Enjoy your hard-earned home equity in retirement while staying in the home you loveand making no required monthly payments—with Canada’s lowest reverse mortgage rates.*
Equitable's reverse mortgage is a simple way to turn a portion of your hard-earned home equity into tax-free cash— with no monthly payments required.
With Equitable Bank, homeowners aged 55+ can borrow more—up to 59% of their home's value.
Get the most out of your home and never owe more than it's worth when you fulfill your mortgage obligations.
Receive your tax-free funds as a lump sum or over time. Plus, no monthly mortgage payments are required.
Access funds from your home equity without downsizing or losing your family home.
Don't let your home's wealth go to waste – enjoy the financial flexibility to build a living legacy that can be shared with your family now rather than later.
When life gets unpredictable, your money doesn't have to be. No repayment is required, as long as you live in your home and meet your mortgage obligations.
Pay off existing mortgage or other debt
Supplement your income
Help family buy a property
Cover unexpected expenses
Renovate or refurbish your home
Travel more often
Why work for life when your house can work for you? Leverage your home equity for financial peace of mind, whether you're working or retired.
Take your funds further. Equitable Bank is home to Canada’s lowest reverse mortgage rates.* Canadians save over $10,000 after 10 years based on a $400,000 reverse mortgage.†
Life happens—that's why we offer more advantageous prepayment terms compared to other major providers.‡ Plan for the future with the ability to adapt as your needs change.
Access our online portal for effortless, real-time management and make optional interest payments on your reverse mortgage from the comfort of your home or on the go.
The reverse mortgage from Equitable Bank has enabled us to look forward to keeping our home and enjoy a comfortable retirement.
I was able to help both my son and my daughter with their home purchase choices, and buy some things I needeed and wanted, all while being able to remain living in my home.
Provides the financial freedom for us to live the life we want without undo financial worries.
As a wholly owned subsidiary of TSX-listed EQB Inc., we've proudly served more than 550,000 Canadians since 1970. Give us a call for a free, no obligation 1-on-1 consultation for more information. Want to speak with a broker instead? Click here.
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. We can help you understand our reverse mortgage solutions and answer any questions.
You should hear from one of our specialists within 1 - 2 business days.