The Globe and Mail Names HomeEquity Bank in its Ranking of Canada’s Top Growing Companies for a Third Time
TORONTO, ON, September 23, 2022 – HomeEquity Bank, provider of the CHIP Reverse Mortgage, is pleased to announce it has been recognized in the Report on Business ranking of Canada’s Top Growing Companies for the third time.
Assessed on three-year revenue growth, HomeEquity Bank earned its spot in the ranking with three-year growth of 63 per cent.
In 2021, HomeEquity Bank reported over $1 billion in reverse mortgage originations for the first time ever. This milestone represents a 28 per cent increase over 2020. The value of the bank’s total reverse mortgage portfolio under management stood at $5.4 billion as of December 2021, further cementing its reputation as Canada’s undisputed market leader.
“Being recognized as one of Canada’s Top Growing Companies for the third time demonstrates the relevance and importance of our financial solution in Canada,” says Steven Ranson, HomeEquity Bank President and Chief Executive Officer. “We are excited to continue fulfilling our purpose of helping Canadian homeowners aged 55 plus enjoy a financially secure retirement in the home they love.”
“Canada’s Top Growing Companies recognizes the tremendous ambition and innovation of entrepreneurs in Canada,” says Dawn Calleja, Editor of Report on Business magazine. “The next generation of Canadian businesses can draw inspiration from this ranking.”
“In an uncertain world, the success stories of the companies marked in this year’s Report on Business magazine’s list of Top Growing Companies are a beacon of optimism,” says Phillip Crawley, Publisher and CEO of The Globe and Mail. “The Globe and Mail congratulates them on their achievements.”
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
About Canada’s Top Growing Companies
Canada’s Top Growing Companies is an editorial ranking that was launched in 2019. It aims to celebrate the boldest entrepreneurial achievement by identifying and bringing the accomplishments of innovative businesses in Canada to the forefront. In order to qualify for this voluntary programs; companies had to complete an in-depth application process and fulfill requirements. In total, 430 companies earned a spot on this year’s ranking.
The full list of 2022 winners along with editorial coverage is published in the October issue of Report on Business magazine. The list is out now and online here.
About The Globe and Mail
The Globe and Mail is Canada’s foremost news media company, leading the national discussion and causing policy change through brave and independent journalism since 1844. With our award-winning coverage of business, politics and national affairs, The Globe and Mail newspaper reaches 5.9 million readers every week in our print or digital formats, and Report on Business magazine reaches 2.3 million readers in print and digital every issue. Our investment in innovative data science means that as the world continues to change, so does The Globe. The Globe and Mail is owned by Woodbridge, the investment arm of the Thomson family.
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