Income Advantage is a reverse mortgage, a loan secured against the value of the home. If your clients want the convenience of monthly or quarterly advances, Income Advantage is the product for them. Unlike a loan or a regular mortgage, with Income Advantage you are not required to make regular mortgage payments. The loan is repaid only when the homeowners no longer live in the home.

The homeowner is required to keep the property in good condition, up-to-date with property taxes and home insurance. The money received is tax-free and can be used however the homeowner wishes.

Income Advantage can help your clients:

  • With the convenience of regularly scheduled advances
  • By providing additional income
  • Preserve investment portfolios longer
  • Lower tax liabilities long term*

* Always consult your accountant or financial advisor.


Keep home ownership

Your clients can now stay in their home and community. Homeowners maintain complete ownership and control of the home for as long as they choose to stay.

No regular monthly mortgage payments

With Income Advantage, there are no regular mortgage payments until the homeowner decides to move or sell.

Relieve financial stress

Up to 55% of the equity in the home is available and can be used however the homeowner wishes. Enjoy retirement. The money accessed through Income Advantage is tax-free and will not affect CPP or OAS.

Take control

Your clients can get their finances under control and gain the freedom to set their own plans and priorities.

HomeEquity Bank Prime Rate: %

IMPORTANT: The Planned Advance Account must always have a variable interest rate term. The applicable interest rates can be found in the table below.

The following is a summary of the current Income Advantage interest rates and terms offered by HomeEquity Bank.

Planned Advance
Account term
Planned Advance Interest Rate Lump-Sum
Account Term
SPECIAL RATE1 Closing fee2 Annual Percentage Rate(APR)3
Variable5 % Variable4 % $ %
1-year % %
3-year% %
5-year % %
Planned Advance Account term Planned Advance Interest Rate Lump-Sum
Account Term
Posted rate Closing fee2 Annual Percentage Rate(APR)3
Variable5 %
Variable5 % $ %
1-year % %
3-year % %
5-year % %

1These rates are only available for new reverse mortgage originations in certain locations and are subject to meeting HomeEquity Bank’s credit granting criteria. Offer may be changed, extended or withdrawn at any time without notice. Rates are adjustments off of posted rates.
2These fees may vary based on individual circumstances.
3APR is for years based on $ per month in planned advances and a $ initial advance. It is not for the full period of the mortgage and includes the applicable closing costs.
4Variable (Special) refers to the HomeEquity Bank Prime Rate plus a fixed spread of %. The fixed spread is guaranteed for years.
5Variable (Posted) refers to the HomeEquity Bank Prime Rate plus a fixed spread of %. The fixed spread is guaranteed for years.



Find out how much your client can get using the online calculator.


Contact your Business Development Manager who will answer any questions you or your client may have and walk you through the straightforward application process.


Your client receives their tax-free money!


Who can qualify?

Income Advantage requires no health checks. Your client can qualify if they’re over 551, own the home, and use it as their primary residence.

1 This age requirement also applies to their spouse.

How much of home’s equity can be accessed through Income Advantage?

Income Advantage lets your client access up to 55% of their home’s appraised value.

How will they receive their money?

Your client can access their money in monthly or quarterly deposits into their bank account. There is an initial minimum advancement of $20,000 when your client starts with Income Advantage.

Will my clients have to pay tax on the Income Advantage money?

No. It’s tax-free because you are unlocking home equity from your client’s primary residence.

Can my clients repay the balance early, before the sale of their home?

Yes. Your clients can repay the principal or interest at any time — in full or on an annual or monthly basis2.

2 A prepayment charge may apply.

When it’s time to repay the loan, could my client’s other assets be affected?

No. Your client’s other assets are completely protected.

Who offers this product?

Income Advantage is a product of HomeEquity Bank, a Schedule 1 Canadian bank. It is available through all of Canada’s major banks, and through many credit unions, mortgage brokers, and financial advisors.

Will my client owe more than the house is worth?

The homeowner keeps all the equity remaining in the home. In our many years of experience, over 99% of homeowners have money left over when their loan is repaid.

The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.

Will the bank own the home?

No. The homeowner retains title and maintains ownership of the home. It’s required for the homeowner to live in the home, pay taxes on time, have property insurance, and maintain the property in good condition.

What if my client has an existing mortgage?

Many of our clients use a reverse mortgage to pay off their existing mortgage and debts.

* Always consult your accountant or financial advisor.



Keep your clients up-to-date with these downloadable Income Advantage resources.