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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. Designed for Canadian homeowners 55+. With Equitable Bank, homeowners aged 55+ can borrow more—up to 59% of their home's value. View eligibility. Retain ownership of the home you love.
See how Equitable Bank’s reverse mortgage rates, advance options, and fees stack up next to the competition. Learn about our interest rates and prepayments.
Check out how much tax-free cash you could get with Equitable Bank’s reverse mortgage calculator.
Jun 20, 2024 · An Equitable Bank Reverse Mortgage is designed to provide financial flexibility to homeowners aged 55 and older. To be eligible, you must own your home and have significant equity built up in it. Once approved, you can access up to 55% of your home's appraised value.
A reverse mortgage is a type of loan for homeowners, usually aged 55 or older. It allows you to borrow money from your home equity without selling your home. You may do so by converting a portion of your home equity into tax-free money. Financial institutions sometimes call this “equity release.”
Dec 21, 2023 · The two main providers of reverse mortgages in Canada are HomeEquity Bank (known for the CHIP Reverse Mortgage that is available across Canada) and Equitable Bank, which offers a...
Oct 16, 2023 · HomeEquity Bank (HEB) and Equitable Bank (EQ) are two of the largest reverse mortgage lenders available. While both lenders offer similar products, there are some important differences to consider. In this article, we'll complete a reverse mortgage comparison and help you decide which reverse mortgage product is right for you.
HomeEquity Bank is the incumbent in Canada’s reverse mortgage market with more than 30 years of experience. Equitable Bank is the newcomer. It first began offering reverse mortgages in early 2018. HomeEquity Bank vs. Equitable Bank. Here’s a quick side-by-side comparison of some key differences between the two:
Sep 8, 2021 · Qualifying for a reverse mortgage. At both Equitable Bank and HEB, eligible borrowers must be at least age 55, and the property must be a principal residence (owner-occupied at least six...
Aug 3, 2023 · HomeEquity Bank and Equitable Bank are the only banks in Canada that offer reverse mortgages directly to homeowners over the age of 55. If you visit your local branch at RBC, TD Canada Trust, CIBC, ScotiaBank or Bank of Montreal, you will be directed to a HomeEquity Bank representative.
