“Should Tom Selleck Consider a Reverse Mortgage to Save His Ranch?”

Tom Selleck, despite his high-profile career, is facing financial uncertainty following the cancellation of his long-running CBS series, Blue Bloods. The 79-year-old actor, who has been a fixture on the show since 2010, is concerned about potentially losing his 63-acre California ranch due to financial pressures.

While Selleck’s career has been lucrative, including income from Magnum P.I. reruns, Blue Bloods, and his well-known reverse mortgage commercials, the cost of maintaining such a large property could pose a challenge. “I hope I can keep working enough to hold onto the ranch,” Selleck said. “Am I set for life? Sure, but not necessarily on a 63-acre ranch!”

Some commentators express skepticism about Selleck’s financial worries, noting his various revenue streams, including commercials. “It’s hard to understand his concerns with such a solid financial background,” one New York Post commentator remarked. “Maybe he should follow his own advice on reverse mortgages.”

However, reverse mortgages, which allow older homeowners to access home equity, have been controversial. Critics argue they come with high fees and complex terms. “Reverse mortgages aren’t the simple solution they’re often portrayed as,” another commentator pointed out, adding that concerns about their risks have deterred many from considering them.

Julia Aragon of Aragon Lending argues that reverse mortgages can be a viable option for older homeowners, especially those with substantial home equity. “People are living longer, and much of their wealth is tied up in their homes,” she explained. “If your property has significant equity, tapping into that can be beneficial.”

Yet, Fred Goncher, founder of Backyard Mortgage, questions whether a reverse mortgage would be feasible for Selleck. “These loans are designed for ordinary retirees, not billionaires,” he said. To qualify, Selleck’s ranch would need to be his primary residence, and he would need significant equity in the property. Additionally, reverse mortgages are based on the borrower’s age and the value of the property, with limits on the amount that can be borrowed.

Selleck might face challenges with appraisal due to the ranch’s unique size and features, which could complicate determining its value for a reverse mortgage. Goncher estimates that even a jumbo reverse mortgage might not cover the ongoing costs of such a large estate.

If maintaining the ranch becomes unfeasible, Selleck could consider selling the property with a life estate clause, allowing him to continue living there until his death, similar to the arrangement Hugh Hefner made with the Playboy Mansion.

Despite the uncertainty, Selleck remains optimistic about his future. In an interview with CBS Sunday Morning, he expressed hope that CBS might reconsider the cancellation of Blue Bloods. “We’re the third-highest scripted show on broadcast TV,” he said. “All the cast wants to return, and we’re not going to just slide off into the abyss.”

If necessary, Selleck might turn to additional reverse mortgage commercials to bolster his income.