Get a reverse mortgage with Equitable Bank

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 for a reverse mortgage if:

Your guidelines include:

Benefits of a reverse mortgage

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 reverse mortgage brochure and discuss the benefits with your family today.

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Reverse Mortgage Rate

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

Reverse mortgage vs. Line of credit

When it comes to lending options, 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.

How much can you get with a reverse mortgage from Equitable Bank?

Now that you’re more familiar with how a reverse mortgage could meet your needs, see how much you may be able to access with our easy-to-use calculator.

How To Apply For A Reverse Mortgage

  1. 1

    First, Do Some Research

    A reverse mortgage with Equitable Bank can help you reimagine your lifestyle. Since it’s a big decision, it’s important that you explore your options. Speak with one of our Reverse Mortgage Specialists and browse our content to understand how a reverse mortgage can help you.
  2. 2

    Set Up a Conversation

    Wondering how changing interest rates and house appreciation will affect you? Have detailed questions you would like help with? We get it! Whether you prefer to work directly with Equitable Bank, a mortgage broker or financial planner, we can help.

  3. 3

    Prepare Your Documents

    The application process for a reverse mortgage with Equitable Bank is simple and straightforward—the following is a list of documents you may need:

    • If you have debt secured through your residence, you’ll need to provide supporting statements
    • Any mortgage information related to secondary properties
    • Verification of your ability to cover property-related expenses such as property taxes, condominium fees, and utilities
    • Power of Attorney document (if applicable) that includes the subject property
  4. 4

    Get Your Home Appraised

    An accredited home appraiser will help determine a fair market value. They will look at the condition of your home, current market trends, as well as other factors.
  5. 5

    Protect Your Interests

    Obtaining independent legal advice is one of the best ways to protect your interests and give you the confidence to enter the agreement.

More on What You Can Discuss with a Mortgage Broker or a Reverse Mortgage Specialist from Equitable Bank

They can work with you to:

  • Calculate your maximum eligible loan amount
  • Determine whether you want a one-time advance (an Initial Advance), Single Advances and/or Recurring Advances
  • Determine whether a fixed or adjustable interest rate would be better suited to your financial needs and select the interest rate reset term
  • Outline your ongoing property-related expenses
  • Walk you through the process of changing your mortgage type and interest rate term in the future

More on Your Maximum Eligible Loan Amount

Reverse mortgage calculator

More on Types of Advances

You can opt to receive a one-time advance (an Initial Advance), Single Advances and/or Recurring Advances. Having the flexibility with how you receive your funds is important.

If you would like to take your maximum eligible amount as a one-time advance:

  • That means you would be taking all your funds upfront
  • You’ll need to decide on an adjustable or fixed interest rate term
  • You may have access to lower Lump-Sum rates

If you decide not to take your maximum eligible amount, you have options for the remaining funds (keep in mind there's a minimum initial advance of $25,000):

  • You can choose between adjustable and fixed interest rate reset terms
  • Set up scheduled recurring advances
  • Leave room to add single advances at a later date

Recurring Advances

  • Are only available for an adjustable interest rate term
  • Can be scheduled at any time for up to 20 years
  • The minimum advance amounts vary by the frequency chosen:
    • $500 monthly
    • $1,500 quarterly
    • $3,000 semi-annually and
    • $6,000 annually
  • Are subject to the adjustable interest rate in effect at the time of each advance

Single Advances

  • Are available for adjustable and fixed interest rate terms
  • Can be disbursed on request any time after closing
  • The minimum advance amount is $5,000 (or the whole remaining amount if less than $5,000)
  • May be subject to a blended interest rate for fixed interest rate terms


Seniors are often overlooked in the realtor community. Click below to learn how a reverse mortgage may be the solution for your clients.

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  • *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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