I remember watching Tom Selleck in “Magnum P.I. “years ago and enjoy him in “Blue Bloods” today. Police Commissioner Frank Reagan is a very wise person and I’m sure Selleck himself is sincere when he touts the benefits of a reverse mortgage as a spokesman for American Advisors Group.

But you shouldn’t just take his word for it. A reverse mortgage is a complex product that can be a lifeline for some but not appropriate for others.

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A reverse mortgage allows people 62 years or older to tap into the equity in their home without having to sell it or make a monthly payment. The loan and accumulated interest have to be repaid when the last qualifying homeowner dies, sells the house, or moves out of it (for example, to a nursing home). Most reverse mortgages are Home Equity Conversion Mortgages insured by the government and available through an FHA-approved lender.

The proceeds can be used for any purpose, including home improvements, financing a more comfortable retirement, or paying off an existing mortgage or medical bills. The amount you can borrow depends on your age and the equity in your home. There are no credit requirements, but for a federally backed loan, you have to meet with a housing counselor to discuss whether a reverse mortgage is the right product for you and to assess your ability to pay taxes, insurance, and maintenance costs over the life of the loan. A 2012 government study found that 10 percent of reverse mortgages were in default due to nonpayment of taxes and insurance.

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These are drawbacks with a reverse mortgage:

• Fees are usually higher than with a traditional mortgage.

• The balance increases over time as interest and fees accumulate and could ultimately exceed the value of the home. But neither you nor your estate will be responsible for the excess.

• Your heirs will have to pay off or refinance the loan if they want to keep the house when the loan comes due.

• You may outlive the proceeds of the loan and be left with fewer financial resources later in life.

Reverse mortgages are heavily promoted through TV and print ads and on the internet. The Consumer Financial Protection Bureau reviewed many ads in 2015 and concluded that important information was sometimes missing. They showed the ads to older consumers to gauge their impressions and found two common misperceptions:

• People thought statements like “you can live in your home as long as you want” meant they could never lose it. But they can if they can’t keep up with taxes, insurance and maintenance costs.

• Some thought the loan was a government benefit for seniors that didn’t have to be repaid or was interest-free.

The BBB recommends you carefully consider all the pros and cons of a reverse mortgage. I’m sure Tom Selleck would agree.

Randy Hutchinson is president and CEO of the Better Business Bureau of the Mid-South and can be reached at rhutchinson@bbbmidsouth.org.