Sep 10, 2015

By Bob Komsic

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Mortgage debt among Zoomers is increasing across Canada.
For those 70 and older, it’s shot up 12% the last two years.
Zoomer poverty
That’s according to the just released results of a study, Debt in Retirement, by HomEquity Bank and Equifax.
Some of the key findings:
–Mortgage debt’s increasing fastest in the Greater Toronto Area
–16.5% of those aged 55 and older are carrying a mortgage – a 10% increase from 2013
–The average mortgage balance for Canadians 55 and older has grown 11% to $176,000
–The average mortgage balance is highest in the 55 to 60 age group at $189,000 and lowest for the 75+ group at $134,000
–Zoomers aged 71 and older with a mortgage have an average balance of $140,000
The senior vice-president of HomEquity Bank says she’s not surprised by the findings, adding they hear from struggling seinors every day.
Meanwhile, the CEO of Credit Canada Debt Solutions says, ”It’s shocking to find Canadians 71+ are still carrying hefty mortgages.”
Laurie Campbell says the study demonstrates a more relaxed attitude towards debt and ”this can jeopardize retirement.”
She says the best case scenario is to have ”your financial cards in good order in your early 50s and mortgage free by retirement.”
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