HomeEquity Bank total reverse mortgage portfolio exceeds $6 billion in 2022
Reverse mortgage originations surpass $1B for the second time
TORONTO, Jan. 18, 2023 – HomeEquity Bank, provider of the CHIP Reverse Mortgage, reported more than $1 billion in reverse mortgage originations for 2022, making it the second year the bank has surpassed the billion-dollar mark. This milestone represents a 30 per cent increase over 2021. The value of the bank’s total reverse mortgage portfolio under management now stands at $6.28 billon, further entrenching it as Canada’s undisputed market leader. In 2022, the bank was recognized in the Report on Business ranking of Canada’s Top Growing Companies for the third time.
Canadians 55 and older are increasingly turning to their homes to access equity, with 95 per cent of those 45+ now saying ageing in place would allow them to maintain their independence, comfort, and dignity. HomeEquity Bank is well positioned for sustained growth as more Canadians near retirement age and seek sensible financial solutions like the CHIP Reverse Mortgage to make their dreams a reality.
“Canadians have traditionally focused on the dollar value of their home but now I believe people are starting to see the value their home provides as they look to manage their finances in retirement,” said Steven Ranson, HomeEquity Bank President and Chief Executive Officer. “We are proud of our achievements in 2022, all of which are a testament to the work of our talented team and the success of our business strategy.”
A key strength of HomeEquity Bank’s strategy is its broker distribution network. HomeEquity Bank is proud of its double-digit growth with its broker partners in 2022 and as part of its commitment to this vital channel, the organization is pleased to announce the appointment of Rene Quercia to the role of Senior Vice President, Mortgage Broker Channel. Rene Quercia comes to HomeEquity Bank as a seasoned financial services executive with over 20 years’ experience, including over 10 years in the mobile mortgage specialist and mortgage broker channel.
HomeEquity Bank continues to challenge stereotypes with trailblazing and effective campaigns that resonate with Canada’s growing ageing population. These efforts included airing “Consultation”, one of three spots developed as part of the award-winning brand campaign “Retire Outdated Thinking”, as well as a new direct-response TV spot with Kurt Browning, and a new partnership with renowned business journalist Pattie Lovett-Reid, who joined the bank as its first ever Chief Financial Commentator.
The Schedule 1 bank was recognized as being one of Canada’s Most Admired Corporate Cultures by Waterstone Human Capital in the Mid-Market category, following an in-depth assessment ranging from the organization’s vision and leadership to corporate social responsibility initiatives. This award reflects HomeEquity Bank’s continued commitment to empowering both its employees and retired Canadian homeowners.
About HomeEquity Bank
HomeEquity Bank is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage™ product. The company was founded more than 35 years ago to address the financial needs of Canadians who wanted to access the equity of their top asset – their home. The Bank is committed to empowering Canadians aged 55 plus to live the retirement they deserve, in the home they love. HomeEquity Bank is a portfolio company of Ontario Teachers’ Pension Plan Board, a global investor that delivers retirement income for 333,000 current and retired teachers in Ontario. For more information, visit www.chip.ca.
For further information:
Vivianne Gauci, SVP, Marketing and Customer Experience and Chief Marketing Officer
Phone: (416) 413-4661
Weber Shandwick Canada for HomeEquity Bank
Phone: (905) 505-2540