Where Can I Get an Equitable Bank Reverse Mortgage?
Paul von Martels. February 4, 2019
Although Equitable Bank is a Schedule I Canadian Bank—like RBC, TD and Scotiabank—it’s different from its peers in many ways.
One important distinction is that you’ll never see an Equitable Bank brick-and-mortar branch, as the Bank’s branding states we would rather build your savings than build bank branches. Instead Equitable Bank offers its residential lending products through many of the 15,000+ mortgage brokers operating across Canada. If you’re interested in learning more about mortgage brokers, check out Mortgage Professionals Canada’s website. This industry association represents about 11,500 mortgage broker members and is involved in many important aspects of Canadian residential real estate.
So how does this approach help customers who are seeking a mortgage?
1. Making a deal through a mortgage broker can be very beneficial to borrowers.
Canadians have embraced the concept of using mortgage brokers—and with good reason. Brokers offer a wide range of mortgage solutions from many different lenders, and strive to get their clients the best pricing and terms. In fact, Canadian mortgage brokers originate 1 in 3 mortgages in any given year.
Brokers may offer big bank mortgages as well as those from smaller lenders. They encourage market competition and help clients find the best product for their needs. Equitable Bank offers mortgages for business owners, newcomers to Canada, salaried individuals, and seniors. This product offering aligns with the objective of mortgage brokers, who are experts in helping customers get the right mortgage to fit their needs at the lowest cost.
2. No bank branches means unique products.
Equitable Bank is by no means a small organization. With almost $30 billion in assets under management, over 700 employees in offices across Canada, and a listing on the Toronto Stock Exchange, the Bank has a broad reach. The Bank’s focused product offering paired with its commitment to the mortgage broker channel, means that building and maintaining hundreds of bank branches would be extremely costly. The added cost could have negative implications on the ability to build new products, improve online service capabilities, and keep mortgage rates competitive.
Despite the fact that there are no bank branches, Equitable Bank’s customers still get excellent service both at the time of beginning the mortgage process with a broker, and throughout the mortgage lifecycle when working with the Bank’s customer service team over the phone, online, through mail or via email. It’s how we’ve been doing business for 30 years, and it’s an approach that will continue in the future.
If you’re unfamiliar with mortgage brokers, you may need a hand in finding one. To make things easier, Equitable Bank has created a “Find a Broker” tool on its website. This tool will help you find brokers in your neighborhood, particularly ones that are experienced with reverse mortgages and with Equitable Bank. There’s likely a mortgage broker in your community—ask around and you might get a great referral for a broker that suits your needs.
As you explore your options, your broker will help you find a mortgage solution that’s tailored to meet your unique financial needs. This may or may not include an Equitable Bank product, which aligns with the Bank’s view that customers should find the right financial solution.
In the end, you’ll have peace of mind knowing that your broker took the time to understand your needs and organized a solution that’s best for you.