Actor Tom Selleck has been named the spokesman for reverse mortgage lender American Advisors Group in Orange, California.
Selleck is best known for his roles on “Blue Bloods” and “Magnum, P.I.”
“It’s critical we partner with a spokesperson that older homeowners trust and with whom they feel a connection,” said Reza Jahangiri, AAG chief executive, in a statement. “He has been a welcome guest in American households for nearly 50 years and his record of service speaks for itself. We’re proud he’s part of the team.”
Selleck is a U.S. Army veteran and has worked with various veteran organizations.
AAG’s previous spokesman was former Sen. Fred Thompson, who died in November. With Selleck as its pitchman, the company will launch a marketing campaign focusing on educating older Americans and caregivers about reverse mortgage loans.
Reverse mortgage loans have gained popularity in recent years as aging Americans with small or no pensions seek other ways to fund their retirement. Banking institutions that once shied away from the business now see it as an inevitable part of the mortgage industry.
The loans allow people 62 and older to access home equity and defer payment of the loan until they die, sell or move out of the home. Homeowners still must pay property taxes and homeowners insurance.
The loans can be fixed or adjustable. Interest is added to the actual borrowed balance each month.
Reverse mortgages have undergone changes in recent years, after some homeowners used the loans, then sold too soon, coming up short of the loan balance.
Last year a new rule was added that requires applicants undergo a financial assessment. And in 2013, the reverse mortgage program was overhauled to insure more than 90 percent of the loans. Other changes have reduced the amount of home equity that could be converted.
Last year, amid the height of the summer drought, Selleck was embroiled in a water scandal after Ventura County, California, officials accused the actor of stealing thousands of gallons water for his 60-acre ranch in Hidden Valley. He later settled with the county for $21,000.
