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Mortgage Bytes

  • 66% of Canadians say it’s important to pay off their mortgage by the time they retire.  However, 37% of those age 55 and older still have mortgages averaging $80,331.  The typical Canadian has a mortgage of $105,557.  (Source:  RBC)
  • CHIPs aren’t cheap.  The current rate for a 3-year CHIP reverse mortgage is 8.40% plus closing costs.  Despite that, CHIP’s business grew 18% in 2006.  12,500 Canadians have taken out a total of $770 million in reverse mortgages in the last 20 years.  The average age of a reverse mortgage borrower is 72.  (Source:  TheStar)