Access your home equity in tax-free cash. Stay in the home you love, and make no monthly payments.
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Find out how much you may be eligible to borrow:
In Canada, a reverse mortgage is a type of loan that is secured against your principal residence. This financing solution gives you access to tax-free cash with no mandatory ongoing payments.
You’ll continue to own and live in your home, and you’ll never be forced to move or sell your property, as long as:
You can use a reverse mortgage for things like:
Interest is calculated on the outstanding balance of both principal and interest throughout the life of the loan. The outstanding balance will increase accordingly over time.
Your reverse mortgage must be repaid when the last remaining homeowner leaves the home, which generally happens through sale of property where the proceeds are used to pay back the loan.
As long as you meet your mortgage obligations, Equitable Bank guarantees that you will never owe more than the fair market value of your property where Fair Market Value is 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.
The application process for an Equitable Bank Reverse Mortgage is simple and straightforward. Here’s how it works:
Get your free quote and start the process online fast—zero pressure, zero obligations.
A member of our team will reach out to help with any questions you have. In the meantime, find answers to common questions here.
Make an informed decision using our funding and Independent Legal Advice resources.
No payments are required until the last homeowner leaves the home. Find out how repayment works here.
As Canada's Challenger Bank™, Equitable Bank has grown to become the country's ninth-largest Schedule I bank.
Through our proven branchless approach and customer service focus, we provide Canadians with residential lending, commercial lending, and savings solutions.
Here’s where a reverse mortgage with Equitable Bank wins:
Currently the lowest reverse mortgage rates in Canada1
Lower rates and prepayment charges mean you preserve more home equity over time1
Flexible product: Take your funds how you want, when you want
Top-quality, no-pressure service
A bank you can trust: Managing almost $36B of loans in Canada and publicly traded on the TSX
Talk to a Reverse Mortgage Specialist at Equitable Bank today—we’re happy to walk you through it.
You could use the funds to cover daily expenses, home renovations, medical bills, in-home care, family needs, trips, or help a relative with a down payment, it’s up to you.
We also offer a range of home-financing solutions. You can work with a mortgage broker to find a plan that works for you.
Interest payment - Prepay any of your interest outstanding once per calendar month.
Principal payment - Prepay up to 10% of your principal once per 12-month period (starting from your initial advance).
After 5 years - Prepay in excess of 10% of your principal or the entire outstanding balance within 30 days of an interest rate reset date.
After 10 years - Prepay in excess of 10% of your principal or the entire outstanding balance at any time.
1Subject to certain conditions.
Any payments received will be applied first to fees and charges, then to interest before being applied to principal.
If you exceed your prepayment privilege, you will be subject to a prepayment charge and applicable fees.
The value of the reverse mortgage must be equal to or greater than the value of any loan secured against the property.
For example, a borrower who qualifies for 40% on a $500,000 home could access $200,000, provided any loans they have secured by the home are less than $200,000.
Since the Equitable Bank Reverse Mortgage is meant for long-term lending with no quantified term, the due date of the mortgage is established on the occurrence of the earliest of any of these events:
Technically, you can't "outlive" a reverse mortgage.
As long as you meet your mortgage obligations, like paying property taxes and home insurance, the amount you owe on the due date will never be more than the fair market value.
Although Equitable Bank is a Schedule I Canadian Bank—like RBC, TD and Scotiabank—it’s different from its peers in many ways.
One important distinction is that you’ll never see an Equitable Bank brick-and-mortar branch, as the Bank’s branding states we would rather build your savings than build bank branches. Instead, Equitable Bank offers its residential lending products through many of the 15,000+ mortgage brokers operating across Canada. If you’re interested in learning more about mortgage brokers, check out Mortgage Professionals Canada’s website. This industry association represents about 11,500 mortgage broker members and is involved in many important aspects of Canadian residential real estate. Read more
When it comes to any lending product, the mind commonly goes to two places— how much will I get and how much will it cost me?
This post will focus on the “how much will it cost me” part, since interest rates for reverse mortgages are often misunderstood, especially when compared to other lending solutions. Read more.
Give us a call. We can answer your questions—with no obligations.
Here are your next steps
Equitable Bank Tower
30 St.Clair Avenue West, Suite 700
Toronto, Ontario M4V 3A1
Toll Free 1-866-407-0004
Toll Free Fax 1-866-407-5859