HomEquity Bank first started out in Vancouver as the Canadian Home Income Plan Corporation in 1986. Founded by William Turner, it was initially offered to residents in the local area.
In 2001 the CHIP Home Income Plan was made available in every province. The roll-out started in Ontario and Alberta with the rest of the provinces being added shortly after.
2002 saw the company go public and being traded as homEquity Income Trust. Listed on the Toronto Stock Exchange (TSX), and traded under the stock symbol HEQ.UN.
On October 13th, 2009 HomEquity becomes a Schedule 1 Canadian Chartered Bank. Now called HomEquity Bank and traded under the symbol HEQ. In 2012 Birch Hill acquired all of the outstanding shares of the Bank.
HomEquity Bank offered its newest product, Income Advantage, in 2013. This new product allows people 55 years and older to access some of their home’s equity. Income Advantage provides an opportunity for Financial Planners and Investment Advisors to work with their clients to develop a comprehensive retirement plan including all of the assets in their portfolio such as: investments, pensions and their home’s equity.
Recently in 2014 the CHIP Home Income Plan product was renamed, and is now called a CHIP Reverse Mortgage.
HomEquity Bank raises most of the capital it lends out by selling Guaranteed Investment Certificates to investors across Canada through a network of independent deposit brokers. These GICs range in terms from 1 to 5 years and have a fixed interest rate for the chosen term.
HomEqiuty Bank is now headquartered in Toronto with offices in Montreal and Vancouver.
For more information or to arrange a financing product through HomEquity Bank call: Michael Curry at (705)717-5598 0r (647)559-5049.