What do you mean about the 3 head bolts losing torque?  First, you must discern whether the system is leaking coolant or burning coolant.  If it is leaking, you will see fluid under the car.  If it is burning coolant, you won't.  If it is leaking coolant, it could be the radiator itself, the hoses, heater core or the water pump itself.  If it is burning coolant, it is a compromised head gasket. 

Apparently, this is a common failure for this engine.  Toyota addressed it with T-SB-0015-11.  The bolts strip out of the aluminum block.  The repair requires installing Time Sert threaded inserts in the block and re-installing the cylinder hear.  This is about a $3000 job, and unfortunately, most 20 year old Camrys just aren't worth it.

Not necessarily. 

I would get it pressure tested to see if the failing head gasket is the case or if it's something simple like a water pump or a bad hose.  Any good mechanic will be able to tell you. Me personally, I love this kind of stuff and I would go pull the head, have it rebuilt, install the Time Serts on all 10 head bolt holes and reassemble to engine using ARP head studs with a new gasket kit.  Then, I'd get at least another 200,000 miles out of it for not much money.   But that's because I do the work myself and the only main expense to me would be having the head rebuilt at the local machine shop. 

So is that Tsp a warranty because I bought the car a used 1 ago for $1500 should I get it looked at by my Mechanic for the radiator and hoses and stuff.

Can't hurt, except your wallet.

Sure, get it looked at especially if the car overall is in decent shape. Ya gotta remember its 20 years old/220k. Things DO eventually fail but it could be a minor fix.