Equitable Bank Reverse Mortgage: Empowering Your Retirement with Home Equity

The Reverse Mortgage for Canadians 55 and over

Thousands of 55+ Canadians are beginning to realize just how wealthy they are, when they consider the equity they’ve built in their homes

  • Access up to 55% of your home value in tax-free cash!
  • Keep the home you love
  • No monthly mortgage payments

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What is an Equitable Bank Reverse Mortgage?

An Equitable Bank Reverse Mortgage allows Canadian homeowners aged 55 and older to access up to 59% of their home’s value in tax-free cash. This mortgage is designed for retirees looking to supplement their income, cover unexpected expenses, or fund their retirement without selling their home or making monthly payments. Repayment is only required when the home is sold, you move out, or you pass away. For more details, visit the Financial Consumer Agency of Canada

Benefits of an Equitable Bank Reverse Mortgage

 

    • Access Up to 59% of Your Home’s Value: Use your home equity without the need to sell your home.
    • No Monthly Payments: Repayment is deferred until the home is sold or you pass away.
    • Tax-Free Cash: The funds you receive are tax-free, allowing you to use the money as you see fit.
    • Retain Ownership of Your Home: You remain the owner and can continue living in your home for as long as you wish.
    • Flexible Payout Options: Choose a lump sum payment, scheduled advances, or a combination of both.

 

Equitable Bank provides flexible reverse mortgage solutions that allow retirees to access their home’s value while staying in their home.

Why Consider a Reverse Mortgage with Equitable?

  • A reverse mortgage with Equitable Bank offers numerous benefits for Canadian homeowners who are 55 and older. Here are the key reasons to consider choosing this financial solution:

    1. No Monthly Payments

    With an Equitable Bank Reverse Mortgage, you are not required to make monthly mortgage payments. This provides relief from the financial strain of regular payments, allowing you to maintain cash flow throughout your retirement.

    2. Tax-Free Cash

    The funds you receive from a reverse mortgage are entirely tax-free. This means you can use the money without affecting your taxable income, government benefits such as Old Age Security (OAS), or Guaranteed Income Supplement (GIS).

    3. Unlock Up to 55% of Your Home’s Value

    Equitable Bank allows you to access up to 55% of your home’s appraised value. This gives you access to a significant amount of capital without the need to sell or downsize your property.

    4. Stay in Your Home

    You remain the owner of your home, with the ability to continue living in it for as long as you choose. There is no requirement to sell your property, ensuring you can age in place comfortably.

    5. Flexible Payout Options

    Equitable Bank offers flexible options for receiving your funds. You can choose a lump sum payment, schedule periodic advances, or a combination of both, depending on your financial needs and goals.

    6. No Impact on Government Benefits

    Since reverse mortgage proceeds are tax-free, your OAS, GIS, and other government benefits will remain unaffected. This allows you to boost your retirement income without jeopardizing any other sources of support.

    7. Protected by a No-Negative-Equity Guarantee

    Equitable Bank ensures that you will never owe more than the value of your home at the time of sale. Even if your home’s market value decreases, the amount you owe will not exceed the sale price.

    8. Competitive Interest Rates

    While reverse mortgage rates are generally higher than traditional mortgages, Equitable Bank offers competitive rates within the industry, and you can choose between fixed and variable interest options to suit your financial situation.


    Choosing an Equitable Bank Reverse Mortgage gives you financial freedom and flexibility, allowing you to unlock the value of your home without the burden of monthly payments or selling your home. It’s an ideal solution for retirees who want to enhance their quality of life while staying in their homes.

    Get started today by contacting Equitable Bank for a free consultation and find out how much you can unlock from your home!

How Does an Equitable Bank Reverse Mortgage Work?

An Equitable Bank Reverse Mortgage enables homeowners to receive cash based on a percentage of their home’s appraised value. You have several options for receiving your funds:

  1. Lump Sum: Receive the entire amount upfront.
  2. Scheduled Advances: Choose to receive regular monthly payments.
  3. Combination: A mix of lump sum and periodic payments.

You are not required to make any payments on the loan until you sell your home or move out. The reverse mortgage will be repaid using the proceeds from the sale of your home, either when you move into long-term care or pass away.

For detailed information, consult the Government of Canada’s reverse mortgage guide.

Equitable Bank Reverse Mortgage Eligibility

To qualify for an Equitable Bank Reverse Mortgage:

  1. You must be at least 55 years old.
  2. Your home must be your primary residence.
  3. Your home must meet the eligibility requirements for appraised value and location.
  4. T