Mortgages in Retirement
Earlier this month I wrote about prepaying your mortgage as it is good for your financial health. Coincidentally Royal Bank came out with athat had some very disturbing results.
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A third of older Canadians with a mortgage will carry debt into their 70's
This is not the way to spend your "golden years." A 2011 CMHC report revealed that 75% of new home buyers intend on making paying off their mortgages early. Hopefully the younger Canadians can do without the new vehicles, big screen TVs and bi-annual trips to Mexico and follow through on paying their mortgages off early.
