Available on new home purchases, renewals, refinancings
TORONTO, Nov. 25, 2013 /CNW/ - Equitable Bank, a wholly owned subsidiary
of Equitable Group Inc. (TSX: EQB and EQB.PR.A), today announced the
launch of the Equitable Bank Home Equity Line of Credit ("HELOC"), a
powerful new tool that enables homeowners to get more out of their
mortgage combined with a line of credit.
Equitable Bank's HELOC provides a line of credit facility, at
competitive interest rates, for homeowners to use whenever they see
fit, and is accessible through an Equitable Bank Visa® Gold Access Card
and Equitable Bank cheques.
"We designed our Home Equity Line of Credit so that it would be a true
financial liberator for Equitable Bank's Single Family residential
customers," said Andrew Moor, President and CEO. "After working with
our mortgage broker partners, we believe this will become a choice for
Canadians wishing to use the equity in their homes on an economical
basis to fund what's important to them. Be it a child's education, a
renovation, a major purchase or the cash flow needs of the
self-employed, we're proud that the Equitable Bank HELOC stands ready
to assist our customers in reaching their personal goals faster."
Equitable Bank's HELOC is a revolving line of credit, secured by an
Equitable collateral mortgage. The HELOC is easy to access through the
Equitable Bank Visa® Gold Access Card that can be used anywhere Visa is
accepted, and for cash advances from ATMs displaying the Visa® and/or
Plus® logos. In addition, borrowers will receive their initial set of
personalized HELOC cheques free of charge.
"We recognize that each of our borrowers, whether they are in
business-for-self or new to Canada, has unique and changing cash flow
needs, and that's why the Equitable Bank Home Equity Line of Credit is
such an important financial tool and addition to our product suite,"
said Mr. Moor. "To ensure it serves the broadest customer audience
possible, the Bank has made it available as a value-added feature on
new home purchases, renewals and refinancings in combination with a
mortgage. We've also developed a streamlined process to make applying
More information about the Equitable Bank Home Equity Line of Credit is
available at www.equitablebank.ca.
®Visa Int./Peoples Trust Company licensed user. The Visa Access Card is
issued by Peoples Trust Company, a TM licensee of Visa Int.
ABOUT EQUITABLE BANK
Equitable Bank is a federally regulated Schedule I Bank with total
assets of approximately $12 billion, with over 300 skilled employees
and proven capabilities in lending and deposit-taking. The Company's
integrated operations are organized according to specialty. Within
Equitable Bank's Core Lending business, Single Family Lending Services
funds mortgages for owner-occupied and investment properties across
Canada while Commercial Lending Services provides mortgages on a
variety of commercial properties on a national basis. Equitable's
Securitization Financing business originates and securitizes insured
residential mortgages under the Canada Mortgage and Housing Corporation
administered National Housing Act. Equitable Bank provides savings
products including Guaranteed Investment Certificates and savings
accounts. Equitable Bank is a growing Canadian financial services
business and a wholly owned subsidiary of Equitable Group. Equitable
Bank was founded in 1970 as The Equitable Trust Company. For more
information, visit the Company's website at www.equitablebank.ca and click on Investor Relations.
SOURCE: Equitable Bank
For further information:
President and CEO