Retirees racking up more debt

Retirees racking up more debt

Retirees racking up more debt Canada’s seniors are borrowing more according to HomEquity Bank and Equifax Canada. Mortgage debt is up 12 per cent over the past two years for those aged 70 and over, while the highest mortgage debt bracket is for 55-60 year olds with an average of $189,000. However for those over 65 who own their homes only 11.2 per cent have a mortgage, with an average debt of $142,000.