Toronto-based Equitable Bank has a new reverse mortgage product.
Reverse Mortgage Flex allows retirees to access up to 55% of their home equity as tax-free cash — an increase over the 40% limit offered by Equitable’s other reverse mortgage product.
“The current environment has made higher-density living options like retirement homes understandably less appealing,” Paul von Martels, vice-president of reverse mortgage lending at Equitable Bank, said in a statement. “The typical approach of selling one’s home to fund later-in-life needs is becoming an inferior option.”
The new offering is available to retirees in Alberta, British Columbia, Ontario and Quebec through Equitable Bank and mortgage brokers.