Equitable Bank Mortgage Review 2025

Equitable Bank at a glance

Equitable Bank offers residential and commercial mortgages via mortgage brokers; it’s known for being one of two banks to offer reverse mortgages in Canada.

Equitable Bank mortgage full review

Launched in 1970 as The Equitable Trust Company, Equitable Bank is a subsidiary of EQB Inc. Calling itself “Canada’s Challenger Bank,” Equitable Bank is a publicly traded company that manages over $65 billion in assets and has grown to become the seventh largest Schedule I bank in Canada.

Equitable Bank provides a variety of services, including residential and commercial loans, savings accounts and guaranteed investment certificates (GICs).

Equitable Bank’s numerous residential mortgage products include fixed- and adjustable-rate mortgages, reverse mortgages and home equity lines of credit (HELOCs). Equitable Bank also offers commercial mortgages for businesses planning to finance a property purchase.

Reverse mortgages are a particular area of focus for Equitable Bank, and is one of only two institutions in Canada that offer them. Equitable offers three reverse mortgage options, that vary based on a homeowner’s age and how much home equity they want to borrow against.

Equitable Bank’s website, www.equitablebank.ca, notes that it also has mortgages geared to those with a poor or limited credit history. Among them is the EQB Evolution Suite of mortgage solutions, designed to “appeal to a wide range of borrowers,” including the self-employed. However, few details are provided about what exactly makes these products so appealing; to learn more, you’ll need to contact a mortgage broker.

Feature overview

Variety of mortgages

Equitable Bank offers three types of reverse mortgages: fixed- and adjustable-rate mortgages (ARMs), as well as HELOCs. ARMs are a type of variable-rate mortgage.

It also has a suite of prime mortgage products called the EQB Evolution Suite, though it doesn’t publish much information about the requirements or qualifications.

Equitable Bank also has commercial mortgages for non-residential property purchases.

Ease of application

Though you can reach out to an Equitable Bank customer service agent with questions, you can’t apply for a mortgage directly through the bank’s website. Instead, you must reach out to a mortgage broker. You can do this via email, phone or a form on its website. There is also a special dedicated phone number for those who want to inquire about reverse mortgages.

Interestingly, customers of EQ Bank (an online-only subsidiary of Equitable Bank) can’t apply for a mortgage with Equitable Bank through the EQ Bank website either.

Loan amounts and terms

Equitable Bank doesn’t publicly disclose any maximum or minimum loan amounts. The bank generally offers mortgage terms of one to five years.

Mortgage rate transparency

Equitable Bank posts sample rates for one- to five-year fixed-rate loans and five-year adjustable-rate loans for its standard and EQB Evolution Suite mortgages.

According to the website, the standard rates are based on the most favourable rates in Ontario and are subject to change without notice. The website also notes that listed annual percentage rates (APRs) are based on a mortgage amount of $150,000, as well as commitment and closing fees. Prospective borrowers will need to contact a mortgage broker for up-to-date information based on their financial situation, potential purchase price and other criteria.

Rate types

Equitable Bank has both fixed and variable rates, though adjustable-rate mortgages are only available for five-year terms.

Mortgage fees

The does not provide much information about mortgage fees. The site does note that there may be an early payment fee, as well as a fee if you want to change your payment dates (unless the payment schedule change is within your first month, in which case the fee is waived).

Equitable Bank’s website provides much more detail for its reverse mortgages, noting that there is a set-up fee of $995, as well as additional fees for appraisals and legal advice.

Prepayments on an Equitable Bank reverse mortgage will come with fees unless you stick to specific prepayment criteria, such as prepaying up to 10% of your principal each 12-month period. After five years, you can prepay your entire balance within 30 days of an interest rate reset date without paying additional fees. After 10 years, you can pay off your entire balance at any time without penalty.

Outside of the above allowances, you’ll be charged a prepayment penalty based on how long you’ve had your Equitable Bank reverse mortgage:

Security and safety

Although you can’t apply for a mortgage with Equitable Bank online, the lender’s website offers a Code of Privacy Principles, an Online Privacy statement and Privacy agreement, and tips for maintaining your online banking security.

Also, Equitable Bank is a Schedule 1 Bank, which means it’s regulated by Canada’s Bank Act and is a member of the Canada Deposit Insurance Corporation (CDIC).

Eligibility requirements

There is no information online about eligibility requirements for conventional mortgages with Equitable Bank. To understand whether you might qualify, its best to reach out to a mortgage broker that works with the bank.

However, the lender does share detailed eligibility criteria for its reverse mortgages. To qualify, you must be at least 55 years of age and have a minimum appraised home value of $250,000. You must also live in a major city in Alberta, B.C., Ontario or Quebec.

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How to apply with Equitable Bank

To apply for a mortgage with Equitable Bank, you must contact a mortgage broker.

You can reach out to Equitable Bank about its mortgage offerings via email, phone or a form on its website. There is also a special dedicated phone number for those who want to inquire about reverse mortgages.

Alternatives to an Equitable Bank mortgage