Does the fact that lifespans are longer help you out as far as mortgage debt?
In a recent article in the Globe & Mail it suggested that time is on your side; meaning because lifespans are longer you may have less financial stress even when it comes to mortgage debt. People are living to 90 and pass.The writer proposes that there is not as great a need to figure out what your going to do career wise in your teens, to maybe take 4 classes a semester and work at the same time taking 5 years to get a degree in order to come out of school with less debt. Even if you buy your first home in your 40's you could be paid off in 22 years or less. By paying on a bi weekly accelerated basis you'll bring a 25 year amortization down to 22 years. And, I also advise my clients to contribute to your RRSP, if you can and it makes financial sense, than take the tax refund and make a lump sum payment annually to your mortgage. This will reduce the life of your debt substantially.
Here's the full article with a life expectancy tool by Sunlife included: