Welcome To HomEquity Bank
HomEquity Bank, a Schedule I Canadian Bank, is the only national provider of reverse mortgages to Canadian seniors. HomEquity Bank originates and administers its reverse mortgage solutions under the CHIP Home Income Plan brand.
HomEquity Bank’s predecessor, Canadian Home Income Plan Corporation (CHIP), founded in 1986, pioneered the reverse mortgage concept in Canada and has been in the business for more than 20 years. Canadian Home Income Plan Corporation recently changed its name to HomEquity Bank after it received its bank charter on October 13, 2009.
HomEquity Bank also issues Guaranteed Investment Certificates to Canadian Investors through a network of Canadian deposit brokers.
News
January 6, 2010
HomEquity Bank Reports Record Q4 Originations
HOMEQ Corporation (“HOMEQ”) today announced that its subsidiary, HomEquity Bank, reported record originations of reverse mortgages of $43 million in the fourth quarter of 2009. This represents an increase of 77% over the same period last year and an increase of 11% over the previous record set in the second quarter of 2008. As at December 31, 2009 the reverse mortgage portfolio of $865 million was $52 million or 6% higher than as at December 31, 2008.
November 9, 2009
HomEquity Bank dramatically lowers rates on CHIP Home Income Plans
HomEquity Bank (Banque HomEquity), Canada’s newest chartered bank, today announced that it is has significantly reduced its variable rate on CHIP Home Income Plans to 3.75%*, signalling a transformative change in the acceptance of reverse mortgages as a viable tool within the financial solutions landscape. The significantly lower cost of borrowing gives today’s cost-conscious seniors more flexibility in how their home equity can be used to enhance their retirement lifestyles.
October 13, 2009
Canada's Leading National Reverse Mortgage Provider Becomes a Chartered Bank
HOMEQ Corporation (TSX: HEQ) (HOMEQ) today announced that its operating subsidiary, Canadian Home Income Plan Corporation, has received its Letters Patent and Order to Commence as a federally regulated Schedule I bank from the Minister of Finance, effective immediately.