Get a reverse mortgage with Equitable Bank
What can a reverse mortgage do for you?
A reverse mortgage gives you access to the equity that already exists in your home, turning a portion of it into an additional source of cash—tax and payment free. This financing solution allows you to enjoy your lifestyle and focus on your priorities, like paying off debt, covering everyday expenses, making renovations, and supporting your family—all while retaining ownership of your home, and making no payments until the mortgage is due.
You may be eligible for a reverse mortgage if:
You are Canadian, and are aged 55 and over
You live in a major urban centre in British Columbia, Alberta, Ontario, or Quebec
You live in your home for more than 6 months per year
Your home’s value is at least $250,000
All title holders of the residence apply as joint borrowers
Your guidelines include:
Benefits of a reverse mortgage
A reverse mortgage can help you maintain your financial independence while keeping your family’s future in mind.
- Tax-free cash
- No monthly payments
- Flexible advance and repayment options
- Retain ownership of your home
- No negative equity guarantee*
Discover the possibilities
Provide your details below to download our reverse mortgage brochure and discuss the benefits with your family today.
Reverse Mortgage Rate
Reverse Mortgage Rate Information
- The interest rate displayed is dependent on the interest rate term selected in the drop down menu.
- The Reverse Mortgage Prime Rate (P) is the annual rate of interest that is established from time to time by Equitable Bank, at its discretion, as a point of reference.
- An adjustable interest rate term consists of the Reverse Mortgage Prime Rate plus or minus an adjustment factor and varies automatically if and when the Reverse Mortgage Prime Rate changes.
- Interest is calculated and charged daily based on the daily equivalent of a fixed or adjustable interest rate, compounded semi-annually (for a fixed rate) or monthly (for an adjustable rate), not in advance.
- Rates are subject to change at any time without notice.
Reverse mortgage vs. Line of credit
When it comes to lending options, your choice depends on what matters to you most. Unlike a reverse mortgage, a line of credit may require payments and significant amounts of verifiable income for qualification. If you’re looking to access tax-free cash, with plenty of repayment options, a reverse mortgage might be the better option.
Considering a reverse mortgage is part of a larger financial decision when it comes to your home and your family. As you discuss this option with your loved ones, you’ll be better prepared to make a decision that’s right for you.
How much can you get with a reverse mortgage from Equitable Bank?
Now that you’re more familiar with how a reverse mortgage could meet your needs, see how much you may be able to access with our easy-to-use calculator.
More on What You Can Discuss with a Mortgage Broker or a Reverse Mortgage Specialist from Equitable Bank
They can work with you to:
- Calculate your maximum eligible loan amount
- Determine whether you want a one-time advance (an Initial Advance), Single Advances and/or Recurring Advances
- Determine whether a fixed or adjustable interest rate would be better suited to your financial needs and select the interest rate reset term
- Outline your ongoing property-related expenses
- Walk you through the process of changing your mortgage type and interest rate term in the future
More on Your Maximum Eligible Loan Amount
Reverse mortgage calculator
More on Types of Advances
You can opt to receive a one-time advance (an Initial Advance), Single Advances and/or Recurring Advances. Having the flexibility with how you receive your funds is important.
If you would like to take your maximum eligible amount as a one-time advance:
- That means you would be taking all your funds upfront
- You’ll need to decide on an adjustable or fixed interest rate term
- You may have access to lower Lump-Sum rates
If you decide not to take your maximum eligible amount, you have options for the remaining funds (keep in mind there's a minimum initial advance of $25,000):
- You can choose between adjustable and fixed interest rate reset terms
- Set up scheduled recurring advances
- Leave room to add single advances at a later date
- Are only available for an adjustable interest rate term
- Can be scheduled at any time for up to 20 years
- The minimum advance amounts vary by the frequency chosen:
- $500 monthly
- $1,500 quarterly
- $3,000 semi-annually and
- $6,000 annually
- Are subject to the adjustable interest rate in effect at the time of each advance
- Are available for adjustable and fixed interest rate terms
- Can be disbursed on request any time after closing
- The minimum advance amount is $5,000 (or the whole remaining amount if less than $5,000)
- May be subject to a blended interest rate for fixed interest rate terms
Seniors are often overlooked in the realtor community. Click below to learn how a reverse mortgage may be the solution for your clients.