What To Do When You Can’t Pay Your Home Equity Bank Bill
Home Equity Bank is a Canadian lender providing home loans and other banking services to citizens all across the country. If you are having trouble paying you loan, here is some information that may help you. This mortgage company is the only lender in the nation that specializes in providing reverse mortgages to seniors. No other loan programs are offered.
How To Pay The Bill
At the time of this writing, paying your Home Equity Bank bill online is not an available service as they focus on reverse mortgages which do not require payment until the loan holder passes away. If you are an account holder, you can contact the bank by phone, or contact them through the mail.
Pay by phone: You can pay your Home Equity Bank bill by calling 1-866-522-2447. Local callers can use this number: 416-925-4757.
Pay by mail: You can pay your Home Equity Bank bill by sending payment to:
45 St. Clair Avenue West, Suite 600
Toronto, ON, M4V 1K9
Questions About Your Billing Statement or Account?
HAve you seen charges on your Home Equity Bank billing statement or account such as late payment charges, overdraft fees or interest charges that were not fully explained to you? If this is the case, you should visit the Home Equity Bank customer page. You can also speak to a customer service representative at 1-866-522-2447 for additional information on your billing statement or account.
How The Penalty Fees Work
A reverse mortgage provides payments out of the equity in your home, which means it will pay you every month. The loan must be paid in full when the senior passes away, or the home becomes property of the bank and is sold. For more information about how a reverse mortgage works, contact customer service by mail or by phone.
I Can’t Make A Payment
With a reverse mortgage, you do not have to make monthly payments, but instead earn a monthly stipend based on the equity in your home. Payment for the loan is due in full when the homeowner passes away. If this payment cannot be made, the home must be sold to cover the balance owed to the bank. You have a certain amount of item to come up with the funds and keep the home, or a certain amount of time to sell the home and pay the loan off. If you cannot sell the home, the bank will take possession of it and sell it for you, keeping the loan balance, and possibly giving you the difference.
Will They Work With Me To Pay My Bill?
Home Equity Bank will work with you to an extent, proving a certain amount of time after the loan comes due for you to decide whether you are going to try pay off the loan and keep the home, or whether you are going to sell the home to pay the loan, or whether you will give the bank the home to sell for recovery of the funds. Either way, no payments are due until the homeowner passes away, so not being able to make your payment does not really become much of an issue.