PATH Home Plan

Love your life and your home. Reimagine your financial security.

The PATH Home Plan can help you live a more comfortable life.

It’s an equity release (commonly known as a reverse mortgage) and turns a portion of your home equity into an additional source of cash – tax and payment free. Meaning you’ll have access to a dependable source of funds without the stress of any payments all while retaining ownership of your home.

If you’re a Canadian homeowner who’s 55 years old or over and live in a major urban centre in British Columbia, Alberta or Ontario, you may be eligible for the PATH Home Plan.

How do I qualify?

A broker will assess how much you’re eligible to receive from the PATH Home Plan based on your age, home value and property location.

How much will I get?

Get a preliminary assessment with our PATH Home Plan Calculator. It’s a tool we designed to help determine your approximate loan amount based on your age, home value, and other details.

How do I apply?

Walk through the process of what you’ll need to have ready before applying.

What’s the difference between Equitable Bank’s PATH Home Plan equity release and a standard mortgage?

The main distinction is that the PATH Home Plan is a long-term financing solution that requires no payments until the mortgage is due. It allows qualifying homeowners to convert a portion of their home equity into cash on a tax-free basis while remaining in their principal residence.

With the PATH Home Plan:

  • No interest or principal payments are required until the mortgage becomes due.
  • Full repayment of the mortgage is due when the property is sold or transferred, or when the borrower passes away, moves, or defaults.
  • Eligibility is determined using the borrower’s age and a percentage of the home’s appraised value.
  • Interest accrues until the mortgage is repaid, and as such, the home’s equity may decrease as the interest increases throughout the life of the mortgage.
  • It’s non-amortizing and there is no maturity date.

PATH Home Plan Rate

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

An Overview of your PATH Home Plan options

The way it works depends on whether you would like to take the amount you’re eligible for upfront as a one-time advance (an Initial Advance) or whether you’d like to spread it out over the years as Single Advances and/or Recurring Advances. Choosing your PATH Home Plan reverse mortgage should also be based on the mortgage type (fixed or adjustable rate) that works best for you.

Find out more about the types of advances.

Your PATH Home Plan in Three Steps:

1: Eligibility

Our decision and the size of the loan will depend on your home’s value and location, as well as the age of the youngest applicant.

2: Application

You will need to work with a mortgage broker, obtain a home appraisal and get independent legal advice. We also recommend you consult a financial advisor and discuss it with your family.

3: Advances

You can choose between a one-time advance (an Initial Advance), Single Advances and/or Recurring Advances. A mortgage broker can help you decide which is the best option for your financial needs.