TORONTO, June 8, 2017 - 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."