HomeEquity Bank
schedule 1 Canadian Chartered Bank
HomeEquity Bank (French: Banque HomeEquity) is a Schedule 1 Canadian Chartered Bank, founded in 1986 as the Canadian Home Income Plan Corporation. HomeEquity Bank is the first Canadian bank to offer reverse mortgages to Canadian homeowners aged 55 and over. HomeEquity Bank originated $767 million reverse mortgages in 2018, up 26% from the previous year. By the end of 2022, HomeEquity Bank had grown its mortgage portfolio to over $5 Billion (Cdn.), representing an annual growth rate of 23%.
In addition to the CHIP Reverse Mortgage, HomeEquity Bank also offers the Income Advantage loan, CHIPMax and GICs.
History
Origin
The Canadian Home Income Plan Corporation was founded in 1986 in Vancouver by William Turner. In 2001, the Canadian Home Income Plan expanded by offering their services in Ontario and Alberta, followed by the rest of the Canadian provinces.
In 2009, the company (then known as HomEquity Bank) became chartered and on October 13, 2009, it was recognized as a schedule one bank in Canada.
Birch Hill Equity Partners acquisition
In 2012, Birch Hill Equity Partners acquired all outstanding shares of the company.
In 2013, HomEquity Bank launched a product named Income Advantage aimed at providing a steady stream of income during retirement.
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This entry incorporates text from “HomeEquity Bank” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.