HomeEquity Bank Completes Reverse Mortgage Sales Program in 2020, with $ 100 Million Sold to Concentra Bank

  • Program Highlights HomeEquity Bank’s Ability to Find Attractive Sources of Liquidity to Support Growth

TORONTO, November 12, 2020 / CNW / – HomeEquity Bank announced today that it has sold approximately $ 100 million reverse mortgages at Concentra Bank. This is only the second time HomeEquity Bank has completed its annual program of selling reverse mortgages to another financial institution, underscoring the company’s continued leadership in from Canada reverse mortgage industry.

“The success of this program is a testament to our ability to find attractive sources of liquidity and profitability to support our continued growth, even in times of significant uncertainty and market dislocation as we have seen throughout 2020” , said HomeEquity Bank EVP and Chief Financial Officer Atul Chandra. “We continue to believe that it is possible to create a new market for the creation and sale of reverse mortgages in Canada and today’s announcement is another important step in that direction. “

HomeEquity Bank plans to explore similar transactions with other potential investors in the future. Demand for reverse mortgages has remained robust throughout the COVID-19 pandemic, supported by favorable demographic fundamentals and a still strong desire by the vast majority of older Canadians to age at home.

About HomeEquity Bank
HomeEquity Bank is a Canadian Schedule 1 bank offering CHIP Reverse Mortgage and CHIP Open solutions. The company was founded over 30 years ago as an annuity-based solution to the financial needs of Canadians who wanted access to equity in their main asset – their home. The Bank is committed to giving Canadians 55 and over the means to live the retirement they deserve, in the home they love. HomeEquity Bank is a holding company of Birch Hill Equity Partners Management Inc., a mid-sized private equity firm based in Toronto with over $ 3 billion in capital under management. For more information visit www.puce.ca.

HomeEquity Bank

For further information: Morgan McLellan, Provident Communications, email: [email protected] or cell: 647-802-4825

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