A new study shows that today’s seniors are not selling up their family homes and downsizing to a retirement property; they want to keep on moving up! The exclusive survey carried out by Equifax for the Financial Post shows that the number of Canadians over the age of 75 with a mortgage is growing. The study reveals a 20 per cent increase of over 55’s with a mortgage in the past two years. In volume terms that’s 1.87 million, which is still relatively small. For over 75’s the average mortgage debt is $133,944, a rise of 11 per cent in two years.
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