Equitable Bank Reverse Mortgage Review Examines Exit Charges and Renewal Rates

An independent review of the Equitable Bank reverse mortgage looks at how it prices early exits, the renewal table it publishes openly, and its unusual title rules.
HAMILTON, Ontario - October 17, 2026 - An Equitable Bank reverse mortgage review has been published by an independent Ontario mortgage broker, for homeowners aged 55 and over comparing offers from Canada's four reverse mortgage lenders.

Equitable Bank is one of two federally regulated Schedule 1 Canadian banks that offer a reverse mortgage. The review concentrates on three features that separate it from the other three lenders, none of which appear in the advertising.

How early exits are priced. Equitable Bank calculates an early repayment charge in months of interest rather than as a percentage of the balance, and the number of months falls the longer the mortgage has been held. The review explains why this structure produces a materially different outcome from a percentage-based charge, and for which borrowers the difference works in their favour.

"Publishing the renewal table in the open is rare and it is worth more than most homeowners realise. It means you can see at signing what you will be resetting to," said Richard Hopkins, Mortgage Broker, licence M16000896.

An open renewal table. The bank publishes the rate schedule an existing borrower resets to when a term ends. The review's point is not only that the table exists but that a homeowner can check it against the new-client schedule before signing, which is not possible with every lender. A renewal reset that cannot be seen in advance is a risk the borrower carries without being able to price it.

Title flexibility. Equitable Bank does not require both spouses to be on title. On the right file that allows an application to proceed on the older spouse's age, which can change the amount available. The review is clear that this is a decision with consequences for the younger spouse and should be taken with the independent legal advice Ontario requires before closing, not around it.

The review also covers the bank's product range, its flat set-up fee, its minimum home value and the regions it lends in. Current rate and fee figures are published and dated on the review page rather than repeated here, because they move.

Reverse mortgages let Canadian homeowners aged 55 and over borrow against their home with no required monthly mortgage payments, repaid when the home is sold, when the owners move out, or after the last borrower passes away. The homeowner stays on title and keeps ownership, and can never owe more than the home is worth when it is sold, provided the terms of the mortgage are kept.

The review is written by Richard Hopkins, a Mortgage Broker (licence M16000896) with Dominion Lending Centres Homestead Financial, an independent Ontario brokerage licensed by the Financial Services Regulatory Authority of Ontario (brokerage licence #11711). The brokerage compares every Canadian reverse mortgage lender on each file.

The full review is free to read at:

https://reversemortgagebroker.ca/equitable-bank-reverse-mortgage-review/?utm_source=abnewswire&utm_medium=press_release&utm_campaign=pr17-equitable-review

About Dominion Lending Centres Homestead Financial

Dominion Lending Centres Homestead Financial is an independent mortgage brokerage in Hamilton, Ontario, licensed by the Financial Services Regulatory Authority of Ontario (brokerage licence #11711) and in business since 1999. More than 1,200 Ontario families have arranged a mortgage through the brokerage. Independently Owned and Operated. Richard Hopkins, Mortgage Broker (licence M16000896), leads its reverse mortgage practice.

Media Contact
Company Name: Homestead Financial
Contact Person: Richard Hopkins
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=equitable-bank-reverse-mortgage-review-examines-exit-charges-and-renewal-rates]
Phone: 905-690-6068
Address:26 Glaceport Ave
City: Dundas
State: Ontario
Country: Canada
Website: https://reversemortgagebroker.ca/equitable-bank-reverse-mortgage-review/?utm_source=abnewswire&utm_medium=press_release&utm_campaign=pr17-equitable-review

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This release was published on openPR.