What is an Equitable Bank PATH Reverse Mortgage?
The PATH reverse mortgage is a brand of reverse mortgage offered by Equitable Bank.
As of this writing (January 2018), it differs from CHIP in these important ways:
- PATH’s prepayment fees are notably cheaper than CHIP which is important if a borrower is unsure about how long they’ll remain in their home.
- PATH offers smaller loan amounts $400,000 to $800,000 (larger amounts only in major cities)
- PATH does not lend on homes under $250,000
- It’s available only in Alberta, British Columbia, and Ontario (CHIP is national)
At launch, PATH reverse mortgage rates were equivalent to CHIP, but that may change over time.
Here are more points about PATH:
See “What is a reverse mortgage?“