TORONTO, Aug. 4, 2015 /CNW/ - HomEquity Bank announced record $41MM in reverse mortgage origination in the month of July. July marks yet another month of record YOY growth for the reverse mortgage company established in 1986. July YTD originations of reverse mortgages by HomEquity Bank grew by 21% YOY. The strong YOY growth can be attributed to an increase in consumer direct business 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. "Canadians are living longer, have underfunded pensions and insufficient savings. For many, their house plays a big role in a comprehensive retirement plan".
As part of their growth strategy, HomEquity Bank is getting ready to launch its new Mortgage Broker Direct service in September. The company will offer an official designation for approved brokers, in addition, brokers will receive continuing education (CE) credits for completing the certification, specialized marketing support and attractive compensation.
HomEquity Bank is the only national provider of reverse mortgages in Canada, available to those aged 55 and older.
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 http://www.homequitybank.ca/ or call 1.877.503.2447.
SOURCE HomEquity Bank
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