TORONTO, Jan. 25, 2017 /CNW/ - HomEquity Bank, providers of the CHIP Reverse Mortgage™, reported $459MM in reverse mortgage sales for 2016. This represents a 26 per cent increase over the year previous, demonstrating a growing demand by Canadian seniors to unlock the value of the equity in their homes.
These strong 2016 results reflect a significant increase in HomEquity Bank's mortgage broker business, which has grown 48 per cent year over year following the successful introduction of the bank's Mortgage Broker Direct service in September 2015. This service offers continued education credits and an official designation for approved brokers. Also in 2016, requests for product information increased by 83 per cent as a result of direct client outreach through television advertisements and online engagement.
The bank's performance can also be attributed to its continued efforts to expand its consumer direct business and bolster its relationships with referral partners, including Canada's largest chartered banks.
"We are very proud of the growth we've attained in 2016," said Steven Ranson, president and CEO, at HomEquity Bank. "At a time of remarkable appreciation in real estate values, we are privileged to help Canadian seniors access that equity. We look forward to continuing our track record of year over year growth for 2017."
About HomEquity Bank
HomEquity Bank, a federally-regulated, Schedule 1 Canadian bank, is the only national provider of the CHIP Reverse Mortgage™ solution. Founded 30 years ago, HomEquity Bank has been helping Canadian homeowners aged 55+ access the value of the equity they have in their homes, maintaining ownership of their home, until they make the decision to sell.
HomEquity Bank has partnered with the Canadian Association of Retired Persons (CARP) Canada's largest non-profit, non-partisan advocacy association for Canadians As We Age. CARP now recommends HomEquity Bank's CHIP Reverse Mortgage™ as a smart and comprehensive solution for Canadians planning for retirement.
HomEquity Bank has ranked on the Canadian Business and PROFIT's 28th annual PROFIT 500 list, the definitive ranking of Canada's Fastest-Growing Companies.
HomEquity has also been recognized as an Aon Best Employer – Canada 2017.
SOURCE HomEquity Bank
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