Actor Tom Selleck has joined the list of celebrities appearing in TV commercials selling reverse mortgages.
The onetime "Magnum, P.I." actor's elevator pitch for reverse mortgage lender American Advisors Group sounds appealing: Use one of the most valuable assets you own — in this case, your house — to generate cash in retirement.
Some financial advisors say it's a tempting strategy but may not be right for everyone.
"Historically, reverse mortgages have been taken out for income needs and that can be very dangerous," said certified financial planner Joe Morgan, principal of JMW Wealth Management. "You might feel like you have this endless pot of money and not realize you're putting your housing situation at risk."