Get tax-free cash with an Equitable Bank Reverse Mortgage

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 if:

  • You are Canadian, and are aged 55 and over
  • You live in a major urban centre in BC, AB, ON, or QC
  • You live in your home for more than 6 months per year
  • Your home’s value is more than $250,000

Benefits

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 Equitable Bank Reverse Mortgage brochure and discuss the benefits of a reverse mortgage with your family today.

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Choosing between a reverse mortgage and a line of credit

When it comes to deciding on a lending option, 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.

See how much tax-free cash could be yours

Now that you’re more familiar with the benefits of the reverse mortgage and how it could meet your needs, see how much you could get with our easy-to-use calculator. You can also locate a professional mortgage broker to help you learn more.

Equitable Bank Reverse Mortgage Rate

  • The interest rate displayed is dependent on the interest rate term selected in the drop down menu.
  • The Equitable Bank 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 Equitable Bank Reverse Mortgage Prime Rate plus or minus an adjustment factor and varies automatically if and when the Equitable Bank 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.

Get the facts

Some homeowners worry that a reverse mortgage means signing over their home to the bank, but that simply isn’t true—to learn more about the facts, browse our FAQs.

Ready for financial freedom?

Learn more about our straightforward application process here.

  • *As long as borrowers meet mortgage obligations, the amount they pay will never exceed the Fair Market Value of their home.
  • Fair Market Value: the amount that would be paid on the open market, on the applicable date, to buy the property, assuming there are no legal claims against the property.
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