Lying Charlatan Pat Robertson To Struggling Senior: Get Reverse Mortgage For 700 Club Dues (VIDEO)

That lying charlatan and so-called “Christian” televangelist Pat Robertson has shown us the Mark of the Beast, and apparently, it’s a dollar sign.

Raw Story reports that on Tuesday, a long-time fan and supporter of Robertson’s so-called ministry called in to his 700 Club show to ask for advice. This struggling senior explained that she’s considering getting a reverse mortgage because her job and retirement income aren’t enough to make ends meet.

I have been a 700 Club partner for many years. I am 67 years old and still working because retirement money does not cover our basic expenses. I was thinking about a reverse mortgage but have my doubts. What do you think? — MARIA

Wait a minute. 700 Club partner? That means “Maria” pays at least $250 a year to do her little part towards keeping Robertson’s net worth at the lofty $200 million to which he has grown accustomed. You’d think a true Christian who cares for his flock would say something along these lines:

“Thank you for your faith and for supporting my ministry all these years. But at this stage of your life, I believe God would forgive you for adjusting your charitable giving. Plus, here at 700 Club we would never dream of charging low-income seniors to fully participate in our faith community…”

But, of course, Robertson would never say something like that. Instead, he advised “Maria” to look into getting a reverse mortgage because they’re such a “good deal.” Obviously, Robertson hasn’t seen the news lately.

“Here’s the deal on reverse mortgages. They will not take your house away from you as long as you are alive and live in it.”

Well…That’s mostly true. But only recently. Huffington Post reports new regulations make it much harder for banks to toss Granny out on the street than it was back in 2008. Using their homes as collateral, seniors can get monthly payments or sometimes a lump-sum payment up front, and the bank doesn’t take the house until they — as Robertson so delicately puts it — “leave.”

“When you do…uh…leave, you don’t have to pay it off, but somebody has to pay it off, namely the United States taxpayer. So, it’s not a good deal for the taxpayers, but for most people it’s a pretty good deal.”

We sure hope “Maria” reads the fine print. Here’s the video:

The problem with Robertson’s advice on reverse mortgages.

Watching Robertson shed crocodile tears for US tax payers while beckoning Maria further into his lair of debt is mildly amusing. But really, Robertson has no business giving financial advice. Sure, he works in that disclaimer about talking to a financial adviser. But any sales person knows that’s not the message Maria will take away. Maria and her fellow 700 Club “partners” look up to Robertson and will likely see this as Jesus’ seal of approval for reverse mortgages. #ThanksObama.

Alas, reverse mortgages still have their pitfalls.

Visa’s Vice President Jason Alderman explains in his Huffington Post article that reverse mortgages work better for older seniors as either a last resort, or as part of an overall estate planning strategy. Why? Because a still-young, active and healthy 67-year old like “Maria” is likely to outlive her home’s equity. Although the bank won’t foreclose after paying Maria the value of her home minus fees and points and interest and other charges, they won’t send any more payments either.

And what will Robertson do to help Maria when that happens?

Oh, and if the lack of reverse mortgage payments leaves Maria unable to cover taxes and repairs (as required by the loan agreement, home owners association, and/or local ordinances), she can still lose that house. If Maria gets sick and winds up in the hospital for six months, that could also violate the terms of her reverse mortgage (the terms usually require continuous residence).

When Maria, erm, “leaves,” the bank can no longer evict her spouse. But it gets more complicated if Maria has a wife (unlikely for a 700 Club partner, but you never know), or if one of her adult children moves in to take care of her and suddenly winds up with nowhere to go.

Reverse mortgages can offer a lifeline for struggling seniors, but they’re not for everyone and they require careful, long-term planning.


Featured image: Video screen grab, Raw Story.