Retirees in Sydney are often still burdened by mortgage and other debts when they reach what are supposed to be their golden years of relaxation.

The reasons for this indebtedness may include high house prices, second marriages and entering the market later in life.

It is therefore essential for baby boomers – people born between 1945 and 1964 – to do the best they can to alleviate potential mortgage debt that may impact on their lifestyles once they pass the age of 65.

Homeowners concerned they will struggle to pay off the entirety of their home loan by retirement would do well to discuss their options with an experienced mortgage broker.

The Sydney Morning Herald writer John Collett asserted Wednesday (October 5): “Getting the mortgage under control is one of the key strategies that any good financial planner is likely to give to those who do not have many years left in the workforce.”

Some people may currently be in a stronger position than they realise – due to dependent children leaving the home, a recent pay rise or a change in other financial responsibilities or investments.

In this situation a broker could provide invaluable advice regarding how to structure a refinanced mortgage that takes advantage of the individual’s ability to make greater repayments.