Equitable Bank announces simpler, faster reverse mortgage closing

by Steve Randall on 15 Jan 2020

Equitable Bank says that its new reverse mortgage closing process will take a fraction of the cost and time usually associated with the loan type.

The challenger bank’s process will no longer require two lawyers to be retained, just one independent lawyer that Equitable will work with to verify identification, register and fund the mortgage.

This new process is available to borrowers in Alberta, British Columbia, and Ontario.

"At Equitable we continually challenge ourselves to find better ways to bring more value to our customers by removing complex and unnecessary traditional banking practices," says Paul von Martels, VP of Prime and Reverse Mortgage Lending, Equitable Bank. "It's our ambition to bring the reverse mortgage solution into the retirement financing mainstream. Innovating the customer's experience and reducing the costs to originate are important steps in that journey."

With the proliferation of reverse mortgages set to increase as the population ages, Equitable Bank hopes to capitalize on its position as one of only two Canadian lenders to be offering the loan type currently; the other is HomeEquity Bank.

Post a Comment

Most Trending News

Tips for industrial real estate investing
News

Diana Hoang, an industrial specialist, recommends that landlords seek out vacant warehouse distribution buildings that they could fill with tenants during the rezoning process for conversion.

Read More
OSFI considers setting a minimum qualifying rate of 5.25% for uninsured mortgages
News

OSFI considers setting a minimum qualifying rate of 5.25% for uninsured mortgages

Read More
Hotel retrofits could be part of COVID-19’s legacy
News

Demolitions are expensive, but it’s entirely possible to salvage a building’s structure and gut the interior. Plus, converting hotels into condos isn't entirely difficult and it's been done many times before.

Read More