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

submitted 1 year ago by yads@lemmy.ca to c/personalfinancecanada@lemmy.ca

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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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[–] yads@lemmy.ca 3 points 1 year ago (1 children)

I'm Canadian. You're right that our mortgages are basically all adjustable rate mortgages as the longest we typically can lock a rate in is 5 years. However, you absolutely can pay it off. Some people just choose not to and keep extending their mortgage. There has to be more to the story like I said. It just doesn't make sense.

[–] Billy_Gnosis@lemmy.world 1 points 1 year ago

Thanks, wasn't sure I remembered it correctly.