Home Equity Income Trust Announces June Cash Distributions

    TORONTO, June 18 /CNW/ - Home Equity Income Trust (TSX: HEQ.UN) today
announced a cash distribution of $0.09 per unit for the month of June 2007
(equivalent to $1.08 per unit on an annualized basis). The distribution is
payable to unitholders of record on June 30 and will be paid on July 16, 2007.
    Unitholders who are non-residents of Canada will be required to pay all
withholding taxes payable in respect of any distributions by the Trust.
    The Trust has an optional distribution reinvestment plan that permits
unitholders to use the monthly cash distribution paid on their existing units
to purchase additional units directly from the Trust without paying brokerage
commissions or service charges. Participants in the plan will receive
additional units equal in value to 4 percent of each distribution that is
reinvested. Complete plan details can be obtained at www.homeq.ca.

    Forward Looking Statements

    Home Equity Income Trust ("HOMEQ" or the "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 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, 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.

    About Home Equity Income Trust

    Home Equity Income Trust provides unitholders with stable monthly cash
distributions from a portfolio of reverse mortgages originated by its wholly
owned subsidiary Canadian Home Income Plan Corporation. The Trust's units are
rated SR-2 by Standard and Poor's, which assigns this rating to funds that
have "a very high level of cash distribution stability relative to other rated
Canadian income funds." As of March 31, 2007, the portfolio generating cash
returns to the Trust comprised approximately 6,500 reverse mortgages with an
accrued value of $632.1 million, secured by residential properties across
Canada worth approximately $1.8 billion. CHIP (www.chip.ca), has been the main
underwriter of reverse mortgages in Canada since pioneering the concept in
    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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