Agreement enables Quebec-based financial institution to offer CHIP
solution to senior customers
TORONTO, Oct. 1 /CNW/ - Canadian Home Income Plan Corporation (CHIP)
today announced the latest addition to its growing partner referral network
based on an agreement with the Laurentian Bank of Canada. The Quebec based
banking institution, which operates across Canada, has chosen CHIP as its
provider to meet the diverse retirement needs of senior customers over 60
years of age.
For over 20 years, CHIP has been the industry leader in home equity
lending to seniors, enabling access of up to 40 per cent of a home's value in
tax-free cash with no income, credit or medical qualifications. The new
partnership with Laurentian Bank will further CHIP's reach to seniors through
the bank's well established branch network in specific market segments.
"We realize the importance of offering our customers over the age of 60
simple and sensible financial solutions to meet their changing needs at
retirement," said Stephane Langlois, Assistant Vice President, Retail
Financial Services, Laurentian Bank of Canada. "Our new partnership with
Canadian Home Income Plan will enable us to provide clients who face financial
challenges during retirement with a viable option that supplements their
income and allows them to enjoy their golden years."
With a CHIP Home Income Plan, seniors gain long-term financial security
while still maintaining ownership of their home with no regular or monthly
payments required until the home is sold or if the homeowners move out. By
unlocking up to 40 per cent of their home's equity into cash, CHIP enables
seniors preparing for retirement to enhance their monthly cash flow. They can
then choose to pay off outstanding debts, make new investments or help
children and grandchildren reach their financial goals.
"As a recent Statistics Canada report reveals, Canadians aged 55 to 64
are the fastest growing segment of the population which means a great influx
of people will be heading into retirement in the coming years," said Steven
Ranson, President and CEO of Canadian Home Income Plan. "This data indicates
that most Canadians will have a growing need for a sensible financial solution
as they approach retirement and accessing home equity will be an attractive
option to an increasing number of Canadian seniors."
"This new agreement with Laurentian Bank is a very important one for us
as it further strengthens our already comprehensive referral network," added
Mr. Ranson. "We recognize the value of this partnership given the dynamic
growth in the marketplace, and we believe it will both add to the borrowing
and investment options Laurentian Bank's financial planners can present to
senior clients, and help them broaden their client base."
About Canadian Home Income Plan
Canadian Home Income Plan is an established and leading provider of
simple and sensible financial solutions for seniors over 60 years of age.
Founded in 1986, CHIP has helped thousands of Canadians access the equity in
their homes to improve cash flow. Recognized as the industry leader in home
equity lending to seniors, CHIP has a well-established distribution network,
including national chartered banks, credit unions, mortgage brokers, and
investment and financial planning firms. CHIP is a wholly owned subsidiary of
Home Equity Income Trust (HOMEQ). HOMEQ is listed on the Toronto Stock
Exchange (TSX) under the symbol HEQ.UN.
About Laurentian Bank
Laurentian Bank of Canada is a Quebec banking institution that operates
across Canada and is dedicated to meeting its clients' financial needs through
excellence in service, as well as through its simplicity and proximity. The
Bank serves individual consumers and small and medium-sized businesses, as
well as financial advisors through B2B Trust. It also provides full-service
brokerage solutions through its Laurentian Bank Securities subsidiary.
Laurentian Bank is well established in the Province of Quebec, operating the
third largest retail branch network and is also a performing player in
specific market segments elsewhere in the country. Laurentian Bank of Canada
has over $18 billion in balance sheet assets and over $15 billion in assets
under administration. Founded in 1846, the Bank employs 3,400 people. Its
common shares are listed on the Toronto Stock Exchange (TSX: LB). For more
information, please visit www.laurentianbank.ca.
For further information:
For further information: Arthur Krzycki, Director, Channel Marketing,
CHIP Canadian Home Income Plan, Tel: (416) 413-5182, firstname.lastname@example.org; Buket
Oktem, MAVERICK Public Relations, Tel: (416) 640-5525 ext. 223,
email@example.com; Gladys Caron, Vice President, Public Affairs,
Communications and Investor Relations, Office: (514) 284-4500, extension 7511,
Cellular: (514) 893-3963, firstname.lastname@example.org