more flexibility in retirement and allow you to stay in your home.

The value of your home is one of the biggest factors in how much you can borrow with a reverse mortgage. Generally speaking, you can usually get somewhere between 40% to 60% of your home's appraised value.

The ad, titled “Reverse Your Thinking,” begins with actor and AAG spokesman Tom Selleck addressing the audience to reassure them that his involvement with AAG would not be a reality if reverse mortgage products represented a threat to older Americans.

There are several types of reverse mortgages, the most common being home equity conversion mortgages, or HECMs, which are insured by the federal government. Reverse mortgages can be expensive, compared to other types of loans. They can also put the borrower at risk of foreclosure and losing their home in certain cases.