American Advisors Group (AAG), the largest reverse mortgage lender in the United States according to the most recent endorsement data, has enlisted their core spokesperson in the creation of a new television ad with the apparent aim to allay the fears of those who have misgivings about the legitimacy of the reverse mortgage product.
The ad, titled “Reverse Your Thinking,” begins with actor and AAG spokesman Tom Selleck addressing the audience to reassure them that his involvement with AAG would not be a reality if reverse mortgage products represented a threat to older Americans.
“This spot represents a bold new tone for AAG, with Tom Selleck setting the record straight about reverse mortgage loans,” an AAG spokesperson told RMD.
The actor’s dialogue in the ad reflects this attitude and intent.
“This isn’t my first rodeo,” Selleck says as the ad begins. “And let me tell you something: I wouldn’t be here if I thought reverse mortgages took advantage of any American senior. Or worse, that it was some way to take your home. It’s just a loan designed for older homeowners, and it’s helped over a million Americans.”
Debuting in limited test markets on July 8, the ad has outperformed the company’s current creative marketing according to an AAG spokesperson. The ad is currently running nationally as of this week on Fox News Channel, History, Inspiration Network, METV and TV Land Classic. It will also be running during this Wednesday’s episode of game show “The Price is Right” on broadcast network CBS.
The release of this ad follows recently renewed media scrutiny relating to reverse mortgage foreclosures published last month by major media outlet USA Today. In an investigative article, the outlet linked reverse mortgage foreclosures to the eviction of older borrowers and described such occurrences as a “stealth aftershock of the Great Recession.”
The article’s publication prompted a direct response by the reverse mortgage industry trade association that was also published in USA Today, along with rebukes from originators and commentators across the reverse mortgage industry, who contended that much of the article’s information was either out-of-date or incomplete.
“A reverse mortgage loan isn’t some kind of trick to take your home,” Selleck says in the ad. “It’s a loan like any other. The big difference is how you pay it back.”
“Our research reinforced the widespread recognition and respect that Tom Selleck has garnered among Americans and crosses generations,” said AAG executive producer and former Chief Creative Officer Teague McGrath after Selleck’s appointment was announced. “We believe he is the best candidate for the job and we’re thrilled to have him on board.”