2 These rates only apply to certain transactions within Equitable Bank’s lending guidelines. Rates and conditions subject to change without notice.
What does APR mean?
3 APR means the cost of borrowing expressed as an annualized interest rate for the Interest Rate Term, based on the Initial Advance Amount, interest and any applicable fees. The APR figures above are based on the following:
- A mortgage amount of $150,000 and the accumulated interest for the applicable interest rate term; plus
- a set-up fee and a closing fee (varies by province); and
- all funds drawn as an initial advance; and
- no prepayments
4 Rates shown apply to new reverse mortgage originations only and are subject to Equitable Bank’s lending guidelines. Rates offered at Interest Rate Reset may differ. All rates and conditions subject to change without notice.
5 Set-up fee is a one-time fee that is deducted from the initial advance.