If you own a home in Guelph, often a goal is to have your mortgage paid-off by the time they reach 60. What I'm noticing in my mortgage practice is more and more people over the age of 55 require the assistance of a mortgage agent because they haven't yet paid their mortgage off.
There are a few consistent reasons that have come up recently on why a mortgage balance still exists (even after the age of 60):
- overspending on grandchildren (not wanting to let their own children know that they are having problems making ends meet on a retirement income, so the overspending happens on credit cards to "treat" grandchildren)
- unexpected job loss (given we're still in a recession, many older employees have been "let go" close to retirement. The unexpected job loss and the reduced income means a change in lifestyle, which is often a difficult transition)
If you're in this situation and are wondering what your next course of action is...please don't hesitate to contact me directly. I'll also be writing a few articles on this topic over the next week.
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