HomEquity Bank Enters Into New Distribution Agreement

Arrangement Enables Qualified Financial Services (QFS) Agents to Offer the CHIP Home Income Plan solution to Canadian Seniors

TORONTO, June 16, 2011 /CNW/ - HomEquity Bank, a subsidiary of HOMEQ Corporation, announced today that it has entered into a distribution agreement for its flagship financial solution, CHIP Home Income Plan, with Qualified Financial Services (QFS), a Managing General Agency. QFS agents will now be able to offer the CHIP solution to their clients aged 55 and older, while CHIP will benefit from QFS's considerable distribution reach and outstanding market expertise.

"We are very excited about the partnership we have formed with HomEquity Bank as it enables us to offer our clients a unique financial solution that is tailored to the fastest growing segment of Canada's population," said David Spector, Director of Wealth Management. "By combining the CHIP Home Income Plan with income generating solutions, we can make a real difference in our clients' retirement lifestyles."

HomEquity Bank also recognizes the value in the arrangement with QFS, particularly given the dynamic growth in the marketplace. As Senior Vice President, HomEquity Bank, Greg Bandler, noted, "Today's seniors are choosing to remain independent and active and wish to maintain a standard of living that they've come to expect. Accessing home equity and putting it to work as a part of an income generating investment portfolio is an attractive financial option to a growing number of Canadian seniors."

Now in its 25th year of business operations, HomEquity Bank is the only national provider of reverse mortgages in Canada. Reverse mortgages are offered to Canadian homeowners and have no income, credit or health qualifications. Unlike traditional loans, borrowers don't have to service the interest or repay the principal for as long as they own their home and are living in it.

About HomEquity Bank

HomEquity Bank is a Schedule I Canadian Bank and a wholly-owned subsidiary of HOMEQ Corporation (HOMEQ). HOMEQ's shares trade on the Toronto Stock Exchange under the symbol HEQ.

HOMEQ'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 March 31, 2011, the mortgage portfolio comprised approximately 8,000 reverse mortgages with an accrued value of $1.1 billion, secured by residential properties across Canada worth approximately $2.8 billion. HomEquity 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 about HomEquity Bank, please visit www.homequitybank.ca. Additional information on HOMEQ Corporation, including annual and quarterly reports can be viewed at www.homeq.ca.

About QFS

QFS is an independently owned, multifaceted Managing General Agency. QFS provides a full range of insurance and financial products and represents some of the most prestigious Insurance companies in North America. QFS is able to provide numerous resources and real time tracking of applications and policies through their online portal, InSite. QFS was founded by Kevin Cott in 1997, and is now ranked as one of the fastest growing MGAs in Canada.

SOURCE HomEquity Bank

For further information:

Arthur Krzycki
Director, Public Relations
HomEquity Bank
Tel: 416-413-5182


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