If you want to have a mortgage in retirement, be prepared to make some big sacrifices
Maybe we shouldn’t be all that surprised that mortgages based on a 25-year payment schedule are now part of our retirement picture.
It could be worse. Amortizations were as high as 40 years before former finance minister Jim Flaherty limited the length of loans with government-backed mortgage insurance. But even at 25 years, that means holding debt in retirement if you take on a new mortgage passed age 40 which is increasingly common in Canada.