A recent Financial Post article reveals that nearly one-third of Canadians are entering retirement still carrying mortgage debt—a significant shift from previous generations who typically aimed to be mortgage-free by retirement. This trend underscores the evolving financial landscape for Canadian retirees. You can read the full article here: Almost a third of Canadians retire with a mortgage.
At Luminus Financial, we recognize the challenges this presents and are committed to supporting our members in navigating these complexities. Whether you’re approaching retirement or already enjoying your golden years, carrying mortgage debt can impact your financial flexibility and peace of mind.
Understanding the Shift
The traditional goal of entering retirement debt-free is becoming less attainable for many Canadians. Factors such as rising housing costs, extended amortization periods, and life events like supporting adult children or dealing with unexpected expenses contribute to this shift.
How Luminus Financial Can Help
We offer personalized financial products and services to help you assess your current situation and explore options to manage or reduce your mortgage debt. Our solutions include:
- Mortgage Refinancing: Potentially lower your interest rate or adjust your payment schedule to better fit your retirement income.
- Home Equity Lines of Credit (HELOCs): Access funds for necessary expenses while maintaining manageable repayment terms.
Take the Next Step
If you’re concerned about entering retirement with mortgage debt, we’re here to help. Contact Luminus Financial today to schedule a consultation with one of our experienced Member Service Advisors. Together, we can develop a strategy to enhance your financial security and ensure a comfortable retirement.
