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Canada';s Leading National Reverse Mortgage Provider Becomes a Chartered Bank

^{Published on 2009-10-13 13:25:48 - Market Wire}
 

 - Retail deposits represent a stable and cost-effective source of funds that will diversify the wholesale funding strategy previously used; - Access to additional cost-effective and reliable sources of funding will enable HomEquity Bank to meet the growing financial needs of Canadian seniors, allowing it to increase annual originations and the resulting value of its portfolio of reverse mortgages; - Access to cost-effective sources of funding will improve margins and enable HomEquity Bank to offer lower consumer pricing; - HomEquity Bank will benefit from the efficiency of being federally regulated. This will elevate reverse mortgage supervision to a consistent national standard, and in so doing will raise awareness and greater understanding of a solution that meets the specific financial needs of a growing segment of the population.