Home Equity Income Trust Announces Member of the Board's Retirement

    TORONTO, Nov. 15 /CNW/ - Home Equity Income Trust (TSX: HEQ.UN (the
Trust)), today announced the retirement of William Turner as a member of the
Trust's Board of Trustees, effective December 15, 2007. Mr. Turner pioneered
the concept of reverse mortgages in Canada over 20 years ago when he founded
Canadian Home Income Plan (CHIP), the first, and still the only, national
underwriter of reverse mortgages. CHIP, a subsidiary of the Trust, originates
the reverse mortgages in which the Trust invests. During his tenure on the
Board, Mr. Turner served on the Governance & Compensation Committee and Audit
    "We are most thankful to William for his extraordinary contribution to
Home Equity Income Trust as the founder of the reverse mortgage business in
Canada. The Board has benefited greatly from his wealth of experience and
unique perspective on the needs of seniors. He remained on a first name basis
with many of our original clients and established a culture of respect and
consideration in our dealings with seniors and their families. We wish him
well in his retirement with much enjoyment and fulfillment in the pursuit of
his many personal interests." said Pierre Lebel, Chairman of the Board.
    "William and I worked together for many years. His dedicated support and
passion for over 20 years helped build the business to what it is today.
William made a significant contribution in his tenure with the Board and his
presence will be missed," said Steven Ranson, President and Chief Executive
Officer of the Trust.
    With Mr. Turner's retirement, Home Equity's Board of Trustees will
consist of 6 members until such time as the vacancy is filled.

    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 unit holders 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 September 30, 2007, the portfolio generating
cash returns to the Trust comprised approximately 6,600 reverse mortgages with
an accrued value of $678.3 million, secured by residential properties across
Canada worth approximately of $1.9 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: Steven Ranson, President & Chief Executive
Officer, (416) 413-4663, sranson@homeq.ca

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