The lender has established a strong presence in Canada's reverse mortgage market
HomeEquity Bank has announced that it exceeded $1 billion in reverse mortgage originations over the course of 2021, growing by approximately 28% annually.
The lender’s total reverse mortgage portfolio reached $5.4 billon, “further cementing its reputation as Canada’s undisputed market leader,” HomeEquity said. “HomeEquity Bank is well positioned for sustained growth as more Canadians near retirement age and seek sensible financial solutions like the CHIP Reverse Mortgage to make their dreams a reality.”
This growth attests to HomeEquity’s importance in the Canadian lending landscape, according to Steven Ranson, the bank’s president and CEO.
“We are excited to continue fulfilling our purpose of helping Canadian homeowners aged 55 plus enjoy a financially secure retirement in the home they love,” Ranson said. “We are incredibly proud of our achievements in 2021, all of which are testament to the amazing work of our talented team and the success of our business strategy.”
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HomeEquity said that 2021 was a landmark year in many respects, with the strengthening of its commitment to serving Canadian seniors during the pandemic.
“In its second successful year, Operation Warm Hug saw the bank pursue its partnership with legendary figure skater Kurt Browning, who helped call and check in on clients across Canada,” HoemEquity said. “Through an employee matching program, HomeEquity Bank also donated $25,000 to the Canadian Red Cross in response to the BC floods, and called affected clients in the province to offer its support.”
In September, HomeEquity also announced its acquisition by the Ontario Teachers’ Pension Plan Board, a transaction that is expected to close during the first half of 2022.
“The deal brings together two organizations with strong track records of delivering retirement solutions and promises to bring continued value to Canada’s rapidly growing retiree population,” HomeEquity said.
