Equitable Bank launches reverse mortgage

By Staff | November 10, 2020 | Last updated on November 10, 2020
1 min read
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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.

Advisor.ca staff

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.