Trending
A red, white, and black flag with a white background.

Equitable Bank announces simpler, faster reverse mortgage closing

A tall building with a sign on it.

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, 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.

About the Author

Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand. LinkedIn | Email

Post a Comment

Related Articles

Over the past three decades, the price per acre of Canadian farmland has surged by over 800%, reaching an average of around $4,500. In key...

There has been a lot of attention on Canada’s population growth recently; in a May 2024 Edge Realty Analytics report, there are some insights on...

Most Trending News

Over the past three decades, the price per acre of Canadian farmland has surged by over 800%, reaching an average of around $4,500. In key...

There has been a lot of attention on Canada’s population growth recently; in a May 2024 Edge Realty Analytics report, there are some insights on...

According to an Edge Realty report for May 2024, there is a strong possibility that the Bank of Canada will implement an interest rate cut...