InFocus: Home Equity

Guest Editorial: Harness the potential of the boomer market

Guest Editorial: Harness the potential of the boomer market

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Whether you use the term Boomer or Zoomer, it's true that 60 is definitely the new 40. Seniors today are living longer, saving less, spending more and carrying more debt. Seniors are not slowing down and, consequently, their income needs are not decreasing after retirement. Since most do not want to move out of their home in their retirement, unlocking their home equity is becoming a very viable solution for a significant portion of Canada's senior population.

HomEquity Bank is the leading provider of reverse mortgages in Canada and is the only national financial services company exclusively dedicated to providing financial solutions for individuals aged 55 and older.  HomEquity Bank has been the industry leader in home equity lending to seniors and has recently launched the HomEquity Bank Income Advantage product helping them transform a niche solution to a mainstream way of accessing home equity.

Current rates start from as low as 3.99%; the CHIP Home Income Plan along with the newly launched Income Advantage product is an attractive option to Canadian seniors. As a federally-regulated financial institution, HomEquity Bank is able to extend significantly improved interest rates that lower the cost of borrowing to Canadian seniors.

What's in it for seniors?

By unlocking the equity in their home, homeowners can increase their cash flow without having to move or sell. They can access up to 40% of their home's current appraised value based on their age and that of their spouse, and on the location and type of home. No payments are required while the homeowner lives in the home. There are no medical, income or credit qualifications needed. Funds can be received as a lump sum or over time. With rates starting as low as 3.99%, HomEquity Bank provides a compelling alternative to other forms of home equity borrowing.

What's in it for financial professionals?

The HomEquity Bank's suite of products enables wealth professionals to reach a whole new client base while helping them build a business that is not impacted by seasonal or economic cycles. Not only are seniors the fastest growing market in Canada, but they represent a unique business opportunity. According to studies by Statistics Canada and Decima Research, 77% of seniors' net worth is locked up in their homes, and 84% don't want to move

Build your business with HomEquity Bank

Call 1-866-536-2447 to be connected with a Business Development Manager in your area. Or visit to review and request information and tools to help your clients understand the benefits HomEquity Bank's suite of products.

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HomEquity Bank originates and administers Canada's largest portfolio of reverse mortgages under the CHIP Home Income Plan brand. HomEquity Bank and its predecessor, Canadian Home Income Plan Corporation, has been the main underwriter of reverse mortgages in Canada since pioneering the concept in 1986.
HomEquity Bank’s CHIP Home Income Plan is a solution that meets the needs of Canada’s retired homeowners.  With increasing demands on their retirement savings, many Canadian seniors need additional funds to live their lives to the fullest.  The CHIP Home Income Plan is an ideal solution.  With it, seniors can monetize a significant portion of the investment in their homes while continuing to live there.
Since its inception, the CHIP Home Income Plan has helped thousands of Canadian seniors achieve a more secure retirement.  The heightened demand for our product solution is driven by demographics and by the awareness of seniors and their financial advisors.