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The New York Times Got It Wrong About Reverse Mortgages

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A recent New York Times article on reverse mortgages published a common error that feeds into negative misconceptions that continue to hinder using home equity as a strategic retirement income source. The New York Times article “Would You Trust Tom Selleck With Your Life Savings?” focused on the role of celebrities endorsing financial products (using AAG’s reverse mortgage ads with Tom Selleck as the backdrop), but lamentably began the article by describing reverse mortgages as “a type of home equity loan (one in which the bank gives you money and takes your house when you die).”