HELOC

Research completed by HomEquity Bank and compiled in “The Home Stretch” states that a review of debt and home ownership among Canadian seniors indicated that 91 percent of Canadians over 65 prefer staying in their home throughout retirement. At the same time however, 78 percent have savings and investments, and only 40 percent of those have less than $100,000 set aside.

In this study by HomEquity Bank using Equifax data, it shows that among Canadian seniors, 15% still carry a mortgage, 30% carry unsecured lines of credit (LOC) and 10% have a home equity line of credit (HELOC).

Is there another option?