(CNW)—Canadians As We Age (CARP), Canada’s largest non-profit, non-partisan advocacy association for maturing adults, has announced a new three-year CARP Recommended partnership with HomEquity Bank. HomEquity is Canada’s only Schedule1 bank dedicated solely to providing mature Canadian homeowners with the opportunity to enjoy the full value of their home in retirement.
CARP will recommend HomEquity Bank’s product line as a viable and comprehensive solution for Canadians planning for retirement. CARP members, in turn, will enjoy support, access and discount options on HomEquity Bank’s flagship product, the CHIP Reverse Mortgage solution.
A CHIP loan is secured against the value of a home, but unlike a loan or conventional mortgage, it does not require clients to make payments. Instead, the loan is only repaid when owners move or sell the home.
“I’ve always espoused the benefits of aging in place,” said CARP president Moses Znaimer. “HomEquity offers a brilliant way of liberating a portion of the equity you’ve built up over the years without having to move and relocate. Traditionally, you had to sell your house. “After surveying the market carefully, we can confidently recommend HomEquity. They’re a trusted organization with an impressive track record offering the safety and security of a Schedule 1 bank while understanding the unique needs of a mature homeowner.”
“For over 30 years, we’ve been trusted to help Canadians release up to 55 per cent of the equity in their homes to supplement their income,” said Yvonne Ziomecki, senior vice president marketing and sales at HomEquity Bank. “With soaring house prices, it has become an important tool in many personal financial plans.”
HomEquity president and CEO Steven Ranson will officially kick-off the partnership at the 2016 Toronto ZoomerShow on October 29 at the Enercare Centre. ZoomerShow attendees can visit the HomEquity booth for free product brochures and to meet with a HomEquity loan specialist. Ziomecki will also be speaking at the ZoomerShow Talk Theatre on October 29 at 1 p.m. on October 30 at 3 p.m. on how seniors can finally cash in on their higher home values.
CARP is Canada’s largest national non-profit, non-partisan organization whose mission is to enhance the quality of life for Canadians As We Age. CARP has over 300,000 members, a network of 60 chapters across Canada, and is on a March to a Million membership campaign.