Sources of entanglement are an enabling resource in quantum technology, and pushing the limits of generation rate and quality of entanglement is a necessary prerequisite towards practical applications. Here, we present an ultrabright source of polarization-entangled photon pairs based on time-reversed Hong-Ou-Mandel interference. By superimposing four pair-creation possibilities on a polarization beam splitter, pairs of identical photons are separated into two spatial modes without the usual requirement for wavelength distinguishability or noncollinear emission angles. Our source yields high-fidelity polarization entanglement and high pair-generation rates without any requirement for active interferometric stabilization, which makes it an ideal candidate for a variety of applications, in particular those requiring indistinguishable photons.