“Reverse mortgages hit record high,” “Reverse Mortgages Soar,” & more...
“Reverse mortgages hit record high”
“HomEquity Shatters Records for Canadian Reverse Mortgages in 2011"
“Reverse Mortgages Soar”
“HomEquity Bank’s reverse mortgage originations up 42% in Q4 2011"
“CHIP Reverse Mortgage Volumes Not Surprising to Some”
“Record number of Canadians cashing in on reverse mortgages”
And there are more headlines...all generated by HomEquity Bank’s announcement that fourth quarter 2011 earnings were C$67.2 million and annual earnings C$239 million, in volume, an increase of 16% over 2010, another record-setting year.
With RRSP and investment portfolios still under water for many property owners, and increased reverse mortgage selling efforts (advertising and a growing force of financial advisors) for CHIP reverse mortgages, more property owners sought out this financial alternative than in any other year. Lowering the CHIP qualifying age to 55 accounted for some of the increase.
The approximately 2,000 CHIP reverse mortgages written in 2011 represents only a tiny fraction of US volumes, even though these were down in 2011.
No record is kept of privately-arranged reverse mortgages or home-equity-conversion arrangements which aren’t labelled “reverse mortgages.”
“HomEquity Shatters Records for Canadian Reverse Mortgages in 2011"
“Reverse Mortgages Soar”
“HomEquity Bank’s reverse mortgage originations up 42% in Q4 2011"
“CHIP Reverse Mortgage Volumes Not Surprising to Some”
“Record number of Canadians cashing in on reverse mortgages”
And there are more headlines...all generated by HomEquity Bank’s announcement that fourth quarter 2011 earnings were C$67.2 million and annual earnings C$239 million, in volume, an increase of 16% over 2010, another record-setting year.
With RRSP and investment portfolios still under water for many property owners, and increased reverse mortgage selling efforts (advertising and a growing force of financial advisors) for CHIP reverse mortgages, more property owners sought out this financial alternative than in any other year. Lowering the CHIP qualifying age to 55 accounted for some of the increase.
The approximately 2,000 CHIP reverse mortgages written in 2011 represents only a tiny fraction of US volumes, even though these were down in 2011.
No record is kept of privately-arranged reverse mortgages or home-equity-conversion arrangements which aren’t labelled “reverse mortgages.”
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