CEO calls achievement "a testament to the tireless work of our entire organization and our partners"
HomeEquity Bank has revealed that its portfolio of reverse mortgages under administration recently surpassed $5 billion for the first time.
The lender credited “strong market dynamics” for the growth, adding that the reverse mortgage sector “is poised to grow by another $1 billion dollars in 2021 alone.”
Read more: Canada’s reverse mortgage giants had a monster 2020
Yvonne Ziomecki, chief marketing officer and executive vice president at HomeEquity Bank, said that the achievement also demonstrates a desire among Canadian homeowners aged 55 years and older to age in place.
“We’ve conducted a number of national surveys over the past year, and we’ve found that more than a quarter of homeowners 55-plus would consider tapping into their home’s equity to help fund retirement,” said Ziomecki. “Not only that, but 45% of older homeowners say leveraging the equity in their homes should be a core component of retirement planning.”
For his part, Steven Ranson, president and chief executive officer at HomeEquity Bank, said that the milestone was “a testament to the tireless work our entire organization and our partners do every day.”
“Since our founding, the goal has always been to help Canadian homeowners enjoy retirement on their terms through lending solutions that fit their individual needs,” said Ranson. “This record-setting growth demonstrates the appetite for reverse mortgage products is growing as millions of homeowners 55 and older are recognizing the tremendous value and flexibility they provide.”
