A woman that is 55+ stand in front of her home.
Get the best reverse mortgage rates*.

Reverse Mortgage Solutions

Our reverse mortgage stands out as an effective way for you to access your home equity—how you want, when you want.

At Equitable Bank, we believe Canadians should consider their entire portfolio of assets in retirement planning. As homes commonly represent the largest asset in a person’s portfolio, accessing equity from it may be the optimal strategy, depending on your circumstances.

Whether you currently have a mortgage and are looking to pay it out with a reverse mortgage, or are simply considering your options, we can help find the right solution.

Reverse Mortgage Flex

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  • Minimum age

    55
  • Percentage of home value you can borrow

     15-55%
  • Minimum appraised home value

     $250,000
  • No negative equity guarantee (never owe more than the fair market value of your home*)

    Yes
  • Independent Legal Advice (ILA) required?

    Yes
  • Advance options (options can be combined)

    • Initial advance
    • Single/Ad-hoc advances
    • Scheduled advances
  • Rates

    See Equitable Bank’s rates (Be sure to compare competitor rates)
  • Lending areas

    Cities and most large towns across ON, AB, BC, QC
  • Prepayment charge

    • 5/4/3 months’ interest in years 1/2/3, respectively
    • 3 months’ interest in years 4-10
    • No charge in year 11 onwards

    Note: years 6 onwards, prepay entire balance with no charge with 3 months’ written notice

    Learn more
  • Set-up fee

    $995 (Plus appraisal, ILA, and legal/closing costs)

Reverse Mortgage Flex PLUS

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  • Minimum age

    70
  • Percentage of home value you can borrow

     43-59%
  • Minimum appraised home value

     $250,000
  • No negative equity guarantee (never owe more than the fair market value of your home*)

    Yes
  • Independent Legal Advice (ILA) required?

    Yes
  • Advance options (options can be combined)

    • Initial advance
    • Single/Ad-hoc advances
    • Scheduled advances
  • Rates

    See Equitable Bank’s rates (Be sure to compare competitor rates)
  • Lending areas

    Cities and most large towns across ON, AB, BC, QC
  • Prepayment charge

    • 5/4/3 months’ interest in years 1/2/3, respectively
    • 3 months’ interest in years 4-10
    • No charge in year 11 onwards

    Note: years 6 onwards, prepay entire balance with no charge with 3 months’ written notice

    Learn more
  • Set-up fee

    $995 (Plus appraisal, ILA, and legal/closing costs)

Reverse Mortgage Flex Lite

Calculate Now
  • Minimum age

    55
  • Percentage of home value you can borrow

     15-40%
  • Minimum appraised home value

     $250,000
  • No negative equity guarantee (never owe more than the fair market value of your home*)

    Yes
  • Independent Legal Advice (ILA) required?

    Yes
  • Advance options (options can be combined)

    • Initial advance (lump-sum)
  • Rates

    See Equitable Bank’s rates (Be sure to compare competitor rates)
  • Lending areas

    Cities and most large towns across ON, AB, BC, QC
  • Prepayment charge

    • 5/4/3 months’ interest in years 1/2/3, respectively
    • 3 months’ interest in years 4-10
    • No charge in year 11 onwards

    Note: years 6 onwards, prepay entire balance with no charge with 3 months’ written notice

    Learn more
  • Set-up fee

    $995 (Plus appraisal, ILA, and legal/closing costs)
 
Reverse Mortgage Flex
Calculate Now
Reverse Mortgage Flex PLUS
Calculate Now
Reverse Mortgage Flex Lite
Calculate Now
Minimum age557055
Percentage of home value you can borrow15-55%44-59%15-40%
Minimum appraised home value$250,000$250,000$250,000
No negative equity guarantee (never owe more than the fair market value of your home*)YesYesYes
Independent Legal Advice (ILA) required?YesYesYes
Advance options (advance types can be combined)
  • Initial advance
  • Single/Ad-hoc advances
  • Scheduled advances
  • Initial advance
  • Single/Ad-hoc advances
  • Scheduled advances
  • Initial advance (lump-sum)
RatesWe’re committed to the lowest rates*
(Be sure to compare us with competitors)
Lending areasCities and most large towns across ON, AB, BC, QC
Prepayment charge
  • 5/4/3 months’ interest in years 1/2/3, respectively
  • 3 months’ interest in years 4-10
  • No charge in year 11 onwards

Note: years 6 onwards, prepay entire balance with no charge with 3 months’ written notice

Learn more

Set-up fee$995
(Plus appraisal, ILA, and legal/closing costs)
  • *Subject to borrowers meeting their mortgage obligations. Must keep property taxes and home insurance paid and current, maintain property, and keep current all mortgage obligations. Excludes any fees and interest accrued after mortgage due date.

Not sure which solution is right for you?

A reverse mortgage expert is here for you—with zero obligations.

1-866-576-0374

Reverse Mortgage Interest Rates

You will probably have a lot of questions regarding how the outstanding balance is calculated throughout the life of your reverse mortgage with Equitable Bank. The outstanding balance is made up of the principal (the amount you have borrowed), costs and fees, and interest (the percentage we charge for lending the money). You can choose to make prepayments toward your principal and interest at specific times, otherwise payments are only required when the mortgage is due.

Are you a new Equitable Bank Reverse Mortgage customer, or an existing customer taking a subsequent advance in your first term? For Reverse Mortgage Flex, view our rates in the “Origination” tab below.

If you’re an existing customer looking to reset (i.e. renew) your Flex mortgage, or an existing customer taking a subsequent advance in your second term or beyond, please view our rates in the “Reset” tab below. Note that rates for our Flex PLUS and Flex Lite products remain the same for both origination and reset.

Reverse Mortgage Flex Rates
 Reverse Mortgage Flex Rate2,4Annual Percentage Rate (APR)3
Set-up Fee5$995-
6 Month Fixed8.24%9.745%
1 Year Fixed8.34%9.929%
2 Year Fixed7.99%8.245%
3 Year Fixed7.44%7.570%
5 Year Fixed6.84%6.879%
5 Year AdjustableP + 2.67%9.975%
Reverse Mortgage Flex PLUS Rates
 Reverse Mortgage Flex PLUS Rate2,4Annual Percentage Rate (APR)3
Set-up Fee5$995-
6 Month Fixed8.49%10.074%
1 Year Fixed8.79%9.453%
2 Year Fixed8.69%8.915%
3 Year Fixed8.39%8.481%
5 Year Fixed7.99%7.990%
5 Year AdjustableP + 3.49%10.787%
Reverse Mortgage Flex Lite Rates
 Reverse Mortgage Flex Lite Rate2,4Annual Percentage Rate (APR)3
Set-up Fee5$995-
6 Month Fixed8.14%9.649%
1 Year Fixed8.24%8.926%
2 Year Fixed7.74%8.005%
3 Year Fixed7.14%7.281%
5 Year Fixed6.74%6.782%
5 Year AdjustableP + 2.69%9.995%

2 These rates only apply to certain transactions within Equitable Bank’s lending guidelines. Rates and conditions subject to change without notice.

What does APR mean?

3 APR means the cost of borrowing expressed as an annualized interest rate for the Interest Rate Term, based on the Initial Advance Amount, interest and any applicable fees. The APR figures above are based on the following:

  • A mortgage amount of $150,000 and the accumulated interest for the applicable interest rate term; plus
  • a set-up fee and a closing fee (varies by province; not applicable at reset); and
  • all funds drawn as an initial advance; and
  • no prepayments

4 Rates shown apply to new reverse mortgage originations only and are subject to Equitable Bank’s lending guidelines. Rates offered at Interest Rate Reset may differ. All rates and conditions subject to change without notice.

5 Set-up fee is a one-time fee that is deducted from the initial advance.

Equitable Bank Reverse Mortgage Prime Rate (P)7.20%

Equitable Bank Reverse Mortgage Prime Rate as of July 13th, 2023.

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 Equitable Bank 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.
  • When is the mortgage due?

    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 any of these events:

    • Sale or transfer of the property
    • Default
    • When the last borrower moves into a long-term care or retirement residence
    • When the last borrower passes away

    What do I have to pay on the mortgage due date?

    • Principal and accrued interest
    • Default expenses, if any
    • Fees and costs
    • Prepayment charge, if any

    No Negative Equity Guarantee

    When it comes time to pay off your reverse mortgage, our No Negative Equity Guarantee ensures the amount you owe will not exceed the value of your home, as long as you meet your mortgage obligations (such as maintaining your property, and paying taxes and insurance).

    In other words, we guarantee you’ll never owe more than your home is worth.

    Prepayment Information

    Can I make prepayments?

    You can. Although no regular payments are required until the reverse mortgage becomes due, you have the benefit of prepayment privileges. This allows you to prepay your principal or interest without being subject to a prepayment charge (which can be calculated here). Of course, certain conditions must be met.

    To learn more, read our blog post about prepayment.

    Want to see what your prepayment charge may be? 

    Calculate prepayment charge

    When can I make a prepayment without charge?1

    Interest Payment

    Interest Payment

    Prepay any of your interest outstanding once per calendar month.

    Principal Payment

    10%

    Prepay up to 10% of your principal once per 12-month period (starting from your initial advance).

    After 5 Years

    5

    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

    10

    Prepay in excess of 10% of your principal or the entire outstanding balance at any time.

    1Subject to certain conditions.

    Note:
    • 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.

    Manage your reverse mortgage online

    Stay up to date, save time, and know where you stand with online access to all your reverse mortgage loan information through myEquitable. You’ll still receive paper statements, but for those moments you need quick and easy access to your account to check your balance, request scheduled advance changes, or download documents, it’s all available at your fingertips.