More Canadians over 55 are opting for reverse mortgages as a way to fund their retirement according to figures from HomeEquity Bank.
It says that is posted a 26% year-over-year rise in reverse mortgage originations in 2018, a total of $767 million. It says this is due to a strong rise in its broker and bank referrals business and continued consumer interest in reverse mortgages as a retirement product.
We are extremely proud of our results achieved in 2018, with our fifth consecutive year of 20 per cent plus year over year growth," shared Steven Ranson, HomeEquity Bank President and Chief Executive Officer. "Canadians are living longer and more fulfilled lives in retirement and they consistently share with us their desire to age in place. We are privileged to help Canadians access their home equity through our product offerings and help them retire in the home they love. We look forward to continuing our growth in 2019 and beyond."
HomeEquity refocused its brand last year to focus on empowering Canadians in retirement. This included a series of ads with a humorous take on the issues that retirees face.
The firm also launched a new product - CHIP Max - that allows select clients to access more equity from their home. Both initiatives were driven by consumer insights about Canadians wanting more freedom, control and empowerment during their retirement.
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