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)
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