Jun 13th, 2019 | Money Podcast

IS TOM SELLECK JUST A DISHONEST CREEP? Listen to this episode and you decide! In a TV commercial that has run about a million times, actor Tom Selleck says he believes he has a way to stay secure in your home for good. But is that true? Some people who did what Tom recommends are being thrown out of their homes, possibly because Tom forgot to include some key facts in his commercial? Our Tom breaks down this TV commercial bit-by-bit and brings you the latest on the people who are being given the boot.

Take a look at the TV commercial Tom talks about in this episode.

This is the article to which Tom Leykis refers in this episode.

What do you think? Tell Tom: tom@blowmeuptom.com.



Submitted by TallTim on

You're right Tom, any time a bank is soliciting you -- or a company that is benefiting banking -- they're trying to fleece you.

In the stock market, I see it all the time. There's a reason Goldman, JP Morgan and the rest "recommend" things they're trying to get rid of. That's why they call it the "sell side", lol. Selling to the dumb donkeys that can't think for themselves.

Just a note Tom, right after the first selleck clip it seemed like your levels were a bit low, but it got better with time. Just thought you'd like to know.

Submitted by Nobody of note on

I'm a rare person under the age of 50 that has known about and liked Tom Selleck for most of my life. I like the show Blue Bloods and the role he plays in it, and he narrated my favorite IMAX documentary about the history of aviation. But just because he narrated a documentary about planes doesn't mean I'd expect him to fly the plane next time I go on a vacation. He's rich and has no need for reverse mortgages, and had no reason to know anything about them before the company gave him a script to read. So I wouldn't blame him for people's misfortunes. He delivered a few seconds of dialogue and got paid a lot of money for it. With the prolific career he's had and the thousands upon thousands of lines he's delivered over the decades, asking Tom Selleck about this commercial would be like asking me what I ate for dinner on September 5th of last year.

With that out of the way, any time I hear the term "predatory lending" I wonder just how much of the problem is the fault of the lenders for leaving out important details and how much is the fault of the borrowers for taking money they couldn't pay back. Yes you could say they were duped and didn't know what they were getting into, but laws require a certain degree of transparency from financial institutions. They have to tell the truth somewhere, even if it's buried in tomes upon tomes of fine print. There is no such requirement for the intelligence of the person borrowing the money. A smart person knows if something seems too good to be true, it probably is.

Submitted by Daniel Klock on

"Nobody of Note" covered eloquently a number of aspects relating to your topic today. As the oldest of seven siblings, a couple of whom just love to thump their chests at how "successful" they have become, I had the great satisfaction of providing close support as my mother took advantage of the FHA-sponsored Home Equity Conversion Mortgage (HECM) in 2002. The process included a mandatory counseling session with an HECM representative by the prospective reverse mortgage participant that covered in detail the requirement to maintain the property, keep current with property taxes and homeowners insurance, and respond in a timely fashion with the annual certification of the participant's occupancy of the dwelling. For the past 17 years my Mom was entirely independent and empowered to continue to make her own financial decisions with total peace of mind and dignity.

Of course, now, as she has transitioned to an extended care facility, I am honored to be her designated Durable Power of Attorney as the liquidation of her domicile and personal property is imminent.
It is notable that the siblings who had no interest in supporting my mother in this effort to solidify her financial independence, by accessing her home equity ,consistently maintained that "Mom always wanted to pass on an inheritance to her children when the time came." Well, there will be no inheritance passed on to these greed-meisters, or the rest of us, and I'm delighted! Like the bumper sticker I recently saw on the back of an AirStream trailer declared: That's Right, We ARE Spending Our Kids Inheritance!

And for the record, I am no fan of the predatory banksters that operate in our society without concern for moral hazard. Just like you say, Tom, we need to take personal responsibility for ensuring the desired outcomes in our lives. Period!

Submitted by Masters on

As we approach this recession, this kind of information is a real eye opener. Thank you Tom.