Tom Selleck’s AAG ad targeted for false advertising Many companies hire a well-known spokesperson to be the face of the company and help sell their products. This is because of the fans. They may purchase products they see advertised for their favorite celebrity. And because many people who have a fair amount of acting experience do well in their jobs.
Well-trained actors can appear believable and sincere while advertising products they’ve never used. Which is why so many companies hire celebrities. AAG, the American Advisors Group, hired Tom Selleck as a spokesman, and he soon started appearing in ads for reverse mortgages.
However, AAG came under heavy criticism for advertising reverse mortgage loans as risk-free. Tom Selleck’s ad for AAG was attacked for mis-advertising.
Tom Selleck’s AAG ad targeted for false advertising
Companies often hire celebrities to help sell their products. This is because the celebrity’s fans might be inclined to buy the product. Or because celebrities are incredibly skilled at connecting with their audiences.
AAG, the American Advisors Group, has included their spokesperson. who starred Tom Selleck in numerous commercials for reverse mortgages.
According to The Daily Kos, one ad featured Selleck walking around and talking. The actor said in the ad, “I think what you think. like you I think reverse mortgages have to be something tangible.”
The article goes on to say that “And he reassures his audience that a reverse mortgage is not a way for banks to get your home.” It should be a ‘simple concept’ that allows you to stay in your own home while using the equity your home”
A reverse mortgage is a type of loan offered to people age 62 and older. According to the New York Times, “A reverse mortgage is a loan in which the borrower draws on part of his home.”
According to ctwatchdog, the Consumer Financial Protection Agency accused AAG of misleading people with its advertising.
David Uejio, the bureau’s acting director, said: “American Advisors Group violates consumer trust by advertising reverse mortgages, inflating and defrauding home value estimates. Consumers or practices that attempt to exploit vulnerabilities, populations.”
AAG seems to be mistaken because, according to the New York Times, “corporations primarily promote risk-free lending.”
AAG agreed to pay a $400,000 fine “without admitting or denying the discovery.”
Tom Selleck has appeared in numerous commercials as an AAG spokesperson.
Many companies will hire celebrities as spokespersons. Many of them seem to have chosen well-known actors. Because they tend to appear more sincere and sincere when they advertise products such as cars or cosmetic brands.
In 2016, AAG announced that Tom Selleck would be its new spokesperson. He began appearing in several commercials for the company shortly thereafter. Tom Selleck’s commercials were for reverse mortgages.
According to Your Next Shoes, AAG CEO Reza Jahangiri wants to hire celebrities that older people come in contact with. I am confident that Tom’s wealth and credibility will greatly assist us in further conversations about the importance of domestic justice in retirement planning”
Jahangiri continues, “He’s been a guest in American families for nearly 50 years, and his resume is evident. We are proud that he is part of the team.”
in ads Mangnam, PI The actor seemed relatable when he received his message. the actor said “I am delighted and proud to work with AAG. Ultimately, it was Fred Thompson who sparked my interest in reverse mortgages.”
However, Tom Selleck probably didn’t even need to think about a mortgage. Because he is a celebrity with a hit TV show.
An article in the New York Times discusses foreclosures that can happen with a reverse mortgage. Stacy Canan, assistant director of the Office for Older Americans, comments: “Foreclosure is possible with a reverse mortgage.”
She also said that “The bureau has received complaints from borrowers facing foreclosure because they failed to submit proof of home ownership to reverse mortgage providers. or because the provider claims – often incorrectly – that they do not pay taxes or have can’t keep the house in good condition”
Tom Selleck Appears in Reverse Mortgage Protection Ads
when an argument arises Sometimes celebrities and/or corporations are separated in order to preserve their reputation. Tom Selleck, however, supports AAG.
According to The Mortgage Group, AAG has consistently placed ads in support of reverse mortgages, Selleck said, “This wasn’t my first rodeo,” according to Reverse Mortgage Daily.
The blue blood Then the actor continued, “Let me tell you something: I wouldn’t be here if I thought reverse mortgages were taking advantage of older Americans. Or worse, it’s a way to take over your home. It’s just a loan designed for senior citizens. homeowners and helping millions of Americans.”
However, it seems to many people that these things are not helping. Many people with reverse mortgages reportedly face foreclosure and homelessness.
As the Naples Daily News reports, thousands of people are at risk of losing their homes, prosecutor Lynn Drysdale has revealed she has represented a client with a case. “Which foreclosure is unreasonable.”
Drysdale said, “Loan officers make rules by the way they operate. Sending a card stating that you live in the house isn’t anywhere on the mortgage papers these people sign.”
In 2022, Finance of America acquired AAG after the company went bankrupt.