HOMEQUITY BANK POSTS RECORD 2017 GROWTH AS CANADIANS EMBRACE REVERSE MORTGAGES
TORONTO, January 15, 2018 – HomEquity Bank, the national provider of the CHIP Reverse Mortgage™, posted record mortgage growth in 2017 with 32.5 per cent year over year growth. Reverse mortgage originations of $608MM for 2017 were driven by increased consumer familiarity with HomEquity Bank’s flagship product as well as the growing need for consumers to finance their retirement in new ways.
HomEquity Bank’s record results also reflect a strong partnership with Canada’s mortgage brokers. In 2017, brokers were the bank’s fastest growing referral source increasing by 55 per cent. HomEquity Bank also doubled the number of consumer product inquiries that came in through their website and call centers.
“The sustained strength of Canada’s real estate market has increased the confidence of Canadian homeowners in reverse mortgages,” said Steven Ranson, HomEquity Bank’s president and CEO. “That means proactive equity release is a more attractive solution than ever for Canadians planning for retirement.”
“2017 was an exceptional year for our bank and for our clients,” Ranson added. “As the Canadian population continues to age, there is clear demand among Canadians aged 55 and older, to unlock the equity they’ve accrued in their homes. We are continuing to change the conversation about how reverse mortgages fit into Canadians’ comprehensive retirement plans and have a positive outlook for continued, long-term growth in 2018 and beyond.”
About HomEquity Bank
HomEquity Bank, a federally-regulated, Schedule 1 Canadian bank, is the only national provider of the CHIP Reverse Mortgage™ solution. Founded 30 years ago, HomEquity Bank has been helping Canadian homeowners aged 55+ access the value of the equity they have in their homes, maintaining ownership of their home, until they make the decision to sell.
HomEquity Bank has partnered with the Canadian Association of Retired Persons (CARP) Canada’s largest non-profit, non-partisan advocacy association for Canadians As We Age. CARP now recommends HomEquity Bank’s CHIP Reverse Mortgage™ as a smart and comprehensive solution for Canadians planning for retirement.
HomEquity Bank has ranked on the Canadian Business and PROFIT’s 28th and 29th annual PROFIT 500 list, the definitive ranking of Canada’s Fastest-Growing Companies.
HomEquity has also been recognized as an Aon Best Employer – Canada 2017.