TORONTO, Jan. 25, 2022 /CNW/ - HomeEquity Bank, provider of the CHIP Reverse Mortgage, reported just over $1 billion in reverse mortgage originations for 2021, for the first time ever. This milestone represents a 28 per cent increase over 2020. The value of the bank's total reverse mortgage portfolio under management now stands at $5.4 billon, further cementing its reputation as Canada's undisputed market leader.
Canadians 55 and up are increasingly turning to their homes to access equity, with 93 per cent now saying they want to age in place. HomeEquity Bank is well positioned for sustained growth as more Canadians near retirement age and seek sensible financial solutions like the CHIP Reverse Mortgage to make their dreams a reality.
"This continued strong growth demonstrates the relevance and importance of our financial solution in Canada. We are excited to continue fulfilling our purpose of helping Canadian homeowners aged 55 plus enjoy a financially secure retirement in the home they love," said Steven Ranson, HomeEquity Bank President and Chief Executive Officer. "We are incredibly proud of our achievements in 2021, all of which are testament to the amazing work of our talented team and the success of our business strategy."
HomeEquity Bank continues to challenge stereotypes with trailblazing and effective content, that resonates strongly with Canada's growing aging population. They included a revitalized brand campaign, the launch of the Home Run – The Reverse Mortgage Advantage book and the release of landmark new research in collaboration with the National Institute on Ageing.
In 2021, HomeEquity Bank redoubled its commitment to rallying around Canadians 55 and up during the pandemic. In its second successful year, Operation Warm Hug saw the bank pursue its partnership with legendary figure skater Kurt Browning, who helped call and check in on clients across Canada. Through an employee matching program, HomeEquity Bank also donated $25,000 to the Canadian Red Cross in response to the B.C. floods, and called affected clients in the province to offer its support.
HomeEquity Bank's dedicated team of talented sales people and employees continued to embody the bank's passion for helping Canadians 55 and up enjoy retirement in the home they love. Their customer-first attitude is a foundation of the bank's success and will be instrumental in helping to further grow its client base among this important demographic as HomeEquity Bank carries its excellent momentum into 2022.
In September, HomeEquity Bank announced its acquisition by Ontario Teachers' Pension Plan Board, subject to the receipt of required regulatory approvals, expected in the first half of 2022. The deal brings together two organizations with strong track records of delivering retirement solutions and promises to bring continued value to Canada's rapidly growing retiree population.
About HomeEquity Bank
HomeEquity Bank is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage™ product. The company was founded more than 30 years ago to address the financial needs of Canadians who wanted to access the equity of their top asset – their home. The Bank is committed to empowering Canadians aged 55 plus to live the retirement they deserve, in the home they love. For more information, visit www.chip.ca
SOURCE HomeEquity Bank
Yvonne Ziomecki, HomeEquity Bank, 416-554-1669, [email protected]; Adam Bornstein, HomeEquity Bank (Weber Shandwick), 905-505-2540, [email protected]
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