Equitable Bank announced Jan. 14 the launch of a new reverse mortgage closing process, which the bank says is more efficient and cost effective for clients.

In particular, the bank says borrowers will no longer need to retain two lawyers to close an Equitable Bank Reverse Mortgage. “In this new process, clients in Alberta, British Columbia and Ontario can have Equitable Bank work directly with their independent lawyer to verify identification, register and fund the mortgage,” says the bank.

"At Equitable we continually challenge ourselves to find better ways to bring more value to our customers by removing complex and unnecessary traditional banking practices," says Paul von Martels, VP of Prime and Reverse Mortgage Lending, Equitable Bank. "It's our ambition to bring the reverse mortgage solution into the retirement financing mainstream. Innovating the customer's experience and reducing the costs to originate are important steps in that journey."