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Home Equity Income Trust Announces May Distribution

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^{Published in Business and Finance on Wednesday, May 20th 2009 at 6:52 GMT, Last Modified on 2009-11-02 12:18:58 by Market Wire}  

 TORONTO, May 20 /CNW/ - Home Equity Income Trust (TSX: HEQ.UN) ("HOMEQ" or the "Trust") today announced a cash distribution of $0.06 per unit for the month of May 2009. The distribution is payable to unitholders of record on May 31 and will be paid on June 15, 2009. Unitholders who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions by the Trust. Forward Looking Statements Home Equity Income Trust from time to time makes written and verbal forward-looking statements about business objectives, operations, performance, and financial condition, including, in particular, the forecast of cash distributions and anticipated dividend policy, the Trust's plans relating to the conversion and the establishment of HomEquity Bank, and the likelihood of HOMEQ's success in developing and expanding its business. These may be included in the Annual Reports, regulatory filings, reports to unitholders, press releases, Trust presentations and other communications. These forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies as described in the Trust's Annual Information Form and the Management Discussion and Analysis in its most recent financial statements, many of which are beyond the control of HOMEQ. Actual results may differ materially from those expressed or implied by such forward-looking statements. HOMEQ does not undertake to update any forward-looking statement, whether written or verbal, that may be made from time to time except as required by applicable securities laws. About Home Equity Income Trust Home Equity Income Trust provides unitholders with monthly cash distributions from a portfolio of reverse mortgages originated by its wholly owned subsidiary Canadian Home Income Plan Corporation. As of March 31, 2009, the portfolio generating cash returns to the Trust comprised approximately 7,000 reverse mortgages with an accrued value of $826 million, secured by residential properties across Canada worth approximately $2.3 billion. CHIP ([ www.chip.ca ]), has been the main underwriter of reverse mortgages in Canada since pioneering the concept in 1986. The Trust's units trade on the Toronto Stock Exchange under the symbol HEQ.UN. Additional information on HOMEQ, including annual and quarterly reports can be viewed at [ www.homeq.ca ]. %SEDAR: 00018040E 

For further information: Gary Krikler, Senior Vice President and Chief Financial Officer, (416) 413-4679, [ gkrikler@homeq.ca ], or Scott Cameron, Vice President, Finance, (416) 413-6605, [ scameron@homeq.ca ]