Study after study suggests that Canadians are having a tough time paying off their mortgages, as debt levels continue to hit record levels year after year. Why?
Could it be that there are more opportunities to spend? Could it be that some people don't want to pay off their mortgages faster?
Or are some professionals advising alternate investment strategies, suggesting that paying off the mortgage is not the best financial strategy?
BIG MORTGAGES AFFECT RETIREMENT
Rebecca and Darcy are in their mid-50s and are starting to think about retirement planning; they would like to retire in the next five years.
One of their biggest hurdles is a $225,000 mortgage. Currently, their $2,200 monthly payment would have the mortgage paid off in 10 years.
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