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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPat Robertson Advises Elderly Woman: Reverse Mortgages Are A ‘Good Deal’ To Help Pay ’700 Club’ Dues
TV preacher Pat Robertson on Tuesday advised a senior citizen who was a paying member of his 700 Club tele-ministry that a reverse mortgage was a good deal if she was having trouble making ends meet. 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.
I was thinking about a reverse mortgage but have my doubts, Maria wrote. What do you think? 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 dont have to pay it off, but somebody has to pay it off, namely the United States taxpayer, Robertson continued. So, its not a good deal for the taxpayers, but for most people its 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. Becoming a 700 Club partner starts at $240 a year for a basic membership. A Chairmans Circle membership runs $10,000 a year.
http://www.rawstory.com/rs/2015/01/pat-robertson-advises-elderly-woman-reverse-mortgage-is-good-deal-to-help-pay-700-club-dues/
Journeyman
(15,001 posts)Fawke Em
(11,366 posts)I knew it the minute I saw your post.
Journeyman
(15,001 posts)Faux pas
(14,582 posts)con man keeps on a connin'.
oberliner
(58,724 posts)Monthly audio teaching tapes
Monthly Conference Calls with Dr. Robertson or a CBN Executive
Personal CBN Prayer Partners
An attractive Chairman's Circle pin.
Now that is money well spent!
big_dog
(4,144 posts)more like the 'CBN Executive' of the fundraising department
Initech
(99,909 posts)Initech
(99,909 posts)oberliner
(58,724 posts)Who's laughing now?
Initech
(99,909 posts)oberliner
(58,724 posts)Check it out:
When you join the CBN Chairman's Circle for a gift of $10,000 ($834 a month) or more, you can be sure that your hard-earned money will be used to reap the best results with the utmost impact.
http://www.cbn.com/partners/chairmans_circle.aspx
underpants
(182,271 posts)Jerry had his young members go door to door and have, mostly old widows, to sign their houses over. He borrowed money against those assets. He also took their jewelry to, you know, help the church.
Blue Owl
(49,906 posts)Sign up for your reverse mortgage today and get this free bottle of snake oil!
Don't wait, act now!
MohRokTah
(15,429 posts)TheCowsCameHome
(40,161 posts)Not you, Robertson, you fucking charlatan.
Coventina
(26,844 posts)Go home, Pat, you're senile.
Contrary1
(12,629 posts)I watched the video. "They will not take your house away from you as long as you are alive and live in it" is what he said.
I am no fan of Robertson. In my opinion he should be in prison.
Having said that, it would be a refreshing change if "reporters" spent an extra minute or two, and made sure their articles were accurate.
3catwoman3
(23,812 posts)As an aside, I am about to be 64. I object strongly to 67 being characterized as "elderly."
Vinca
(50,168 posts)I'll be 66 soon and I AM NOT "elderly." (Although senility is a convenient excuse when you forget something or someone. LOL.)
REP
(21,691 posts)My mother had one. Fortunately the amount she had taken out was low enough I could pay it within the 30 day window after she died (I could have had another six months to pay - with interest - had I needed to arrange financing). Since these things are financed at 150% of assessed value and there are two liens, the bank and HUD, if the homeowner outlives the first lien and draws on the second, it does become more expedient to let the mortgage company foreclose.
Borrowers are required to go through extensive counseling before taking out a reverse mortgage, but in some situations, it's not a terrible thing. It is a terrible thing if the only expense that needs to be cut to avoid one is giving money to the 700 Club.
My mother was 79 when she took hers out and died before the first full year of that loan. She wasn't planning on dying that fast, but the extra money did make things easier for her. If she had lived as long as she'd planned to, I would've be fine with no inheritance if it meant she got to remain independent.
Panich52
(5,829 posts)Just recently read story about woman thrown out of her house by a shady reverse mort company. If counseling is fed law, her state doesn't do adequate job at it - or ignores who's dealing w/ those counseled.
REP
(21,691 posts)Just because someone receives the counseling and the information packet (that's more like a book), no one can be forced to read the material or do their own research. My mother spent a year researching these loans and lenders before taking hers.
RichGirl
(4,119 posts)...in a law office in Northern Neck Virginia. She said they had old people come in all the time...people who had children and grandchildren and they would change their will to leave everything they had to 700 Club! It made her sick to have to type those things up. Robertson is a criminal.
hifiguy
(33,688 posts)for shit like this. Nobody knows how to scrape through the bottom of the barrel to the scum underneath better than a teevee "preacher."
lunasun
(21,646 posts)Tsiyu
(18,186 posts)Which begs the question:
Which is the bigger racket, war or religion?
What kind of greedy mother fucker tries to fleece money off of a financially struggling woman? When he is worth so much? Talk about your seven deadly sins.
But, go Jesus people. I gotta hand it to you: you make Wall Street look good.
Initech
(99,909 posts)One enjoys tax exempt status (but repeatedly abuses the privilege). The other pays next to nothing in taxes thanks to backdoor loopholes and overseas dodges, and both rake in billions every single year. .
Initech
(99,909 posts)Seriously I watched the Cash For Gold episode of South Park and that scene where Stan calls the Home Shopping Network and gives them shit for exploiting the elderly, I really wonder what would happen if someone were to call The 700 Club and give Pat Robertson similar shit for the same thing.
KamaAina
(78,249 posts)to exempt their church contribution from their bankruptcy!
Initech
(99,909 posts)LibertyLover
(4,788 posts)they would be cut off as soon as their sentiments were obvious and not allowed on the air. Robertson's show and all the religious "give me your money" shows have a delay on them so that dissenting calls can be deleted before,they make it on screen.
Rex
(65,616 posts)That would require some sort of self-reflection mode and we all know that Pat only has 3 emotions - anger, fear and greed.
backscatter712
(26,355 posts)This is as evil as evil gets!
pansypoo53219
(20,906 posts)Gidney N Cloyd
(19,780 posts)Tierra_y_Libertad
(50,414 posts)I guess we won't get that cloudside condo in heaven.
NoJusticeNoPeace
(5,018 posts)ass you motherfucker
(talking about Robertson of course)
RKP5637
(67,030 posts)devil comes in many disguises!
RKP5637
(67,030 posts)Plus, he's delusional.
notadmblnd
(23,720 posts)why doesn't this greedy bloodsucker die?
napi21
(45,806 posts)Anyone who is honest with their financial advice will tell you a reverse mtg. is a terrible idea, of for no other reason than their fees are HORRID!
I happen to be in the age category to be able to do something like that, and my house is paid off, but it's the last thing I would ever do. I feel sorry for the fervent listeners of the 700 Club who will fall for this BS because they trust Pat.
aint_no_life_nowhere
(21,925 posts)If that lets you ram a prickly pear cactus up Robertson's butt every day, it just might be worth it.
Rex
(65,616 posts)I really do hope that his god and his devil exist, so that he can live for eternity in miserable conditions in Hell. It is exactly what he deserves.
Rhinodawg
(2,219 posts)Response to big_dog (Original post)
unblock This message was self-deleted by its author.
geomon666
(7,512 posts)I've got my dancing shoes on. It's going to be the end of the Empire after ROTJ. There's going to be music, dancing, and fireworks all over that motherfucker's grave.