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9:00 AM - 7:00 PM
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Ontario and the Maritimes!
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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
Why Us?
Why Us?
Access more Lenders.
Access more Money (up to 65%)
Promotional rates and discounts not available to consumers.
But most importantly...
Right product. Unbiased advice.
25+ years experience.
Saving the best for last...we never charge you a fee to arrange a reverse mortgage.
*Need more money than you were offered by CHIP Homequity Bank or Equitable Bank or Bloom?
We can offer you what they cannot...No Payment / Reverse financing up to 65% of the value of a home !!!
The first thing a Lic. Agent will do is determine if a Reverse Mortgage is your best available option. MAYBE it's not.
Maybe it is... but you got a quote directly from only one Reverse Mortgage Lender and it's a wrong / inferior product.
A Lic. Agent at our full service brokerage has access to ALL of Canada's mortgage types.
If there is a more suitable option available to you WE WILL TELL YOU and help you get it.
Retire Early
Enjoy life now with confidence. If you are ready to stop working let's eliminate the monthly mortgage payment that's holding you back.
Buy a 2nd Property
Maybe you are downsizing and want to buy now before you sell your existing home or maybe you wish to buy a cottage or vacation property.
Renovate your Home.
Perhaps finishing your basement and putting in a separate entrance will allow you to rent it out and increase your income for the long term.
Care For A Loved One
Pay for long-term care for a loved one without having to sell your home to cover the expense. Sell your home when you're ready not because you need to.
Leave Investments Invested
Cashing in investments may trigger significant capital gains taxes. Why lose future gains or income when you can access equity tax-free from your home.
Emergency Money
Health emergencies can be expensive. Set up a reverse mortgage as a line-of-credit so the money is there when you need it, withut interest until you use it.
Frequently Asked Questions
Canadian reverse mortgages are different. They are designed so that you (and your estate) always maintain ownership of your home.
Learn more about what is known as the "No Negative Equity Guarantee": never owe more than your home is worth.
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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