Dear Editor:
Pattie Lovett-Reid, a formerly respected financial adviser who has been a popular guest on talk shows as a financial expert, has gone over to the other side.
An ad appearing regularly on CBC TV has Lovett-Reid promoting the “Chip” reverse mortgage program to homeowners, citing up to 55 per cent of a home’s value in cash for those owners over age 55.
She makes no mention, however, of the accumulating 7.9% interest that, over time, can decimate the value of a property.
Those years will inevitably involve aging into retirement and beyond 65. Seniors are vulnerable to costly accommodation and medical requirements. Home ownership provides a way to secure finances that ensure stability through our final years.
Where will Lovett-Reid be in her future? Enjoying the monster commission she has earned from the fruits of our labour.
Arlene Callaghan,
Fergus