Equitable Bank Reviews, Ratings And Fees February 2023

Be the first to review Equitable Bank
30 St. Clair Avenue West, Suite 700
Toronto, Ontario
M4V 3A1
  • Monday to Friday 8:30 am - 5 pm

Who Is Equitable Bank

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. 

What Products And Services Does Equitable Bank Offer?

As mentioned, Equitable Bank offers several types of low-cost residential and commercial financing for qualified clients, including but not limited to: 

Reverse Mortgages  

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:

  • Financing home repairs, renovations or other improvements
  • Paying off high-interest debts (credit cards, other loans, etc.) 
  • Buying groceries, household supplies and other family costs
  • Covering different types of in-home care (medical, childcare, etc.)

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. 

CSV Line of Credit Suite

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:

  • Equitable Bank CSV FLEX Line Of Credit – This product is for clients who are at least 50 years old and carrying a whole life insurance policy with one of Equitable Bank’s insurance partners. It gives you access to cash with no payments required, along with up to 90% of your policy’s cash surrender value, as long as your credit is consistently good. Policies are evaluated individually. 
  • Equitable Bank CSV MAX Line Of Credit – This line of credit also allows clients to access up to 90% of their policy’s cash surrender value, as long as their policy is held by an insurance partner of Equitable Bank. Although the CSV MAX does involve monthly interest payments, it has the added benefit of being available to anyone who’s over the age of majority in their province or territory (not just 50+).

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.   

Business Financing

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:

  • Commercial mortgages
  • Asset-repositioning
  • Construction, bridge & inventory loans
  • Long-term loans 
  • Commercial equity lines of credit (CELOC)
  • Property refinancing

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.           

What Are The Eligibility Requirements?

At Equitable Bank, you’ll have to meet specific requirements to qualify for each type of personal and commercial financing:

Reverse Mortgage 

To be eligible for a reverse mortgage from Equitable Bank, you must:

    • Be at least 55 years old
    • Live at your primary residence for at least 6 months per calendar year
    • Be the owner-occupier of the home (not a secondary dwelling or cottage) 
    • Be mortgaging a detached or semi-detached home, condo or townhouse
    • Follow the terms of your loan and lender’s specifications
    • Keep your primary residence in good condition (so it retains value)
    • Be up-to-date with your property tax payments  
    • Apply as a joint borrower, if you aren’t the only title owner (in AB, BC, ON)
    • Own a home in a major urban centre of:
      • Alberta
      • British Columbia
      • Ontario
      • Quebec

CSV Line Of Credit Suite

To qualify for an Equitable Bank CSV FLEX Line of Credit, you must:

  • Be at least 50 years old 
  • Be a Canadian resident
  • Have a whole life insurance policy with one of EB’s insurance partners
  • Have a policy with an acceptable cash surrender value

To qualify for an Equitable Bank CSV MAX Line of Credit, you must:

  • Be at least the age of majority in your province/territory
  • Be a Canadian resident
  • Have a whole life insurance policy 
  • Have a policy with an acceptable cash surrender value
  • Have the financial ability to cover monthly interest payments

Business Financing  

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:

  • Operating statement
  • Current business financials
  • Current Holdco Financial Statement
  • Other legal documents  

You may also have to complete and submit these forms:

  • Building income and expense statement
  • Certificate of Incumbency (Corporations)
  • Certificate of Incumbency (Partnerships)
  • Certificate of Incumbency (Trusts)
  • Gift letter
  • Mortgage application
  • Rent roll
  • Self-declaration letter of income
  • Tenant acknowledgement to lender for commercial tenants 

How To Apply For Services From Equitable Bank

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. 

Process Of Applying For An Equitable Bank Reverse Mortgage

To apply for a reverse mortgage with Equitable Bank, complete these 4 simple steps:

  • Get Started – Before you officially apply for your reverse mortgage, visit the Equitable Bank website to get a free quote and find out if you would qualify. You can do this entirely online, with no pressure tactics or obligations.
  • Consult – After you request your quote, one of Equitable Bank’s customer service agents will contact you to provide assistance during the application process and answer any questions you have about it or your reverse mortgage. 
  • Prepare – To apply, you must also get Independent Legal Advice (ILA) to ensure that you understand the funding process, as well as your upcoming legal rights and financial responsibilities. The same goes for non-title holding spouses.
  • Repayment – If you’re approved for an EB reverse mortgage, you won’t have to make any payments until the last homeowner vacates the property. However, you are allowed to prepay your principal and interest without charges or penalties.

Process Of Applying For The Equitable Bank CSV Line Of Credit Suite

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: 

  • Meet With Financial Advisor Or Insurance Broker – One of these professionals can help you choose a line of credit that works best for you and assist you in filling out or submitting any forms/documents. 
  • Wait For Eligibility To Be Determined – With assistance from your financial advisor or accredited insurance broker, Equitable Bank will review your qualifications, along with the terms of your whole life insurance policy.
  • Get Approved – If you qualify, Equitable Bank will contact you with any additional requirements soon after. Once your credit limit is verified, you can start accessing funds. 

Forms that may be required to apply for the Equitable Bank CSV FLEX Line of Credit:

  • Equitable Bank CSV Flex Application Checklist
  • Equitable Bank Personal CSV Flex Line of Credit Application
  • Equitable Corporate CSV Flex Line of Credit Application 
  • Equitable Bank Personal Information Collection Form
  • Equitable Bank Certificate of Incumbency

Forms that may be required to apply for the Equitable Bank CSV MAX Line of Credit:

  • Equitable Bank CSV Max Application Checklist
  • Equitable Bank Personal CSV Max Line of Credit Application 
  • Equitable Bank Corporate CSV Max Line of Credit Application
  • Equitable Bank CSV Max Line of Credit Guarantor Application
  • Equitable Bank Personal Information Collection Form
  • Equitable Bank Certificate of Incumbency

Process Of Applying For Equitable Bank Business Financing

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:

  • Start By Contacting Equitable Bank – To begin your application, you have to contact either Equitable Bank or an accredited mortgage professional (AMP) to help you through the process, such as a mortgage broker or Account Manager.
  • Find Out Which Documents You Need – To verify which documents are required, Equitable Bank looks at your business type, property class and financial needs. The quicker you prepare your paperwork, the easier the process will go.
  • Submit Your Financing Request For Review – Once you submit your forms, Equitable Bank will evaluate your request and eligibility. Your mortgage broker or Account Manager will also guide you through this part of the application process.
  • Get Your Letter Of Intent – If your forms are approved, Equitable Bank will send you a Letter of Intent describing the next steps in the process, like having your property evaluated by an Approved Consultant and other loan-related conditions.
  • Get Your Application Approved – If you pass the requirements, Equitable Bank will also send you a Confirmation Letter with your loan amount and payment terms. As soon as funding is approved, you can start improving your business.

Cost Of Applying For An Equitable Bank Reverse Mortgage

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 APRLump-Sum Rates APR
6 Month Fixed4.92%4.29%
1 Year Fixed3.89%3.79%
2 Year Fixed4.34%3.94%
3 Year Fixed4.39%3.99%
5 Year Fixed4.89%4.29%
5 Year AdjustablePrime Rate (P) + 1.64%Prime Rate (P) + 1.64%

Additional Fees

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.  

Benefits Of Getting A Reverse Mortgage From Equitable Bank 

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:

  • Reliability – Equitable Bank has over 50 years of experience, manages close to $36 billion in assets and is publicly traded on the Toronto Stock Exchange (TSX). 
  • Low Rates – According to a study done on April 30th, 2021, Equitable Bank currently offers the lowest reverse mortgage rates in the country.
  • More Home Equity – Since Equitable Bank has lower rates and prepayment costs than its competitors, you can save more home equity over time.  
  • Flexible Conditions – Reverse mortgages have no payments if there’s an owner on the property. Before you sell, you can use your funds however you want. 

Bottom Line

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.


Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Requirements & Documents

Reverse Mortgage

Interest Rate
4.59% - 5.64%
Term (Months)
6 - 60
Funding Time
Funding Method
Repayment Options
  • Must be 55+ years old 
  • Must live in a major urban city in one of the following provinces: Ontario, Quebec, British Columbia, or Alberta.
  • Your home must be your primary place of residence. 
  • Must have a minimum property value of 250,000
  • Must have a home appraisal 
  • Must have proof that you can handle property-related expenses. 
  • Must have documents of any debt secured through your property.

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