TORONTO, April 27, 2017 - HomEquity Bank, provider of the CHIP Reverse Mortgage™, continued its steady performance in Q1 of fiscal 2017. The company posted a 27 per cent year over year increase in mortgage originations.
The strong Q1 results demonstrate ongoing growth in demand for reverse mortgages among Canadian seniors. In 2016, HomEquity posted record growth of 26 per cent.
With strong, steady ownership by Birch Hill Equity Partners, HomEquity Bank has continued to grow its business while working with clients to monetize the value of their most important asset – their home.
HomEquity Bank, regulated by the Office of the Superintendent of Financial Institutions (OSFI), attributes the strong financial results to comprehensive direct-to-consumer sales efforts as well as effective engagement with mortgage brokers through a robust certification process. HomEquity Bank maintains rigorous client intake and approvals requiring each potential client to retain independent legal advice, among other requirements. These prudent measures have contributed to the company's continued secure and stable growth.
"Both HomEquity Bank and our parent company, Birch Hill Equity Partners, are pleased with our strong Q1 results," said Steven Ranson, president and CEO of HomEquity Bank. "At a time when the real estate market is top-of-mind for many Canadians, we are pleased that our business has steadily grown while maintaining a strict adherence to underwriting standards. We will continue to serve Canadian seniors by offering regulated mortgage products that allow them to access the equity in their homes and enjoy a fulfilling retirement."