Did you know that we can do reverse mortgages too? We can! In fact, we have launched our reverse mortgage website here: www.livewithdignity.ca. We have been doing “regular” mortgages for over 25 years at Robert Floris’ Mortgage Architects office located in Hamilton, Ontario on the East Mountain. These mortgages have mostly been refinancing for  debt consolidation or mortgages to purchase a home. Reverse mortgages are different. They serve a very important purpose and with our track record of trust and loyalty, you can trust us to tell you if a reverse mortgage is right for you.

When do reverse mortgages make sense?

Reverse mortgages makes sense under the following conditions:

1. You are over 55 years of age.
2. Your home is mortgage-free or close to it.
3. You would like to extract equity from  your home for some purpose either in a lump sum or instalments.
4. You have no intention of paying off the mortgage.
5. You do not want to make or cannot afford to make payments.

How it works

Essentially, a reverse mortgage is like any other mortgage. The big difference is that with a regular mortgage, the intention is to pay down the mortgage over time (example: 25 years). With reverse mortgages, you don’t make payments, but rather the payments are deducted from the equity in your home. This is very good news for a retiree who is living on a pension, having a hard time making ends meet and would like to remain in the home. However, that is not the only purpose of a reverse mortgage. They can also be used for investments or as a gift to a child or grandchild for their education for example.

The terms of reverse mortgages are not bad or scary. The mortgage interest rate that you pay is a little higher than a “regular” mortgage, but this pretty well justified. Consider that the bank has to wait in many cases 15 years before they will get their money back!

And a common myth of a reverse mortgage is that the bank will force you to sell your home or they will own it outright. This is absolutely false! They can never force you to move or sell.

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 <a href=”http://www.robertfloris.com/contact-2/”>here</a>.

If you would like to<strong> apply for a mortgage online</strong>, please follow<strong> <a href=”https://application.malink.ca:8112/App/MARC/FLORISR/en-ca/1896/d”>this link</a>.</strong>

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