Pat Robertson advises elderly woman: Reverse mortgage is 'good deal' to help pay '700 Club' dues

[Warning - the headline is a little misleading - Robertson's advice isn't all wrong. - Bozo]

David Edwards
27 Jan 2015 at 13:01 ET                  
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TV preacher Pat Robertson on Tuesday advised a senior citizen who was a paying member of his 700 Club teleministry that a reverse mortgage was a "good deal" if she was having trouble making ends meet.
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"I have been a 700 Club partner for many years," a woman named Maria explained in an email. "I am 67 years old and still working because retirement money does not cover our basic expenses."
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"I was thinking about a reverse mortgage but have my doubts," Maria wrote. "What do you think?"

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Robertson pointed out that a reverse mortgage prevented the bank from taking "your house away from you as long as you are alive and living."
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"You don't have to pay it off, but somebody has to pay it off, namely the United States taxpayer," Robertson continued. "So, it's not a good deal for the taxpayers, but for most people it's a pretty good deal."

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The televangelist recommended that Maria speak to a financial adviser, but added that, "it could be a good deal for you."
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Becoming a 700 Club partner starts at $240 a year for a basic membership. A Chairman's Circle membership runs $10,000 a year.
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