Bad advice?

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