Equitable Bank Reverse Mortgages, Explained

For homeowners aged 55 and up, Equitable Bank’s reverse mortgage — the Reverse Mortgage Flex — is a genuine competitor to CHIP. It turns home equity into tax-free cash with no required monthly payments. Here’s how it works, and how we compare it against the other reverse options.

Quick answer: Equitable Bank offers the Reverse Mortgage Flex for Canadian homeowners aged 55+. You can access roughly 15%–55% of your home’s value (up to about $800,000) as tax-free cash — as a lump sum, regular advances, or both — with no required monthly payments. You keep title to your home, and a No Negative Equity Guarantee means you’ll never owe more than the home is worth. It’s a direct competitor to CHIP — we shop them side by side.

55+

Minimum age

Up to $800k

Maximum available

15–55%

Of your home’s value

Required monthly payment

What is a reverse mortgage?

A reverse mortgage lets homeowners aged 55+ borrow against their home equity and receive tax-free funds, with no required monthly payments. You keep ownership and continue living in your home; the loan — plus accrued interest — is repaid when you sell, move out or pass away. It’s a way to unlock equity for retirement income, a big expense or debt relief without having to sell or make monthly payments. The trade-off is that interest compounds over time and reduces the equity left in the home, which is why advice matters.

Equitable Bank’s Reverse Mortgage Flex

The main features

Feature	Details
Eligibility	Canadian homeowners aged 55 and older
How much	Roughly 15%–55% of home value, up to about $800,000, based on age and appraised value
How you receive it	Lump sum, regular advances, or a combination
Term & rate	Fixed-rate terms from 6 months to 5 years, renewable
Payments	None required; repaid when you sell, move or pass away
Protection	No Negative Equity Guarantee — you never owe more than the home’s value

Equitable reverse vs CHIP

Equitable and HomeEquity Bank’s CHIP are the two big names in Canadian reverse mortgages, and Bloom is a newer entrant. They’re similar in spirit — 55+, tax-free, no required payments — but differ on rate, how much you can access at your age, terms and features. Because the right answer depends on your age, home value and goals, we compare all of them rather than steering you to one brand.

How a Calgary mortgage broker helps with reverse mortgages

A reverse mortgage is a big decision, and the details vary by lender:

We compare Equitable, CHIP and Bloom on rate, maximum amount and terms for your age and home.
We model how the balance grows over time so you understand the impact on your equity.
We make sure a reverse mortgage is genuinely the best tool — sometimes a HELOC or downsizing fits better — and say so.
It’s free, with no obligation. We recommend involving your family and independent legal advice.

Reverse Mortgage Enquiry

Curious what you could access at your age? Let’s find out

2-minute form
No credit check to start
No monthly payments
No obligation

Frequently asked questions

What age do I have to be for an Equitable reverse mortgage?

You must be a Canadian homeowner aged 55 or older to qualify for Equitable Bank’s Reverse Mortgage Flex. If there are two owners, both generally need to meet the age requirement.

How much can I borrow?

Typically between 15% and 55% of your home’s value, up to about $800,000, depending on your age, your home and its appraised value. Older borrowers and higher-value homes generally qualify for more.

Do I have to make payments?

No. A reverse mortgage requires no regular monthly payments. The loan and accrued interest are repaid when you sell, move out or pass away. You may make voluntary payments if you wish.

Is Equitable better than CHIP?

It depends on your situation. Equitable and CHIP are similar in concept but differ on rate, maximum amount, terms and features. We compare both (and Bloom) for your age and home so you can choose on the facts.

Will I still own my home?

Yes. With a reverse mortgage you keep title and continue living in your home. The No Negative Equity Guarantee also ensures you never owe more than the home is worth when it’s sold.

Thinking about a reverse mortgage? Let’s compare your options

We’ll show you what Equitable, CHIP and Bloom would each offer for your age and home, and help you decide with clear numbers. Apply online in about two minutes, or book a no-pressure discovery call.

Apply online Book a discovery call

Free · No credit check to start · No obligation

This article is general information, not financial, mortgage or legal advice. Reverse mortgage products, rates, maximums, features and terms vary, are subject to change and depend on lender approval and appraised value. Interest on a reverse mortgage compounds and reduces the equity in your home over time; independent legal advice is recommended. Equitable Bank is not affiliated with Mortgages for Less and no endorsement is implied. Please speak with a licensed mortgage professional about your specific circumstances. Mortgages for Less with INDI Mortgage.