Equitable Bank Reverse Mortgage Solutions
Let your home equity give you the freedom to do what matters most—with the lowest rates in Canada*.
Find out how much tax-free cash you could borrow using our calculator.
See what you can save with us vs. a competitor.
Get more reverse mortgage info in our free guide.
Talk to one of our reverse mortgage experts today.
We’ve been proudly serving Canadians since 1970. As a customer, you’ll enjoy:
Plus, you can rest assured you’ll never owe more than the value of your home, as long as you meet your mortgage obligations.
A reverse mortgage is a simple way to turn a portion of your hard-earned home equity into tax-free cash—with no ongoing payments required.
A reverse mortgage turns your home equity into cash that can be used any way you like—and gives you the financial flexibility that other types of home equity loans don’t.
Here are some popular uses for reverse mortgage funds:
Thousands of Canadian homeowners are already enjoying the benefits of their reverse mortgage.
You may be eligible, too, if:
Our application process can take as little as 2 days to get a conditional approval and 30 days to fund. One of our advisors will be with you every step of the way.
Get started with a free estimate online—with zero pressure or obligation.
A member of our team will reach out to guide you through the process step by step.
With the help of your lawyer or mortgage closing service, and independent legal advice, you’ll gather, sign, and submit all required documents.
Reverse mortgage funds are deposited. Time to start enjoying your tax-free cash.
Curious about how reverse mortgage repayment works?
See what your interest savings on a $400,000 Equitable Bank Reverse Mortgage can look like over 15 years compared to a competitor.
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.
We’re here to help when you’re ready.