Jesus loves you, and he needs money: Televangelist Pat Robertson tells an elderly woman with financial problems a reverse mortgage will allow her to continue to offer financial support to his ministry.
On Tuesday’s 700 Club, Robertson read and discussed an email sent by an impoverished senior citizen named Maria who was having a hard time making ends meet while financially supporting Robertson’s 700 Club. Maria writes:
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?
Robertson was all in favor of the reverse mortgage, because, you know, Jesus needs more money. In his response to Maria, 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.”
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.
The televangelist recommended that Maria speak to a financial adviser, but added that “it could be a good deal for you.”
While it is not surprising that Robertson is hustling an old woman for her last nickel, it is surprising that Robertson is uninformed about reverse mortgages. One would think a man with Robertson’s reputation for the love of money would have a firmer grasp on a financial instrument he advocates in order to suck the last bit of financial resources from his gullible flock.
For the record, the United States taxpayer is not responsible for paying off a reverse mortgage. Wikipedia reports:
A reverse mortgage is a home loan that provides cash payments based on home equity. Homeowners normally ‘defer payment of the loan until they die, sell, or move out of the home.’ Upon the death of homeowners, their heirs either give up ownership to the home or must refinance the home to purchase the title from the reverse mortgage company.