EQ Bank Reverse Mortgages Reviews 

Offer solid variety of mortgage products, including loans for people with poor credit

Equitable Bank is the most dishonest criminal bank to deal with. My Father was with them for over 8 years and ended up in the Hospital do to being sick. He was up to date on his Mortgage payments with them but because he missed a couple payments on his HELOC (Home Equity Line of Credit) they called in the HELOC to be paid. It wouldn't have been such a bad thing to do, but they also tried to charge my Father a couple additional fees on top of the HELOC that were not warranted. These very same fees where not being requested when they informed my Father that they where going to foreclose on his house, because they are not reasonable to begin with. EQ Bank paints itself as a company that cares about Seniors and is a Bank that gives back to the community. But all they are is nothing more then a bunch of thugs that will try and steal as much money as they can from you given a chance

The experience working with EQ Bank for a Reverse Mortgage was excellent! I had great communication, service and support from my underwriter, Max and my BDM, Shan. All questions were answered promptly and with detail. I was able to get them on the phone any time I needed to talk through details, which is a big help. The file funded on time and the team at EQ Bank was able to assist with a funding date that was sooner than I anticipated. Clients are very happy!

We found the experience to be simple and straight forward. We would like to thank Glenda for guiding us through each step in a very professional way.
We would recommend Equitable Bank to anyone who
wants a reverse mortgage

Lynn & Marty

Equitable Bank's customer representative, Glenda Niel inspired trust and confidence by answering all questions frankly and succinctly. The process went very smoothly, as if all the work was done behind the scenes. There were no stressful issues as I've experienced the past, e.g. the credit bureau Equifax had me in twice, with my birthday out by a day on one of them, so it became a stressful issue trying to get them to merge these files, taking about 4 weeks and numerous phone calls, and the bank wouldn't commit until this was done successfuly and it was left entirely to me to brow-beat Equifax into recognizing both records were for one and the same person - me - the bank didn't help at all and this caused me to miss a repayment on a second mortgage with consequent penalties. Nothing like that happended, it just went through smoothly and on the promised schedule. Well done!

Glenda Neill Customer Engagement Specialist was excellent Knowledgeable, available and efficient she rates a 5.
The Bank can do better in providing better estimates with reference to costs of house evaluation and cost of mortgage agreement preparation.

The experience of our Reverse Mortgage was a very positive one, from the first contact from our consultant Glenda Neill.
She explained everything very clearly and she guided us step by step.
Glenda was always available and she responded to our concerns in a clear and simple conversation.
We are very satisfied and we will refer the same to our friends.
Thank you for the experience.

Overall, I chose Equitable Bank over the competitors because their rates were better; also, my agent was helpful and responded fairly quickly when I had questions. Additionally, EQB's overall response was noticeably faster than the same response of the competitors. I knocked off 1 star because I almost closed with a competitor before I learned that EQB would offer a higher amount (at a higher rate), similar to what the competitors offered. Once they looked into that option, the next day they made a counter offer for a similar amount at a better rate, and that was the deciding factor.

My parents had been with an Equitable Bank for quite a few years now my dad passed away in April 2022, and my mom continued to pay the mortgage until she was unable to. She started looking into a reverse mortgage which we had updated equitable bank on yet they still started foreclosure proceedings one week before their anticipated payout. Their lack of compassion for a widowed senior has left the family very frustrated as their foreclosure proceedings has cost the family lots of more money than there is available. The death of my father was very unexpected and very hard on our family having almost lost our home of over 25 years equitable, had no remorse or compassion in helping through the process or giving us a couple of months time to get a reverse mortgage with a new company to pay out their balance owing. I do not recommend this bank at all. Their interest rates jumped from 4% to nearly 9% a 5K mortgage jumped to 9K. Making it nearly impossible to make the monthly payment. We scrambled to try and sell, but we chose to proceed with a reverse mortgage instead until the market gets better and because we had missed 2 months of payments and wanted to avoid foreclosure. Like I had said we continued to update this bank on where we were at, yet they still proceeded to foreclose without any warning or any email or phone call saying that they were going to start the proceedings one week before their payout. Stay away from this company!

Amazing experience, Dan Dilio was a precious support to me throughout the process. Always available and helpful. As well as Asriel Pedy, Bilingual Senior Mortgage Officer.

We would really like to thank Deepali and Dan for the amazing work they did for our file!
It was not an easy deal to get done and they made it work for us with ease!
Very professional and Highly recommend!

One of the most trusting lenders in Canada.

Love this lender and the BDM Dan Dillio they are always supportive for product and underwriting info , are quick to resolve any issues . I trust their products for my clients.

Marie Saint Jacques
Mortgage Broker Professional

This company is doing well by assisting retired folks, like my husband and me, to retire peacefully and not have to worry too much about our financial future while being retired. Glenda Neill made this experience very comforting for us.

The process was relatively smooth. And my broker answered any questions I had quickly either by email or on the phone. It completed within the time frame mentioned and the money was transferred to my bank account without incident.

Excellent service specially miss Glenda Neill who every step guided me .I'm very much thankful for all team and equitable bank
Wish good luck to everyone

Nothing better , i can say that i allways get what i need in time.

Agnes guided us during the process and was excellent

This is really 4.5!
During our careers we always put our money into our home and into our children, which did not allow us to accumulate what we would have liked for our retirement. Equitable Reverse Mortgage provides us now in our retirement with many of the things that we would like to enjoy with the security of having the funds to do so while really accessing the continuing growth in equity of our home and retaining the base value of our asset to be passed on to our beneficiaries.

The process was extremely good and the staff that helped us, Glenda from Equitable Bank and Brittany from FTC were responsive, knowledgeable, and proficient. Everything was explained very well; all our questions were answered promptly, and things progressed as planned.

As an accountant, I always look to the details and improving any process to make things easier and more informative. A few things that I feel would have helped our understanding are the following:
- A one-page summary developed at the outset summarizing the process, timeline and dollar amounts taking you from gross loan to net proceeds. This could be a Lead Summary for the main documents and all the numbers could be accounted for on this summary and tied to the main document so there would never be a discrepancy in numbers.
- Only one contact, Equitable Bank, and they would coordinate any of the functions that FTC performs and relate it to the individual lender.
- ILA being one of the progress steps in the lead summary and the numbers required by ILA would be fixed through the Lead Summary and once set would be the same as the main documents and could not vary from the main document.
- All items in the Lead Summary constituting steps in the process and deductions from the Gross Loan would be paid as deductions from the Gross Loan so that all financial amounts pertaining to the Reverse Mortgage would be part of the Lead Summary.
- The actual funding could be fully elaborated on in the Lead Summary since this is the most important step to the lender. The net amount to be received as defined in the Lead Summary, the date and time the funds would be sent by Equitable and when they should be deposited in the lender bank depending on the bank and their normal process times.
- Another way of handling the duplication of information in the main document as opposed to repeating all of the information twice.

Please understand that these are not complaints, but they are the things that would have given us a quicker and easier understanding of everything. I am very happy with the entire process and the professionalism of the Equitable Bank team.

I started with a general inquiry and ended up completing the process to a reverse Mortgage with Glenda N. From the start all my questions were answered and was consistently notified of any progress and steps to take to complete the process.
The level of service made what seems like a relatively complicated exercise easy to navigate step by step
Thank you
Danny L.

I am happy with the help Allan provided. He is very approachable. Allan is an expert on Reverse Mortgages.