Hours
9:00 AM - 7:00 PM
Locations We Serve
Ontario and the Maritimes!
Call Us
289-312-6333
TM Brand and info. website, and authorized name of Rewind Mortgage, a division of Lic. Mortgage Brokerage 11082191 Canada Inc.o/a ‘Broker It’ ON 13336 NS 2023-3000791 NL 24-07-110007 NB 240054445 PEI 727141681 www.brokerit.ca
Rewind - Reverse Mortgages in Canada
About Us
REPUTABLE LICENCED LEGITIMATE
'Rewind' (TM) is a Division of Licenced Mortgage Brokerage 11082191 Canada Inc.o/a ‘Broker It’ and an Info. site specifically for those 55+
Brokerage Licenced by provincial regulators in all province it operates in.
Brokerage a member in good standing with BOTH the Canadian Mortgage Broker's Association and Mortgage Professionals Canada
Brokerage Maintains Professional Liability Insurance.
REPUTABLE LICENCED LEGITIMATE
Rewind' (TM) is a Division of Licencd Mortgage Brokerage 11082191 Canada Inc.o/a ‘Broker It’
Licenced by provincial regulators in all province it operates in.
The brokerage is a member in good standing with BOTH the Canadian Mortgage Broker's Association and Mortgage Professionals Canada
Maintains Professional Liability Insurance.
'Rewind' (TM) is a Division of Licenced Mortgage Brokerage 11082191 Canada Inc.o/a ‘Broker It’ and is an information site for those 55+.
Brokerage Licenced by provincial regulators in all province it operates in.
The brokerage is a member in good standing with BOTH the Canadian Mortgage Broker's Association and Mortgage Professionals Canada
Maintains Professional Liability Insurance.
How our story started...
It's a statistical fact that seniors that live in their own home near or with family, friends and familiar places live longer, healthier and happier lives. They deserve that.
If you're looking after someone else.getting help is critical. Otherwise, your own health may suffer or you may not know how to adequately meet the needs of looking after the person properly.
If you don't have a family support network or the 'know-how' to meet someone's specialized medical needs then you need the financial means to afford help. You can't go it alone. But you can do it !
When my mother-in-law was 91 she was still driving, and living in her own home when she suffered a stroke. We insisted she move in with us and learned very quickly how challenging it can be to look after the needs of the elderly, in the dignified manner they deserve, and still keep the wheels of life moving.
At that time I was a Director of Mortgages at one of the 'Big Banks' and quite frankly unhealthy, overworked and most definitely under-appreciated. l left that job. Then my wife and I set out to figuring out how to care for my mother-in-law (and ourselves) and arrange for help to look after her properly.
We had visited care homes in the past and were appalled. Not only were they expensive ($5000-7000/mo.), but sometimes the elderly would only see another human being a few brief times a day. I believe one can literally die of loneliness there. We weren't going to do that to her. We chose the more challenging path and it was worth the extra effort.
You have to be ready to look after yourself AND your loved ones. It's basic triage.
You can't count on anyone getting into a retirement home or care facility even if you can afford it. There are tens of thousands on waiting lists already. If you get a spot, chances are it won't be in your city.
If you own a home and you are over the age of 55 and own your home use it to buy some help and make your home work for you. Whether it be hiring a personal care work, gardener, house cleaners or meals cooked for you it all can be manageable.
There are pitfalls to choosing the wrong reverse mortgage lender, product. How do you choose? Expert help.
Several regulated Canadian institutional lenders now offer different reverse mortgage products to meet different needs. It's hard to choose wisely. If you are shopping directly to any one of the reverse mortgage lenders, you are only being offered their products. Reverse mortgages.
But here's the thing; a reverse mortgage might not even be the right product for you and how would you know? And what if you don't qualify for a bank mortgage? There are lots of other great mortgages out there.
But just like reverse mortgages, you want make sure you're dealing with a broker that has experience with these niche mortgages. In fact, you need a special license to sell these products.
It's the last major financial decision you will make. Don't guess or try to figure it out alone.
Expert advice doesn't cost extra if you are talking to the right expert.
We provide clear independent information on Canadian Reverse Mortgages to help you make suitable decisions. If and when you are ready to proceed a licenced Agent will provide advice and help you every step of the way.
Best regards,
Peter Fabry B. Comm.
Licenced Mortgage Broker and Financial Services Underwriter
289-312-6333 [email protected]
PS and FYI - you will ALWAYS IN EVERY CASE get independent legal advice from a lawyer you choose (it is mandatory actually). They are part of the process for YOU to ask questions, make sure you understand everything, with no one else pressuring you.
About Peter Fabry
With over 25 years as a Licenced Broker specializing in Alternative Mortgage Financing I have the tenure, experience and commitment to provide tailored financing solutions for my clients: now and tomorrow, as your needs change.
Yes, I also fund mortgages with banks, but I know how to get past challenges i.e. right solution, most suitable product. One in three Canadians cannot get a mortgage approved with their Bank.
Graduate: University of Guelph: B.Comm. Economics / Finance
Graduate: Seneca College. Financial Services Underwriting
Graduate: Canadian Securities Institute + Conduct & Practices
Former Bank Director (Mortgage Compliance, Broker Supervision, Principal Broker)
Licenced with Provincial Regulators
I enjoy family & home life: growing food, gardening, reading, home renovations, cottage time up north in summers as well as travelling and spending time with my best friend (my wife Irene).
Every day includes espresso and great food made with the most important ingredient…
Who are we?
Our licenced & affiliated mortgage brokerage maintains this separate website to provide information on the many reverse mortgage solutions and other options specifically for Canadians 55+.
No one lender is a "one stop shop". The more information you have the better your decisions.
How to Apply
To determine how much
you may qualify for,
contact us at (289) 312-6333
or fill in our Free Estimate Form..
A licenced Agent will always call you, go over your needs and circumstances and discuss if a reverse mortgage is right for you.
Why talk to us?
There are several regulated reverse mortgage lenders in Canada, offering many different products. Our brokerage helps you choose the product that's most suitable for your needs.
We don't charge a a fee and neither does our brokerage when arranging your reverse mortgage.
Why wait?
Apply before you need to: access to your equity later when you need it!
You don't have to use all of the money that you are qualified to access from your home right away.
You can take a little now, or a little every month or you can save the bulk of it for a rainy day… an emergency when you really need it.
So why wait to set it up? Put it in place while you're in a no-stress situation and where it feels good to know that you have something you can fall back on.
Frequently Asked Questions
What is a Reverse Mortgage?
Reverse Mortgages allow Canadian homeowners to convert a portion of their home's value into tax-free cash, with no regular mortgage payments until they move or sell or the last homeowner passes away.
Unlike regular mortgages or even Home Equity Lines of Credit where you must normally qualify on a higher income and credit threshold, with reverse mortgages qualifying is more straightforward, making it a more accessible option for older homeowners. Generally, you need to show that you can keep up with property taxes, condo fees and home insurance.
Are there any costs for a reverse mortgage?
The expenses associated with a reverse mortgage depend on its type. These may involve lender fees, charges for independent legal advice, and the cost of a home appraisal.
We do not charge fees. The brokerage is paid by the lender just like any other commissioned salesperson. The benefit of using our brokerage is that we help you choose the best lender and the right product from the numerous products available in Canada today.
What are the interest rates for a Reverse Mortgage in Canada?
Rates vary based on the product you choose and your qualifying lender. For example, if you want more money upfront the rate might be different than if you want money spread out each month over time.
During the approval process a Mortgage Specialist will fully explain interest rates, fees ensuring transparency & no hidden costs. For a quick overview, fill in your contact information and you can normally be provided with a quote within 24 hours.
How old do I have to be for a Reverse Mortgage in Canada?
To qualify for a reverse mortgage in Canada, factors considered include your age, being a Canadian homeowner, the location and type of home, the appraised value, the home's condition, and the amount of home equity.
How do I apply for a Reverse Mortgage?
The process is straightforward and convenient! Provide basic information, including your home's approximate value, type, address, and age and gender.
To initiate the reverse mortgage application process, simply fill out our Free Estimate Form online or call us at (647) 499-8574 to speak with a reverse mortgage specialist to apply over the phone.
When and how do I repay my Reverse Mortgage?
Reverse Mortgages offer the flexibility of no regular payments until you move or sell your home or the last homeowner passes away. However, you can make payments if you want to, so that interest doesn't accrue.
Repayment, including the borrowed amount & accrued interest, can be done at any time, potentially incurring a prepayment charge. Typically, customers use proceeds from selling their homes to settle the reverse mortgage.
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