Personal Finance Canada

1167 readers

2 users here now

Come and discuss anything related to personal finance, directly or indirectly, with other Canadians!

founded 1 year ago

MODERATORS

[email protected]

Cautionary tale about not having a mortgage in retirement (www.cbc.ca)

submitted 11 months ago by [email protected] to c/[email protected]

3 comments fedilink hide all child comments

I feel for this guy, but something isn't adding up.

he has lived in this house for 3 decades
his mortgage is still so high, that the recent interest rate hikes have taken his mortgage payments from $1K to $2.6K

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 0 points 11 months ago

I was thinking the same thing. IMO, he either refinanced his home and/or used an HELOC, so that he could borrow some money based on the value of his house, which is why the amount he owed wasn't decreasing as fast as it should have. It would be nice to have a better financial profile in this kind of articles...