The Financial Post reports in its Tuesday, Nov. 5, edition that Statistics Canada data revealed that older households took on more mortgage debt in the second quarter this year compared with last year, with those aged 55 to 64 seeing a 6.5-per-cent increase and those 65 and older experiencing a 6.4-per-cent rise. The Post's Serah Louie writes that in contrast, households under 35 have consistently reduced their mortgage balances since late 2022. Experts suggest that high housing costs are pushing younger Canadians out of the market or leading them to sell, especially as their mortgages renew. Mortgage broker Marci Deane notes that older Canadians are not buying more homes but are tapping into home equity for cash. Additionally, data from the Office of the Superintendent of Financial Institutions show a significant rise in reverse mortgages, with over $8.5-billion in outstanding debt as of August, 2024, marking an 18-per-cent increase from the previous year. Mortgage Brokers Institute of British Columbia president Marci Deane says conversations around reverse mortgages have increased, with more financial planners gaining a better understanding of these products and clients in her area becoming more interested in exploring this option.