Many Canadian baby boomers face the prospect of retiring while still making mortgage payment, according to a report released Thursday by TD Canada Trust.

Three-quarters of Canadian baby boomers say it is important that they pay off their mortgage before they retire, but less than half (44%) have paid off their entire mortgage, according to the report.

Of those boomers with a mortgage, one-third have paid off more than 60%, but one-quarter have a long way to go, having paid off less than 25% of their mortgage.

Alberta’s boomers are the most likely in the country to have paid off their mortgage in full. According to the report, nearly 60% of Alberta boomers have paid off their mortgage in entirety.

Farhaneh Haque, regional sales manager, mobile Mortgage specialists, TD Canada Trust offers this advice for boomers working to pay off their mortgage: “Talk to an expert about your home financing – you could pay off your mortgage faster with a different payment schedule, such as increasing your mortgage payment frequency from monthly to biweekly.”

IE