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

submitted 1 year 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

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[–] [email protected] 0 points 1 year 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...