Posted by Sherwood Mortgage Group
on 25 September 2018
While consumer debt growth has slowed overall, Globe and Mail finance columnist Rob Carrick says that the really concerning growth trend is the rise of mortgage debt among seniors.
According to a TransUnion report, new mortgages borrowed by seniors between the ages of 73 and 93 have risen by a whopping 63 per cent year-over-year. According to Carrick's sources, this astonishing rise is due largely to seniors capitalizing on home equity through reverse mortgages.
Though he says ...