Tapping The Home for Retirement Income: Should I Stay or Should I Go?
With many Canadians heading toward retirement carrying debt, those who own homes may be forced to turn to their lodging for extra income.
But some may not be eligible for home equity loans, leaving them with choices that include downsizing or a reverse mortgage. A recent survey on debt by Manulife Financial Corp. found that almost one in five Canadians expect to tap into home equity to top up their retirement income. 10% of the respondents said they plan to remain in their houses and borrow against home equity, while a further 8% are considering downsizing and using the extra equity