Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Equitable Bank (a subsidiary of Equitable Group Inc.) was founded in Toronto in 1970 as The Equitable Trust Company and renamed in 2016. Today, they oversee more than $36 billion in assets, making them the 9th largest Schedule 1 bank in the country. They offer a variety of financial solutions, such as commercial and residential lending, high-interest savings products and Guaranteed Investment Certificates (GIC).
At Equitable Bank, the goal is to help clients find the best and most affordable financial solutions on the Canadian market.
As mentioned, Equitable Bank offers several types of low-cost residential and commercial financing for qualified clients, including but not limited to:
A reverse mortgage is a home financing product for people aged 55 or over. When approved, it allows the homeowner to secure a loan against their primary residence and gives them access to tax-free money with no ongoing payments. Homeowners won’t have to sell their homes to afford retirement. Not to mention, the money can be used for essential costs, like:
Reverse mortgages only need to be paid after the last owner leaves the property. This is often done by selling the home and using the cash to cover the remaining debt. Interest applies to the unpaid portion of the mortgage, including any existing principal or interest.
As a client of Equitable Bank, you can also apply for two types of tax-free credit lines, either of which will allow you to leverage your whole life insurance policy while it’s still in effect. The larger your policy grows, the more fast cash you’ll gain access to:
With both credit lines, your beneficiary or beneficiaries will receive your death benefit, minus your unpaid balance if you pass away while the product is active.
Whether you’re a business owner, investor, owner-operator, or entrepreneur, Equitable Bank should have plenty of financial solutions for you to choose from. Through their Business Enterprise Solutions team, as well as their Commercial and Specialized Finance Groups, you can apply for business products like:
Any of these products can help you secure thousands, possibly even millions of dollars in affordable and flexible financing to develop your small or large business.
At Equitable Bank, you’ll have to meet specific requirements to qualify for each type of personal and commercial financing:
To be eligible for a reverse mortgage from Equitable Bank, you must:
To qualify for an Equitable Bank CSV FLEX Line of Credit, you must:
To qualify for an Equitable Bank CSV MAX Line of Credit, you must:
With Equitable Bank Business Financing, approval requirements may vary depending on what type of product you’re applying for. However, you’ll normally have to provide the following business documents:
You may also have to complete and submit these forms:
One of the best things about Equitable Bank is that its products involve easy application processes compared to other lending or banking companies in Canada. Nonetheless, it’s important to prepare financially and mentally for the process.
To apply for a reverse mortgage with Equitable Bank, complete these 4 simple steps:
If you’re applying for an Equitable Bank’s CSV Line of Credit, the required documents vary depending on which product you choose but the application process is the same with both the Equitable CSV FLEX Line of Credit and CSV MAX Line of Credit:
Forms that may be required to apply for the Equitable Bank CSV FLEX Line of Credit:
Forms that may be required to apply for the Equitable Bank CSV MAX Line of Credit:
Similar to their CSV Line of Credit Suite, Equitable Bank Business financing can involve different approval requirements, forms and documentation, depending on which product you choose. That said, here’s how the 5 step process normally goes:
Although Equitable Bank offers plenty of affordable financing products and solutions, it’s always important to consider how much debt you could be taking on by borrowing. For example, here are the current Equitable Bank reverse mortgage rates:
Flex Rates APR | Lump-Sum Rates APR | |
6 Month Fixed | 4.92% | 4.29% |
1 Year Fixed | 3.89% | 3.79% |
2 Year Fixed | 4.34% | 3.94% |
3 Year Fixed | 4.39% | 3.99% |
5 Year Fixed | 4.89% | 4.29% |
5 Year Adjustable | Prime Rate (P) + 1.64% | Prime Rate (P) + 1.64% |
Since there are no payments involved with a reverse mortgage, interest rates can be slightly higher than those of traditional mortgages. In addition, both of the reverse mortgages above will be accompanied by a one-time set-up fee of $995.
You may also encounter appraisal and Independent Legal Advice fees once you close your Equitable Bank Reverse Mortgage.
Equitable Bank isn’t just a major financial institution, they are one of the most popular reverse mortgage providers in Canada. As a client, you’ll have access to these benefits:
If you’re looking for a good place to save money, build your investment portfolio and apply for residential or commercial financing, Equitable Bank may be the best financial institution for you.
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
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Reverse Mortgage | - |
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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