Reverse Mortgage Eligibility

You may be eligible for a reverse mortgage with Equitable Bank if:

  • You are 55 years old or over and live in the major urban centres of Ontario, Quebec, British Columbia, or Alberta.
  • Your home is your principal residence, meaning you live there for at least six months of a calendar year.
  • All title holders of the residence apply as joint borrowers.

Your property must be:

Owner-occupied and not a secondary home or cottage.

Detached, semi-detached, condo, or townhome.

On a case-by-case basis, an owner-occupied rental (up to four units).

Your property cannot be:

Used for commercial purpose, a rental, mobile-home, co-op, acreage, or farm.

You should consider a different home-financing solution if:

  • You are applying as a business or trust
  • The property is your secondary home or cottage
  • The property is a commercial property, rental home, mobile home, co-op, acreage, or farm
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