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.