HomeEquity Bank achieves continued growth in 2018 as interest in reverse mortgages continues to build
TORONTO, January 10th, 2019 – HomeEquity Bank, provider of the CHIP Reverse Mortgage™, reported $767M in reverse mortgage originations for 2018. This represents a 26 per cent increase over the previous year, demonstrating continued growth in demand by Canadians aged 55+ to access the equity in their homes.
These strong 2018 results reflect a significant increase in HomeEquity Bank’s mortgage broker and bank referral business, as well as continued consumer interest in the product as a reliable resource in their retirement planning and financial toolbox.
The past year marked two other significant milestones for the company, an evolution of the HomeEquity brand and the introduction of a new product, CHIP Max™
In July, HomeEquity Bank re-branded to a new look and messaging, focused on empowering Canadians in retirement. An insightful campaign created in collaboration with award-winning Toronto agency Zulu Alpha Kilo, featuring a series of humorous ads and witty scenarios many older homeowners are facing. The new campaign was featured in media across Canada and continues to be very well received in the market. The new ads can be seen at https://www.youtube.com/watch?v=di6gLl5eYBE
In November, 2018, HomeEquity Bank launched CHIP Max™ an innovative product that allows select clients to access more equity from their home. Both initiatives were driven by consumer insights about Canadians wanting more freedom, control and empowerment during their retirement.
“We are extremely proud of our results achieved in 2018, with our fifth consecutive year of 20 per cent plus year over year growth,” shared Steven Ranson, HomeEquity Bank President and Chief Executive Officer. “Canadians are living longer and more fulfilled lives in retirement and they consistently share with us their desire to age in place. We are privileged to help Canadians access their home equity through our product offerings and help them retire in the home they love. We look forward to continuing our growth in 2019 and beyond.”
About HomeEquity Bank
HomeEquity Bank, a federally-regulated, Schedule 1 Canadian bank, is the only national provider of the CHIP Reverse Mortgage™ solution. Founded over 30 years ago, the company has been helping Canadian homeowners aged 55+ access the value of their homes, while maintaining ownership, with no monthly mortgage payments required until they make the decision to move or sell.
HomeEquity 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 HomeEquity Bank’s CHIP Reverse Mortgage™ as a smart and comprehensive solution for Canadians planning for retirement. HomeEquity Bank has ranked on the Canadian Business and GROWTH 500 list, the definitive ranking of Canada’s Fastest-Growing Companies.
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