HomeEquity Bank Reports Record Annual Originations
TORONTO, Jan. 13, 2015 /CNW/ – HomeEquity Bank announced today its 2014 originations grew by 23% YOY and reached $309MM. As of Dec. 31, 2014, the HomeEquity Bank portfolio of reverse mortgages has surpassed $1.7 billion.
The strong YOY growth can be attributed to an increase in direct inquiries from consumers as well as continued growth through referral partners including banks and mortgage brokers.
“With the current demographic trends and extended life expectancy we project reverse mortgage originations to grow at 25 – 30% annually over the next few years” said Steven Ranson, President and CEO, HomeEquity Bank.
HomeEquity Bank services seniors who want to:
Alleviate the stress of debt
Maintain their standard of living
Pay for unplanned expenses
“We are seeing an increased demand for reverse mortgages as more Canadian seniors look to this solution to address concerns over quality-of-life issues, insufficient savings and pension shortfalls,” added Mr. Ranson.
HomeEquity Bank is the only national provider of reverse mortgages in Canada, available to those aged 55 and older. There is no need to meet income, credit or health qualifications. And, unlike traditional loans, borrowers don’t have to service the interest or repay the principal for as long as they own, and are living in, their home.
About HomeEquity Bank
HomeEquity Bank is the only national provider of reverse mortgages to homeowners aged 55 and over, Canada’s fastest growing demographic segment. HomeEquity Bank originates and administers Canada’s largest portfolio of reverse mortgages under the CHIP Reverse Mortgage and Income Advantage brands. HomeEquity Bank has been the main underwriter of reverse mortgages in Canada since its predecessor, Canadian Home Income Plan, pioneered the concept in 1986.
For more information on how the HomeEquity Bank reverse mortgages work visit https://www.homeequitybank.ca/ or call 1.877.503.2447.
For further information: For further information on HomeEquity Bank, or to interview Steven Ranson, please contact: Teresa Donia, iAMBIC Communications, firstname.lastname@example.org, 905-508-5550; Yvonne Ziomecki, Senior Vice President, Marketing and Sales, HomeEquity Bank, email@example.com, 647-723-6812