Recent headlines carried news that shocked many: "Mortgage Debt Continues in Retirement!"

The 21st Century has redefined "life after 65" to include sex and brains that can - and must - be taught new tricks, so why the shock that mortgage debt will be among the many elements of life that will be part of post - 65 decades of extended living?

The concept of retirement, that is, an end to meaningful, purposeful, independent life, was created for political reasons in the 1880s when few survived to 65 to enjoy the benefits of idleness. Now, life is a continuum of ages, stages, and styles, and active, independent living beyond age 100 is no longer news. Mandatory retirement has ended, and the need for income - generation throughout life increases.

Debt will be part of the future, for good reasons and bad. Gone are the days when parents and grandparents wait until they are dead to share their wealth with kids and grandkids. Mortgaging the family home to help adult children purchase real estate, start a business, or finance their children's education are common motivations. Home - based health care needs and failing investment income have become increasingly crucial reasons for dipping into home equity. Travel and enjoying life will be significant motivations, too, now that scrimping to leave a big estate is no longer the mark of a life well lived.

During extending living, the vital question has become, "If I don't spend my home equity who will?"

When you describe your future, or that of others, using the word "retirement," you are confusing yourself and everyone else. This concept is rooted in 19th Century ageism. Use the "R" word, and it's like calling your car a horseless carriage or your mp3 files, digital eight - track tapes. What are you really trying to say?

Debt in Perspective

If you'd like to learn more about late - life mortgages, the recently - released article "Retiring in Debt" in the Winter 2011 issue of the Statistics Canada publication, Perspectives on Labour and Income, has statistics galore. This article was based on data from the Canadian Financial Capability Survey published in 2009.

It's worth a look if you own real estate and have, or might have, a mortgage. Concentrate on comparing the patterns discussed to your approach to finances to reveal room for improvement. For instance, reportedly having mortgage debt, was a significant factor in the probability of holding consumer debt. That is, "homeowners are 1.4 times more likely to hold debt than non - owners, but not simply because of a mortgage. Overall, 37% of homeowners carry some debt, including 9% who have only a mortgage, 18% who have only consumer debt, and 10% who have both a mortgage and consumer debt. Overall, 28% of homeowners have some consumer debt compared with 23% of non - owners." What does that tell you about your debt patterns and financial intentions?

Late - life mortgage debt is considered to affect financial security. In traditional retirement, with it's reduced and fixed income existence, that was usually true. Since more and more individuals and couples seek out income-earning activities and ventures to enrich - financially and in every other sense - their lives, manageable debt may include tax and leverage advantages. As health care costs rise and pensions become rarities, debt may also represent preservation of valued lifestyles.

TIP: What homeowners want to do versus what lenders will allow is another factor here. If income drops, lenders can lower borrowing limits on lines of credit or deny renewal of existing mortgages. If you want to spend your equity, check into all terms and conditions in the lender's contract, not just the interest rate and repayment amounts.

Mortgage Context: Uncertain Economies

The economy will always introduce another level of uncertainty into your life. Sometimes it will expand your choices; sometimes it will undermine your plans.

At the 16th annual Mortgage Forum 2011 held in Toronto on November 21, CBC's Senior Business Journalist Amanda Lang of "The Lang & O'Leary Exchange" led an economic roundtable of chief economists from 4 of Canada's leading banks to address global instability issues related to the fact that "Canada remains an island of stability."

Published: November 29, 2011

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Futurist and Strategist PJ Wade is "The Catalyst" - intent on "Challenging The Best to Become Even Better." PJ earned this title by translating the dynamic impact of Boomers and their multi-generation families into relevant insights that start people thinking and taking action—in business and in life. Author of 8 books and more than 1800 published articles, PJ encourages individuals to become their own futurist. PJ writes and speaks about the insight, knowledge and solid decision-making skills that professionals and their clients need to live and work in this vortex of change. For instance, since PJ knows that home is headquarters for the new decades-long "unretirement," she wrote the popular book "Reverse Mortgages: Best Friend, Worst Enemy...Your Choice!", which is filled with suggestions and cautions on protecting, building and managing home equity. Her new business book, "What's Your Point?: Cut The Crap, Hit The Mark & Stick!" will be published in 2012. As The Catalyst, PJ provides strategic communication, client appreciation and advanced education services to the financial, tourism, lifestyle and service sectors - and the clients they serve. A frequently-quoted financial and business commentator, PJ is a thought-provoking strategic speaker who offers practical, real-life suggestions on leaving "the box" behind and embracing Forward Thinking - a talent she regularly demonstrates in this column. For more on keynotes, blogs, books and information on a range of 21st-Century topics, visit TheCatalyst.com.