Veteran Hollywood actor Tom Selleck, once America’s mustached sweetheart and star of “Magnum, P.I.” and “Blue Bloods,” is now facing sharp criticism for his ongoing role as the face of a reverse mortgage ad campaign many call misleading and harmful to seniors, according to Radar.
The 80-year-old TV star, who is reportedly worth $25 million, has been featured in a barrage of TV commercials for American Advisors Group (AAG) — now part of Finance of America — pushing reverse mortgages as a solution for retirement financial stress.
But according to outraged fans and some financial experts, Selleck’s message could be potentially financially dangerous.
“He’s preaching about financial hardship from a multimillion-dollar ranch,” one unnamed insider told Radar. “It’s rubbed a lot of people the wrong way.”
Reverse mortgages allow homeowners 62 and older to borrow against their home’s equity without monthly payments. While federally insured Home Equity Conversion Mortgage (HECM) versions offer protections, critics argue the risks — including foreclosure if borrowers fall behind on taxes or maintenance — aren’t highlighted in the ads. Even personal finance expert Suze Orman has publicly warned against them. She once said, “I would never advise to do one in a million years.”
Online backlash to Selleck has been direct. “It’s predatory as hell,” one Reddit user commented, according to Radar. “Tom Selleck should be ashamed of himself.”
In 2023, the Consumer Financial Protection Bureau reported that AAG had previously used deceptive tactics in their advertising — something not mentioned in Selleck’s commercials. Meanwhile, some experts do say that reverse mortgages may be helpful for some — but only with full education and financial counseling.
“Ultimately, it’s another financial tool that’s neither good or bad. It just depends on how you use it,” Joshua Nelson, a certified financial planner at Keystone Financial, told USA Today. “Educate yourself and put together a complete financial plan. Without a plan, it can be destructive.”
Selleck has not responded to the backlash publically.
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