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Tom Selleck reverse mortgage commercials

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Jimbo View Drop Down
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    Posted: 08 Mar 2017 at 2:35am
I keep on seeing these ads for reverse mortgages featuring a very serious, contemplative Tom Selleck, ruminating about the questions, concerns and ultimately, advantages of reverse mortgages as if he has ever actually spent time pondering the subject...


He claims that he had all these serious questions and concerns about them, but... why?

Why would a guy who Celebrity Net Worth lists as being worth $25 million, ever spend one nanosecond thinking about this particular subject?

Does anyone believe Tom Selleck ever considered taking out a reverse mortgage on one or more of his multiple properties and estates, all of which are probably paid for anyway?

C'mon.... Ermm

Besides, I like this idea better...


LOL

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 08 Mar 2017 at 2:48am
I guess celebrity reverse mortgage commercials are all the rage...


LOL

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Post Options Post Options   Thanks (0) Thanks(0)   Quote PaWolf Quote  Post ReplyReply Direct Link To This Post Posted: 08 Mar 2017 at 3:17am
Tom Selleck re-invented himself for 'Blue Bloods' and now seems to be able to stop old people in their tracks with his serious expression and tone of voice. Not that he says anything of value...
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 08 Mar 2017 at 4:08am
He was great in the Jesse Stone series.

Too bad they ended that so he could do Blue Bloods.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aka ron Quote  Post ReplyReply Direct Link To This Post Posted: 08 Mar 2017 at 7:48pm
Originally posted by Jimbo Jimbo wrote:


Does anyone believe Tom Selleck ever considered taking out a reverse mortgage on one or more of his multiple properties and estates, all of which are probably paid for anyway?

C'mon.... Ermm

Besides, I like this idea better...


LOL

LOLLOL
That's hilarious and not too far from the truth!
 
More thoughts from last summer.
 
Direct Link To This Post Topic: AAG- Reverse Mortgage 'Tom Selleck' (video)

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 08 Mar 2017 at 9:14pm
Ahhhhhhh.... so that's why I didn't find anything when I did a one year search in the CYH forum.

You posted it in OT.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote aka ron Quote  Post ReplyReply Direct Link To This Post Posted: 08 Mar 2017 at 9:23pm
^LOL
 
You never know what stupid thing I might do next. Wink

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 08 Mar 2017 at 9:27pm
Well, you joined up here and stayed so, that says it all....
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aka ron Quote  Post ReplyReply Direct Link To This Post Posted: 27 Apr 2017 at 7:46pm
I'm trying to learn to like Blue Bloods, it's on right now.
 
Then Tom comes on with this heartfelt, insincere push to get all the seniors out there to go ahead and get a reverse mortgage.
 
"Just a way for the bank to get your house"  Tom says, NO!
"You turn your homes equity into cash and you pay it back when you leave the home"
 
But Tom! You big TV star. What if you are dead when you leave the home? Does the bank get your house? Do the relatives get stuck with the loan payoff? I'm guessing an astounding YES!!
 
 

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Virginia Dare Quote  Post ReplyReply Direct Link To This Post Posted: 28 Apr 2017 at 12:01am
You could plant corn in that ridge on his forehead.   He just strikes me as a miserable old coot now.   Probably sits on his porch shooting squirrels with his gun collection.   

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 28 Apr 2017 at 12:12am
I dunno. His net worth is listed as $25 million.

Pretty hard to be miserable with that kind of scratch.

Pretty hard to be taken seriously when you claim to be all concerned about reverse mortgage, too.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Thor Quote  Post ReplyReply Direct Link To This Post Posted: 28 Apr 2017 at 8:45am
Originally posted by aka ron aka ron wrote:

I'm trying to learn to like Blue Bloods, it's on right now.
 
Then Tom comes on with this heartfelt, insincere push to get all the seniors out there to go ahead and get a reverse mortgage.
 
"Just a way for the bank to get your house"  Tom says, NO!
"You turn your homes equity into cash and you pay it back when you leave the home"
 
But Tom! You big TV star. What if you are dead when you leave the home? Does the bank get your house? Do the relatives get stuck with the loan payoff? I'm guessing an astounding YES!!
 
 
 
I guess the bank gets your house (or it comes out of your estate).  I don't think relatives other than a spouse are ever responsible for your debts when you croak.
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 28 Apr 2017 at 12:48pm
You would think that, but it's not always true. Some states have what are called "filial responsibility laws" in which adult children can be held responsible for the debts left behind by their parents.

As for reverse mortgages, yes the bank does get your house either upon your death or at whichever time you move out of it for whatever reason. If another family member wants to keep the house,they'll have to pay the bank however much money they gave you for the RM.

You can take the money in a lump sum or have it divided up into payments.

Also, prior to approval, they will send a home inspector out to list any repairs that are needed. You can either pay for those repairs up front out of pocket, or they will set aside in escrow, a portion of the money you're getting, to have the repairs done. Either way, you have to have them completed in a certain amount of time. And of course,you have to maintain a certain amount of homeowner's insurance on the house, too.

Even if you spend all the money you got for the RM, you still get to stay in the house for as long as you want to or are able to.

It could be a good deal for say, an older person or a couple who are on a limited income and who have no kids to leave the house to.



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Post Options Post Options   Thanks (0) Thanks(0)   Quote Thor Quote  Post ReplyReply Direct Link To This Post Posted: 28 Apr 2017 at 9:28pm
Originally posted by Jimbo Jimbo wrote:

You would think that, but it's not always true. Some states have what are called "filial responsibility laws" in which adult children can be held responsible for the debts left behind by their parents.



 
Sounds different.  Seems those laws have to do with the support of an impoverished parent, not responsibility for their debts after they die.
 
I think the only way kids will lose out is when the state goes after the dead parents' estate, or if they suspect some kind of fraud occurred.
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 28 Apr 2017 at 9:34pm
Originally posted by Thor Thor wrote:

Originally posted by Jimbo Jimbo wrote:

You would think that, but it's not always true. Some states have what are called "filial responsibility laws" in which adult children can be held responsible for the debts left behind by their parents.


Sounds different.  Seems those laws have to do with the support of an impoverished parent, not responsibility for their debts after they die.

I think the only way kids will lose out is when the state goes after the dead parents' estate, or if they suspect some kind of fraud occurred.


You must not have read this part of the Wiki...

Quote Trial case

In 2012, the media reported the case of John Pittas, whose mother had received care in a skilled nursing facility in Pennsylvania after an accident and then moved to Greece. The nursing home sued her son directly, before even trying to collect from Medicaid. A court in Pennsylvania ruled that the son must pay, according to the Pennsylvania filial responsibility law.


I probably could've or should've provided a different or more complete source than Wikipedia. I was reading up on them and I'm pretty sure these laws can and sometimes do include responsibility for paying parent's debts, but they are very rarely enforced.

The guy in Pennsylvania ended up on the hook for like $93,000.00





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Post Options Post Options   Thanks (0) Thanks(0)   Quote Thor Quote  Post ReplyReply Direct Link To This Post Posted: 29 Apr 2017 at 10:38am
According to an article I read, that might be the case in some states when it comes to the use of public funding.  Also, that PA case had to do with support of a living relative.  There might also have been some agreement with the son re his financial responsibility prior to his mother going into that nursing home.
 
But mortgages and other debt?  How could the state even force a child to pay for those debts logistically?  Let's say a guy fathered a kid with his high school girlfriend 50 years ago, and then never had contact with the kid.  Sure, that's legally his kid, but how can he be forced to pay for his deceased father's mortgage?  That's an extreme example, but there are others.  What about stepchildren?  Dead children who left an estate to their own kids?  Are those grandkids responsible? 
 
I just think that making a child responsible for his deceased parents' debts would be a logistical and legal nightmare for the state...and so they don't even get involved at all.
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jimbo Quote  Post ReplyReply Direct Link To This Post Posted: 29 Apr 2017 at 12:51pm
I doubt mortgages would be the type of debt where these laws would come into play. I think if they were ever applied, it would be for other debts like loans or private debts for goods or services a parent left behind. Maybe large credit card debts etc.

In the case of mortgages, the bank would merely repossess the house then resell it to get their money back, so it would be unnecessary to begin with.

In the Pa. case, it was a private nursing home who sued the son after the mother had left the country which is for all intents and purposes re: going after her personally, the same as if she had died.

But I was just responding to your statement, "I don't think relatives other than a spouse are ever responsible for your debts when you croak."

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Post Options Post Options   Thanks (0) Thanks(0)   Quote aka ron Quote  Post ReplyReply Direct Link To This Post Posted: 29 Apr 2017 at 6:36pm
I see all of these new commercials aimed at old people, guaranteed acceptance final expence insurance.
 
Shaming all of the old folks into buying insurance so their loved ones would not face the cost of a funeral or other things like credit card debt. 

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Post Options Post Options   Thanks (0) Thanks(0)   Quote sb71 Quote  Post ReplyReply Direct Link To This Post Posted: 03 Nov 2017 at 11:31pm
He was once the hot stud of the baby boomer generation. Now that the boomers are entering their golden years, he's now a geriatric stud. He's also somewhat of a right winger, so he appeals to the demographic of people who won't stand for any "Hollywood fakery". Tom seems to fit that bill.
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