HomEquity Bank, the largets provider of reverse mortgages in Canada, celebrated its 25th year of providing the loans to seniors as an alternative financial solution for retirement.
The company, formerly known as Canadian Home Income Plan Corporation, celebrates its first anniversary as a Schedule I Canadian bank and opened trading on the Toronto Stock Exchange on Friday.
“Throughout our 25-year history serving Canadians, we’ve had a number of important accomplishments that defined our development and vision as a business,” says Steven Ranson, President and CEO, HomEquity Bank. “It is very exciting to celebrate both 25 years of operation in Canada and our one-year anniversary as a Schedule I bank. We’re proud to have continued to grow and experience success since pioneering the reverse mortgage offering in Canada.”
According to the company, it has seen record originations of $201 million in the latest four quarters and a portfolio of $985 million projected to exceed $1 billion before the end of the year.
“At HomEquity Bank, we’ve been improving and enhancing our offering and growing our business, even during the recent economic downturn,” says Ranson. “This is a further indication that the CHIP Home Income Plan has evolved from a niche product and is continuing to garner popularity as a mainstream financial solution.”
“This kind of growth and steady success shows we are on the right track with our strategic direction and our product offering that meets the needs of Canadian seniors,” adds Ranson. “In the coming months, we intend to introduce additional product features that will enable an even broader segment of Canadian seniors and homeowners approaching retirement to put their home equity to work for them.”
Since its inception, the CHIP Home Income Plan has helped thousands of Canadian seniors looking for a simple, sensible way to unlock up to 40 per cent of value in their homes to achieve a more enjoyable retirement.