TORONTO, June 8, 2017 /CNW/ - HomEquity Bank, provider of the CHIP Reverse Mortgage™, continued its steady growth and performance in the five months of fiscal 2017. Record reverse mortgage originations of $60MM for the month of May resulted in a year-to-date increase of 35 per cent compared with the same period a year ago.
"Canadian seniors are releasing the equity they've built in their homes, transforming it from passive to active," said Steven Ranson, HomEquity Bank's president and CEO. "We've seen a shift in mindset: there's a broader understanding that home equity – which is often the largest single asset for Canadians – can be easily unlocked."
The shift in attitudes reflects that seniors are living longer and more active lives. At the same time as they have benefited from the steady appreciation of residential real estate across the country, Canadians 55+ increasingly operate as the "bank of mum and dad," helping children and grandchildren to buy or renovate a home or cover the cost of education.
"Historically, the average age of our clients is 72," Ranson noted. "Working together with financial planners and mortgage brokers, we're finding that people incorporate equity release into their financial outlook at an earlier age."
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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