Originations of Reverse Mortgages grow by 23%
TORONTO, Jan. 13, 2015 /CNW/ - HomEquity Bank announced today its 2014 originations grew by 23% YOY and reached $309MM. As of Dec. 31, 2014, the HomEquity Bank portfolio of reverse mortgages has surpassed $1.7 billion.
The strong YOY growth can be attributed to an increase in direct inquiries from consumers as well as continued growth through referral partners including banks and mortgage brokers.
"With the current demographic trends and extended life expectancy we project reverse mortgage originations to grow at 25 – 30% annually over the next few years" said Steven Ranson, President and CEO, HomEquity Bank.
HomEquity Bank services seniors who want to:
- Alleviate the stress of debt
- Improve lifestyle
- Maintain their standard of living
- Pay for unplanned expenses
"We are seeing an increased demand for reverse mortgages as more Canadian seniors look to this solution to address concerns over quality-of-life issues, insufficient savings and pension shortfalls," added Mr. Ranson.
HomEquity Bank is the only national provider of reverse mortgages in Canada, available to those aged 55 and older. There is no need to meet income, credit or health qualifications. And, unlike traditional loans, borrowers don't have to service the interest or repay the principal for as long as they own, and are living in, their home.
About HomEquity Bank
HomEquity Bank is the only national provider of reverse mortgages to homeowners aged 55 and over, Canada's fastest growing demographic segment. HomEquity Bank originates and administers Canada's largest portfolio of reverse mortgages under the CHIP Reverse Mortgage and Income Advantage brands. HomEquity Bank has been the main underwriter of reverse mortgages in Canada since its predecessor, Canadian Home Income Plan, pioneered the concept in 1986.
For more information on how the HomEquity Bank reverse mortgages work visit www.homequitybank.ca or call 1.877.503.2447.
SOURCE HomEquity Bank
For further information: For further information on HomEquity Bank, or to interview Steven Ranson, please contact: Teresa Donia, iAMBIC Communications, [email protected], 905-508-5550; Yvonne Ziomecki, Senior Vice President, Marketing and Sales, HomEquity Bank, [email protected], 647-723-6812