HOMEQ Corporation Announces Changes to its Board of Directors

Charlene Valiquette, CA, MBA and the Hon. Stockwell Day, PC
appointed to the Board of Directors.

TORONTO, Nov. 10, 2011 /CNW/ - Pierre Lebel, Chairman of the Board of HOMEQ Corporation is pleased to announce the appointment of Charlene Valiquette, CA, MBA and the Hon. Stockwell Day, PC to the Board of Directors.

Charlene Valiquette is a chartered accountant and a seasoned executive with a track record of achievement in Canada's financial services industry.  She is currently a director of ShawCor Ltd., a global energy services company and was previously on the board of Western Life Assurance Company before its sale to Desjardins Group. Prior to serving on boards of publicly traded companies, specifically related to the financial services sector, Ms. Valiquette held the position of Chief Financial Officer for ING Canada Inc., NN Financial, and Ontario Blue Cross.

Stockwell Day recently retired from politics after a 25 year career in federal and provincial government.  During his time in public life, Mr. Day held a variety of senior roles in the government of Alberta, later moving to lead Canada's Official Opposition and subsequently held some key portfolios at a federal level: Minister of Public Safety, Minister of International Trade and Minister for Asia-Pacific Gateway, President of the Treasury Board, and member of the Cabinet Committee on Priorities and Planning.  After retiring from politics earlier in 2011, Mr. Day started a business advisory firm and serves on a variety of boards including Telus Corporation.

The new appointments coincide with the impending resignations of two members of the Board of Directors.  Paul Damp and Sydney McMorran have decided not to stand for re-election at the next Annual General Meeting and will step down from their positions in the near future.

Mr. Damp joined the Board in 2002 when Home Equity Income Trust, a predecessor entity to HOMEQ Corporation, completed its initial public offering.  Mr. McMorran has served on the Board of Directors since 1995.  "On behalf of the shareholders, we thank them both for their outstanding contributions to the Board and wish them continued success in all their endeavours. I also wish to thank them personally for their guidance and counsel during a period of rapid growth and transformation for HOMEQ", commented Pierre Lebel.

HOMEQ Corporation's wholly owned subsidiary HomEquity Bank is the only national provider of reverse mortgages to homeowners aged 55 and over, Canada's fastest growing demographic segment. HomEquity Bank originates and administers Canada's largest portfolio of reverse mortgages under the CHIP Home Income Plan brand. As of September 30, 2011, the mortgage portfolio comprised approximately 8,700 reverse mortgages with an accrued value of $1.1 billion.

With over a quarter century of experience in the marketplace, HomEquity Bank enjoys a strong financial position with access to diverse, and cost-effective funding sources.  With a seasoned management team, product expertise and skillful marketing, the organization is well positioned for market leadership and growth.

HOMEQ's shares trade on the Toronto Stock Exchange under the symbol HEQ.  For more information, visit www.homeq.ca.

SOURCE HOMEQ Corporation

For further information:

Steven Ranson 
President and Chief Executive Officer
HOMEQ Corporation 
Tel: 416-413-4663

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HOMEQ Corporation

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