“The Fonz” and Reverse Mortgages

There was a time when “The Fonz” was the ultimate in cool. Who could have imagined the leather-jacket wearing rebel from the popular TV show “Happy Days” settling down and becoming a homeowner, let alone tapping his home equity with a reverse mortgage? But Henry Winkler, the actor who played the Fonz, has just become the new spokesperson for One Reverse Mortgage, the No. 3 reverse loan company in the U.S.

The company says it chose Winkler because of his great character. “Henry embodies this quality and has shown, through his excellence as an actor, children’s author, and family man that he represents all that One Reverse Mortgage is about,” Jay Farner, CEO of One Reverse Mortgage, said in a statement. “Because of his integrity, we feel that Henry will be very helpful in extending our reach with retirees and seniors, allowing us to open the dialogue about reverse mortgages and the many benefits they offer folks 62 or older.”

Reverse Mortgage Business Grows

One Reverse Mortgage, an affiliate of Quicken Loans, says it has grown a lot over the past two years as more senior citizens have seen the benefits of borrowing money with reverse loans. Winkler said in the statement, “Reverse mortgages provide homeowners with options, and unfortunately, not enough people know they exist. If I can help just one person save his or her home or live a happier retirement, my efforts will be well worth it.”

Considering All Options

Winkler isn’t the only celebrity tooting the horn of reverse mortgage lenders. Former Sen. Fred Thompson is the new spokesperson for American Advisors Group. Thompson, a politician, actor, author, and commentator said in a statement that “I am proud to join AAG’s efforts. In this tough economic climate, it’s important that America’s seniors know all their options, and have the facts they need to make informed decisions about their financial and retirement futures.”

Celebrity endorsements may make you take a second look at what reverse mortgage lenders are offering. But keep in mind that regardless of which celebrity endorses a reverse loan product, it’s important to do your homework to determine if borrowing money this way is a good move.

This entry was posted on Monday, June 14th, 2010 at 8:16 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.