• Retirement Home: Is There A Better Alternative?

    February 12, 2020
  • retirement homeRetirement Home: Is There A Better Alternative?

    Have you every thought about where you will live when you retire? You’ve probably heard that it is very expensive to live in a retirement home and you’re right! There are also some horror stories about the service you receive and the conditions. You really get what you pay for!

    So what are your options?

    One option to strongly consider as an alternative to a retirement home is a reverse mortgage. How does a reverse mortgage work? It works like any other mortgage. Normally when you refinance your home, you receive a lump sum amount, and you make regular payments to pay it off over times (i.e. it is amortized). With a reverse mortgage, you don’t make payments. The interest accrues over time and the bank gets paid when you move or sell the home. The rate is a little bit higher than a regular mortgage, but that tradeoff for having no payments.

    Funny Story

    There is a guy in the United States who realized that it would be cheaper to live in a Holiday Inn for his retirement years than to pay for a retirement home! In the United States, the average retirement home costs around $188/day whereas with the senior’s discount and long term stay, the Holiday Inn was costing him $60/night! This also came with a free breakfast, happy hour, pool, spa, laundry room, complimentary toiletries!

    Let’s get creative in our retirement!!

    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. Alternatively, you can contact Robert here.

    If you would like to apply for a mortgage online, please follow this link.

    If you would like to see our Google reviews or leave one yourself, you can do so here.

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