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“Everything was very clear, and well explained. The financial projections showing the implications in different scenarios were clear. It was adaptable to our situation.”
—
Trustpilot

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Choose your interest rate term

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2042
Home value
Remaining equity
Reverse mortgage
Interest

Save your detailed report

Download and save a detailed financial illustration, estimating how your home equity will change over time.

Try another scenario

Want to choose a different borrowing amount and advance option? No problem.

Compare Our Other Reverse Mortgage Options

Your Selection
Flex Lite

Smaller, one-time advance at lower interest rates.

Your Selection
Flex

Mid-sized mortgage with flexible advance options.

Your Selection {{}}
Flex Plus

Access more of your home’s worth, available to those aged 70+, with flexible advance options.

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Max Eligible Amount {{ productTableInfo.flexplus.eligibleAmount | currency0 }}
Minimum Age 55 Years Old
Minimum Age 55 Years Old
Minimum Age 70 Years Old
Interest Rate {{ productTableInfo.flexlite.interestRates }}
Interest Rate {{ productTableInfo.flex.interestRates }}
Interest Rate {{ productTableInfo.flexplus.interestRates }}
Payment Options
  • All at once
Payment Options
  • All at once
  • Scheduled Payments
  • Per-need Basis
Payment Options
  • All at once
  • Scheduled Payments
  • Per-need Basis
Your Selection
Flex Lite

Smaller, one-time advance at lower interest rates.

Max Eligible Amount {{ productTableInfo.flexlite.eligibleAmount | currency0 }}
Minimum Age 55 Years Old
Interest Rate {{ productTableInfo.flexlite.interestRates }}
Payment Options
  • All at once
Your Selection
Flex

Mid-sized mortgage with flexible advance options.

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Minimum Age 55 Years Old
Interest Rate {{ productTableInfo.flex.interestRates }}
Payment Options
  • All at once
  • Scheduled Payments
  • Per-need Basis
Your Selection
Flex Plus

Access more of your home’s worth, available to those aged 70+, with flexible advance options.

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Minimum Age 70 Years Old
Interest Rate {{ productTableInfo.flexplus.interestRates }}
Payment Options
  • All at once
  • Scheduled Payments
  • Per-need Basis
See detailed comparison between our products

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Qualifying for a reverse mortgage with Equitable Bank is largely based on property type, location, and borrower’s age. We lend to borrowers aged 55+ with homes in urban centres in Alberta, British Columbia, Ontario, and Quebec.
You do. You will not transfer ownership of your property to the bank when receiving a reverse mortgage.
As long as you have met your mortgage obligations, the amount you owe on the due date will not be more than the fair market value.
You must pay property taxes directly to the municipality.

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.

If you have a mortgage, it must be paid off so that the reverse mortgage can be registered in first priority. You can use the proceeds from the initial advance to pay off your existing mortgage, any outstanding debt, or lien registered against the property.
Yes, you can. We recognize needs change and our product is designed for that. That’s why we offer flexible options to repay a portion of principal and interest. If you choose to repay the entire balance, there may be a prepayment charge.

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.

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Save your detailed report

Download and save a detailed financial illustration, estimating how your home equity will change over time.

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Why Equitable Bank?

No negative equity guarantee

Rest assured that you’ll never owe more than the fair market value of your home.*

See a better rate? We'll beat it

If you see a better reverse mortgage rate posted elsewhere in Canada, we'll beat it.**

 

Trusted service

Feel secure knowing we’re a trusted bank with over 50 years serving Canadians.