A Message From the Equitable Bank Reverse Mortgage Team

Paul von Martels. March 23, 2020

First, we hope that you and your family are staying safe during these turbulent times.

As we navigate these unprecedented circumstances, we at the Equitable Bank Reverse Mortgage team wanted to share with you some important steps we’re taking to support our clients.

We’re open and here to help

Like most businesses, Equitable Bank has taken the responsible step of moving most employees to a work from home environment. Fortunately, we’re a nimble bunch with a robust technology platform, allowing us to work seamlessly from our home offices or, where necessary, from our corporate office in Toronto where we are taking every precaution. To this end, we are “all systems go,” whether that means discussing our products, accepting applications, or closing mortgages.  We’re ready.

We’re adapting to new needs

Though our processes were designed during times when people were more mobile and flexible to interact, we can very much support the times when this is not possible.

Given the current conditions, we want to share how we’re making things work:

1. Appraisals: on a temporary basis, we will be accepting Drive-By Appraisals (exterior inspection) instead of Full Appraisals from Equitable Bank approved appraisers. This prevents the need for an appraiser to enter homes.
2. Independent Legal Advice: this function is critical for all parties, and as such, there are no adjustments being made to this process. Learn more here.
3. Lowered Rates: Equitable Bank has been disciplined in passing on cost savings to borrowers. We’ve lowered our rates materially over the past month; see here to learn more.
4. Inquiries: for any questions or concerns you may have, please contact your Equitable Bank RBM, or send us an email at reversemortgage@eqbank.ca.

Thank you for your continued trust in Equitable Bank. We understand these are concerning times, and we’re here to help you.

Stay safe, help those you can, and be calm. Together we can flatten the curve and get on with things in the way we’d all prefer.