HomEquity Bank’s 2014 originations grew 23% year over year, reaching $309 million, the Canada-based bank has announced.
HomEquity Bank is the only national provider of reverse mortgages in Canada, available to those aged 55 and older, the company said in a statement.
As of Dec. 31, 2014, the HomEquity Bank portfolio of reverse mortgages had surpassed $1.7 billion.
The year-over-year growth can be attributed to an increase in direct inquiries from consumers, as well as continued growth through referral partners including banks and mortgage brokers, a company executive said.
“With the current demographic trends and extended life expectancy we project reverse mortgage originations to grow at 25 – 30% annually over the next few years,” said Steven Ranson, president and CEO of HomEquity Bank. “We are seeing an increased demand for reverse mortgages as more Canadian seniors look to this solution to address concerns over quality-of-life issues, insufficient savings and pension shortfalls.”
HomEquity Bank originates and administers reverse mortgages under the CHIP Reverse Mortgage and Income Advantage brands.
Written by Cassandra Dowell
