Reverse Mortgages - HOMEQ Corporation To Launch Additional Product Features

HOMEQ Corporation, via its subsidiary HomEquity Bank, recently celebrated its 25th anniversary in the reverse mortgage industry. HomEquity is the primary lender of reverse mortgages in Canada and is also celebrating its first year as a Schedule I bank in Canada.

To acknowledge these achievements, HOMEQ will open trading on the Toronto Stock Exchange.

“Throughout our 25-year history serving Canadians, we’ve had a number of important accomplishments that defined our development and vision as a business,” said Steven Ranson, President and CEO, HomEquity Bank. “It is very exciting to celebrate both 25 years of operation in Canada and our one-year anniversary as a Schedule I bank. We’re proud to have continued to grow and experience success since pioneering the reverse mortgage offering in Canada.”

Some other important company dates in the past are in 1986, when founder William Turner created the first reverse mortgages in Canada under the Canadian Home Income Plan Corporation, aka the CHIP. In 2001, the CHIP Home Income Plan became available in every province in Canada. Third quarter 2010 sees record profits with growth in excess of 77% compared to third quarter 2009.

“This kind of growth and steady success shows we are on the right track with our strategic direction and our product offering that meets the needs of Canadian seniors,” added Ranson. “In the coming months, we intend to introduce additional product features that will enable an even broader segment of Canadian seniors and homeowners approaching retirement to put their home equity to work for them.”