How a reverse mortgage works & our funding process

Reverse mortgages How a reverse mortgage works

From application to release of your tax-free funds, getting a reverse mortgage is simpler than you think. It all starts with a free estimate.

Get my estimate
How a reverse mortgage works & our funding process

How does a reverse mortgage work?

A reverse mortgage allows Canadian homeowners aged 55+ to unlock a portion of the equity they’ve built in their homes and turn it into tax-free cash—all while staying in the home they love.

Take the steps to unlock equity & peace of mind

You’ve worked hard to build up your home’s equity—now’s the time to let it work for you and your loved ones.

You'll always own your home

You’ll always own your home

Your home remains 100% yours—with no need to sell or downsize.

Strong consumer protection

Strong consumer protection

With the No Negative Equity Guarantee, you’ll never owe more than your home’s worth.

No monthly payments required

No monthly payments required

With no regular payments required, you’re free to use your funds how you wish.

How this is a strong

Simple application, strong support

Get your free estimate

If you’d like, use our calculator to get a free estimate of how much you could qualify for.

Call us today

Or if you’re ready to move forward, simply give us a call.


Get your reverse mortgage in 4 easy steps

From application to funding, here’s what you can expect from our simple and straightforward process—including dedicated support every step of the way.

You'll always own your home

1. Apply

Your specialist will review your application—and you could have conditional approval in as little as 1 day.

You'll always own your home
You'll always own your home
You'll always own your home

2. Submit your paperwork

Once you submit your requested documents, we’ll order an appraisal for your home.

You'll always own your home
You'll always own your home
Strong consumer protection

3. Connect with your lawyers

Review your agreement with your closing and Independent Legal Advice (ILA) lawyers.

You'll always own your home
You'll always own your home
No monthly payments required

4. Receive your funds

On your selected date, we’ll deposit your reverse mortgage funds into your account.

Couple hug

Retirement, your way

Once you’ve applied, you could receive your funds in as little as 30 days—and you’re free to put them toward what matters to you.

Many Canadians use their reverse mortgage to:

Pay off an existing mortgage and other debts

Supplement retirement income

Help family buy a property

Cover unexpected expenses

Make home improvements

Take more holidays


“As a senior citizen, the reverse mortgage allowed me to feel less stressed with no payments to make and enjoy a holiday or renovate my home. Best decision I ever made.”

Kathleen B.
Gatineau, QC, Canada


Is a reverse mortgage right for you? Let us help you assess your options.


Have questions? We're here to help

Here's what you need to know about reverse mortgages

How it works FAQ

The amount you can borrow with a reverse mortgage depends on several factors including your age, the appraised value of your home, its location, and current market conditions. Generally, the older you are and the more valuable your home, the larger the amount you can borrow. Typically, you can borrow up to 59% of your home's value, but specific details can vary. 
The interest rates for a reverse mortgage with Equitable Bank vary based on market conditions and the specific product you choose. Equitable Bank offers both fixed and variable rate options. Rates are competitive with other comparable reverse mortgage products. Contact Equitable Bank directly for the most current rates. 
Yes, you can choose how to receive the funds from a reverse mortgage. Equitable Bank offers flexibility in payment options, allowing you to take the loan as a lump sum, in regular scheduled payments, or a combination of these options to suit your financial needs. 
A reverse mortgage does not require monthly payments. The loan is typically repaid when you sell your home, move out, or upon the death of the last borrower. Repayment includes the amount borrowed plus accrued interest and fees. Any remaining equity belongs to you or your estate. 
A reverse mortgage can provide a source of income or a cash reserve that can be tapped into as needed, helping to cover living expenses, home repairs, healthcare costs, or to pay off existing debts. It allows you to utilize the equity in your home to maintain or improve your standard of living in retirement without having to sell your property. 
With a reverse mortgage, you remain the owner of your home and can continue to live in it. You're required to keep the property in good condition, pay property taxes, and keep homeowner's insurance current. The lender does not take control of your home but holds a lien on the property. 
Yes, your heirs can still inherit your home. However, to retain ownership, they must repay the reverse mortgage balance, either through refinancing or using other funds. If the home is sold, any equity remaining after paying off the reverse mortgage goes to your heirs or estate.