With a greater senior population, less savings, and lower investment returns, the demographics and growth opportunities keep improving for reverse mortgages.
“Our reverse mortgage offering is now widely recognized as a mainstream financial solution,” said Steven Ranson, President and CEO of HomEquity Bank.
That’s starting to show in its numbers.
HomEquity Bank’s 2010 performance was notable to say the least:
2010 Mortgage originations: $206 million
(Up 87% vs. 2009)
2010 Mortgage portfolio: $1.0 billion
(Up 17% vs. 2009)
Also of note, broker originations doubled from 2009. Brokers now account to “well above a third of business generated with our partners,” says Arthur Krzycki, Director, Marketing & Public Relations.
HomEquity Bank remains the only national provider of reverse mortgages in Canada. With its distribution channels still evolving and seniors seeking more liquidity than ever, it seems like a given that it’ll post exceptional double-digit growth again in 2011.