Know Before You Borrow

Pat Robertson advises a 700 Club member during his show that a reverse mortgage is a "pretty good deal."

Pat Robertson’s Description Of How Reverse Mortgages Work Isn’t Accurate

As we’ve mentioned before, consumers contemplating taking out a costly reverse mortgage shouldn’t be swayed by what they hear on television, even if the person recommending the financial product happens to be well-known. Pat Robertson isn’t a financial advisor, but people do write to him seeking financial advice. Unfortunately for his many viewers who might be considering a reverse mortgage, he made some serious errors in a recent segment of his television program. [More]