Home Equity Income Trust Announces First Quarter Conference Call

    TORONTO, May 4 /CNW/ - Home Equity Income Trust (TSX: HEQ.UN (HOMEQ or
Trust)), which pays cash distributions earned from a portfolio of reverse
mortgages originated by Canadian Home Income Plan (CHIP), today announced that
it will hold a conference call to discuss its first quarter financial results
on May 8, 2009 at 8:30 a.m. (Eastern). The news release announcing the results
will be distributed after 4:00 p.m. on May 7, 2009.
    Available to answer questions on the call will be Steven Ranson,
President and Chief Executive Officer, and Gary Krikler, Senior Vice President
and Chief Financial Officer.
    To participate in the conference call, please dial 1-888-892-3255.
    A live audio webcast (listen-only mode) of the conference call will be
available at www.vcall.com and will be subsequently posted at www.homeq.ca.
    An archived recording of the call will be available at 1-800-937-6305
(conference ID 515746).

    Forward Looking Statements

    Home Equity Income Trust from time to time makes written and verbal
forward-looking statements about business objectives, operations, performance,
and financial condition, including, in particular, the forecast of cash
distributions and anticipated dividend policy, the Trust's plans relating to
the conversion and the establishment of HomEquity Bank, and the likelihood of
HOMEQ's success in developing and expanding its business. These may be
included in the Annual Reports, regulatory filings, reports to unitholders,
press releases, Trust presentations and other communications. These
forward-looking statements are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties and
contingencies as described in the Trust's Annual Information Form and
Management Discussion and Analysis in its most recent financial statements,
many of which are beyond the control of HOMEQ. Actual results may differ
materially from those expressed or implied by such forward-looking statements.
HOMEQ does not undertake to update any forward-looking statement, whether
written or verbal, that may be made from time to time except as required by
applicable securities laws.

    About Home Equity Income Trust

    Home Equity Income Trust provides unitholders with monthly cash
distributions from a portfolio of reverse mortgages originated by its wholly
owned subsidiary Canadian Home Income Plan Corporation. As of December 31,
2008, the portfolio generating cash returns to the Trust comprised
approximately 7,000 reverse mortgages with an accrued value of $814 million,
secured by residential properties across Canada worth approximately of $2.3
billion. CHIP (www.chip.ca), has been the main underwriter of reverse
mortgages in Canada since pioneering the concept in 1986.
    The Trust's units trade on the Toronto Stock Exchange under the symbol
HEQ.UN. Additional information on HOMEQ, including annual and quarterly
reports and the Trust's distribution reinvestment plan, can be viewed at

    %SEDAR: 00018040E

For further information:

For further information: Gary Krikler, Senior Vice President and Chief
Financial Officer, (416) 413-4679, gkrikler@homeq.ca; or Scott Cameron, Vice
President, Finance, (416) 413-6605, scameron@homeq.ca

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