• Hamilton Retirement HomesHamilton Retirement Homes: There Are Cheaper Alternatives

    Are you the son or daughter of an elderly parent who is considering Hamilton Retirement Homes? Parents are resistant to such a move and would like to stay in their existing home? Are you a retiree who would prefer to remain living in your own home?

    You Are Not Alone

    If so, you are not alone. Many retirees and their children struggle with these decisions every day in Hamilton and in Canada when looking at Hamilton Retirement Homes in next phase of their lives. The good news when considering Hamilton Retirement Homes is that it’s not the only option for the retiree(s). If they are able to, if it is safe for them to remain in their homes, and if they wish to do so, reverse mortgages are an option to consider.

    Reverse Mortgage Stigmas

    There is a stigma attached to reverse mortgages which I would like to address here. First of all, reverse mortgages are not for everybody. But they are not as expensive or costly as it may seem. Consider the astronomical costs of Hamilton Retirement Homes. Reverse mortgages are also not dangerous as they may have been portrayed in the United States. In Canada, the reverse mortgagor is very well protected. You cannot lose your home. It remains yours, just as it would if you had a conventional mortgage on your home. The only difference is that the interest that you would normally pay on a mortgage is postponed until you sell your home or move.

    Reverse Mortgages: When They Are NOT A Good Fit

    Reverse mortgages are not a good fit for anyone who does not have a lot of equity in their homes. They are also not a good fit (or even possible) for young retirees. They can be an excellent option or alternative to Hamilton Retirement Homes for any retiree who is over the age of 55, who has a lot of equity in their home AND who does not have a lot of cash flow. For retirees who would prefer to remain in their homes in their retirement years rather than considering Hamilton Retirement Homes, they can be an excellent fit. I have not come across a single retiree who would not prefer to remain in their own home. Reverse mortgages make this possible.

    Please don’t hesitate to call or write below if you would like to check if a reverse mortgage is the right product for you.

    Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215.

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