HomeEquity Bank
HomeEquity Bank is a privately held Schedule 1 Canadian chartered bank, owned by the Ontario Teachers' Pension Plan Board, that is the only federally chartered bank in Canada exclusively focused on reverse mortgages and home-equity solutions for homeowners aged 55 and over.
- Company typePrivate
- Founded1986
- HeadquartersToronto, Canada
- Headcount251–500
- GTM typeB2C
- OfferingServices
What HomeEquity Bank does
HomeEquity Bank is a privately held Schedule 1 Canadian chartered bank, headquartered in Toronto and founded in Vancouver in 1986, that is the only federally chartered bank in Canada exclusively focused on homeowners aged 55 and over. The bank operates a coast-to-coast reverse mortgage platform built around the flagship CHIP Reverse Mortgage product and its variants (CHIP Max for higher initial access on C$300K+ homes, CHIP Open for prepayment-penalty-free short-term financing, and CHIP Reverse Mortgage with Additional Funds), supplemented by an Income Solution that converts home equity into recurring monthly or quarterly tax-free advances, a Custom Solutions suite for estate planning, gifting, and investment use cases, and a Guaranteed Investment Certificate (GIC) deposit book raised through independent brokers and CDIC-insured up to C$100,000. Underwriting, funding, and payout workflows are supported by customer-facing digital tools (the HomeEquity Solution Finder interactive goal-recommendation tool, online free-estimate forms, toll-free specialist line), back-office integrations with FNF Canada's LawyerConnect and PayoutConnect portals for lawyer/notary-driven discharge processing, and senior medium-term note issuance through a wholly owned securitization vehicle, CHIP Mortgage Trust.
The bank generates revenue primarily through interest income on reverse mortgage loans (variable rates quoted as HomeEquity Bank Prime Rate plus a spread, plus 6-month/1-year/3-year/5-year fixed-term options) and through a schedule of closing, administrative, and servicing fees (e.g., C$1,795 closing fee for most reverse mortgage clients, C$2,495 for Income Advantage, C$2,995 or 1.25% of loan for CHIP Open, C$399 discharge fee, C$125/month default processing). Funding is sourced from CDIC-insured GIC deposits and from AAA(sf)-rated securitization via CHIP Mortgage Trust, most recently via a C$200 million 4.066% senior medium-term note issuance in April 2026. HomeEquity Bank distributes its products through a multi-channel model combining a direct-to-consumer telephone and web channel with a network of mortgage brokers, major banks, credit unions, and financial planning firms, and reaches affinity audiences through co-branded microsites with CARP, Medicalert, and the Royal Canadian Legion.
Since 2022 the bank has been a portfolio company of the Ontario Teachers' Pension Plan Board, which provides long-duration institutional capital backing; prior ownership was held by Birch Hill Equity Partners from 2012 to 2022, and the predecessor entity HomEquity Income Trust was listed on the Toronto Stock Exchange (HEQ.UN) from 2002 until its 2009 conversion to HomeEquity Bank under Schedule 1 status. The bank employs 251-500 staff across Toronto and Vancouver offices, has served more than 50,000 Canadian homeowners with cumulative reverse mortgage funding of C$8 billion over 40+ years, and operates under OSFI oversight with a CBA Seniors Code designation, a designated Seniors Champion, WCAG 2.0 Level AA accessibility, PIPEDA privacy compliance, and quarterly Basel III Pillar 3 disclosures.
HomeEquity Bank firmographics
Firmographics- Name
- HomeEquity Bank
- Legal name
- HomeEquity Bank
- Website
- https://www.homeequitybank.ca
- Company type
- Private
- Founded year
- 1986
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- HomeEquity Bank is a privately held Schedule 1 Canadian chartered bank, owned by the Ontario Teachers' Pension Plan Board, that is the only federally chartered bank in Canada exclusively focused on reverse mortgages and home-equity solutions for homeowners aged 55 and over.
- Ownership category
- akta.pro rank
Where HomeEquity Bank is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
HomeEquity Bank business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Reverse Mortgage Interest Income: Primary revenue stream. HomeEquity Bank earns interest on CHIP Reverse Mortgage, CHIP Max, CHIP Open, Income Solution/Income Advantage, and Custom Solutions loans. Interest accrues over the life of the mortgage and is repaid when the borrower moves, sells, or passes away. Rates are offered as variable (HomeEquity Bank Prime Rate plus a fixed spread) or fixed for 6-month, 1-year, 3-year, and 5-year terms.
- Closing, Administrative, and Service Fees: One-time closing and administrative fees charged at origination and on various servicing actions. Examples include $1,795 closing fee for most reverse mortgage clients, $2,495 for Income Advantage, $2,995 or 1.25% of loan for CHIP Open, $500 conversion fee, $399 discharge fee, $1,000 Power-of-Attorney fee, $50 subsequent advance fee, and various monthly default/processing fees.
- Capital Markets Funding Spread (CHIP Mortgage Trust): HomeEquity Bank subsidiary CHIP Mortgage Trust issues senior medium-term notes (e.g., $200 million 4.066% senior MTN with AAA (sf) rating from DBRS, expected final payment August 28, 2031) to refinance outstanding indebtedness, acquire mortgages originated by the Bank, and fund ongoing operations. The Bank earns the spread between funding costs and reverse mortgage yields.
- GIC Deposit Funding (Spread Income): HomeEquity Bank raises deposit funding via Guaranteed Investment Certificates (terms 1-5 years, minimum $5,000, monthly/quarterly/semi-annual/annual/compounded interest, CDIC insured up to $100,000) distributed through independent deposit brokers. The Bank earns a net interest spread between GIC rates paid and the yield earned on reverse mortgage assets.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Multi-year contract | CHIP Reverse Mortgage — variable and fixed-term pricing with closing fee $1,795 |
| Usage-based | Monthly | Income Advantage (Income Solution) — variable Planned Advance Account plus optional Lump Sum |
| Usage-based | Multi-year contract | CHIP Reverse Mortgage with Additional Funds |
| Usage-based | Multi-year contract | Existing Client Contracts 17-20 with Long-Term Escalating and Interest Payment Discounts |
| Usage-based | Multi-year contract | CHIP Max — variable and fixed-term pricing |
| Usage-based | Pay-as-you-go | CHIP Open — variable open reverse mortgage with no prepayment penalty |
| Unit Pricing | Annual | GICs — fixed-term deposits for retail and broker distribution |
| Other | Pay-as-you-go | Fee schedule — administrative and servicing fees (Effective April 1, 2024) |
Go-to-market motion4 records
Distribution channels4 records
Marketing channels11 records
HomeEquity Bank product offering
Product offeringCore offering
HomeEquity Bank is Canada's only Schedule 1 Chartered Bank exclusively focused on reverse mortgages for Canadian homeowners aged 55 and over, founded in 1986. Its core offering is the CHIP Reverse Mortgage and its variants (CHIP Max, CHIP Open, CHIP Reverse Mortgage with Additional Funds), which allow homeowners 55+ to access up to 55% of their home value as tax-free cash with no required monthly mortgage payments until they move, sell, or pass away. Complementary products include the Income Solution (recurring monthly or quarterly tax-free income from home equity), Custom Solutions (tax-efficient capital for estate planning, gifting, and investment), and CDIC-insured Guaranteed Investment Certificates (GICs) distributed via independent deposit brokers.
Product overview
HomeEquity Bank operates as a single, specialized Schedule 1 Canadian bank with a unified reverse mortgage platform that is delivered through multiple named product modules rather than a traditional SaaS product stack. The bank's core offering is the flagship CHIP Reverse Mortgage, which is extended through three complementary reverse mortgage variants (CHIP Max, CHIP Open, and the CHIP Reverse Mortgage with Additional Funds structure), an Income Solution for recurring tax-free cashflow, and Custom Solutions for tax-efficient capital deployment for estate planning, gifting, investing, and bridge financing. The HomeEquity Solution Finder is an interactive tool that recommends the appropriate solution (CHIP Reverse Mortgage, Income Solution, or Custom Solutions) based on the customer's stated goal (e.g., pay off debt, supplement income, support family, estate/tax planning). Alongside its reverse mortgage suite, HomeEquity Bank also offers Guaranteed Investment Certificates (GICs) — deposit products eligible for CDIC coverage up to $100,000 — distributed through independent deposit brokers across Canada. Together, these six product lines (CHIP Reverse Mortgage, CHIP Max, CHIP Open, Income Solution, Custom Solutions, and GICs) form the bank's portfolio of offerings focused exclusively on Canadian homeowners aged 55 and over, with Income Advantage representing an earlier generation of the recurring-income product.
Differentiator
Problem solved
Functional benefit
Brands
- CHIP: Flagship reverse mortgage product brand operated under HomeEquity Bank with its own dedicated website (chip.ca), encompassing CHIP Reverse Mortgage, CHIP Max, and CHIP Open products.
Products and services
- CHIP Reverse Mortgage Flagship reverse mortgage loan secured against the value of the home for Canadian homeowners aged 55+, allowing access to up to 55% of home equity in tax-free cash as a lump sum with no monthly mortgage payments required until the homeowner moves, sells, or passes away. Includes a No Negative Equity Guarantee and is offered with variable or fixed (6-month, 1-year, 3-year, 5-year) rate options.
- CHIP Max Reverse mortgage loan designed to give Canadian homeowners 55+ access to a higher percentage of their home equity, intended for large unforeseen expenses, helping family members, or paying off debts. No monthly mortgage payments required; minimum home value $300,000. Available in select locations.
- CHIP Open Short-term reverse mortgage for Canadian homeowners 55+ offering the ability to repay 100% of the loan balance at any time without prepayment penalties. Designed for seizing new opportunities, paying off existing debts, bridge financing, and handling unexpected expenses.
- Income Solution Converts part of the home's value into recurring monthly or quarterly tax-free supplemental income for Canadian homeowners 55+. Provides predictable, pension-like cashflow without requiring the homeowner to move or sell, with no monthly mortgage payments and a No Negative Equity Guarantee.
- Custom Solutions
Quantifiable outcome
- 50K+ Canadians served through reverse mortgages since 1986
- +7 more outcomes
Companies that use HomeEquity Bank
Customer profileSegments4 records
Ideal customer profiles3 records
HomeEquity Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature6 records
HomeEquity Bank partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered strategic primary creative partner, core campaign partner, production partners, operational infrastructure partner, affinity partner, insights partner, public relations partner and hr technology partner.
- Lifelong Crushstrategic primary creative partnerLifelong Crush is the multidisciplinary creative agency partner that developed HomeEquity Bank's integrated 'Time and Wisdom in Homeownership' brand campaign, including the 60-second anthem spot. The agency has earned Strategy Magazine back-to-back Small Agencies of the Year (2024 and 2025), a Gold Effie in 2025, and ranked #2 on the ICA Power List for Fastest-Climbing Agency in Canada. Other Lifelong Crush clients include Canadian Women & Sport, Dairy Farmers of Ontario, Destination Toronto, Fever-Tree Canada, Kelseys Original Roadhouse, Lee Valley, Nature's Way, OK Tire, Plan International Canada and Scarborough Health Network Foundation.
- OMD (Omnicom Media Group)core campaign partnerMedia planning partner working alongside Lifelong Crush on the integrated HomeEquity Bank 'Time and Wisdom' brand campaign spanning TV, online video, social, digital, OOH, and radio.
- Merchant, Saints Editorial, Darling VFX, and Eggplantproduction partnersProduction partners supporting the integrated HomeEquity Bank 'Time and Wisdom' brand campaign — Merchant (likely production services), Saints Editorial (editorial post-production), Darling VFX (visual effects), and Eggplant (additional production services).
- FNF Canada (LawyerConnect and PayoutConnect)operational infrastructure partnerHomeEquity Bank integrates with FNF Canada's LawyerConnect and PayoutConnect portals to allow lawyers and notaries to directly request payout and information statements for mortgage discharge. Used by legal professionals servicing HomeEquity Bank clients.
- CARP (Canadian Association of Retired Persons)affinity partnerAffinity partner featured on the HomeEquity Bank homepage 'Our Partners' logo block, with a co-branded microsite hosted at chip.ca/carp/.
- Medicalertaffinity partnerAffinity partner featured on the HomeEquity Bank homepage 'Our Partners' logo block, with a co-branded microsite hosted at chip.ca/medicalert/.
- Royal Canadian Legionaffinity partnerAffinity partner featured on the HomeEquity Bank homepage 'Our Partners' logo block, with a co-branded microsite hosted at chip.ca/legion/.
- Ipsosinsights partnerIpsos conducts custom national surveys commissioned by HomeEquity Bank to inform thought leadership and PR campaigns. Recent surveys include: (i) January 28-29, 2026 survey of n=1,001 Canadians aged 18+ on doorstep fraud attitudes (margin of error +/- 3.8%); (ii) December 1-3, 2025 survey of n=1,000 Canadians aged 55+ on 2026 trends in AI, online transactions, travel, and wellness (margin of error +/- 3.8%); and (iii) a Qualtrics-fielded client survey of n=319 HomeEquity Bank clients aged 55+ (May 6-13, 2026, margin of error +/- 5%).
- Weber Shandwickpublic relations partnerPublic relations agency supporting HomeEquity Bank's media relations — referenced contacts include Jennifer Wasley (416-804-3014) and Isabel Heyland (519-731-7360). Co-coordinates press release distribution for HomeEquity Bank campaigns.
- Workday (HEB Careers portal)hr technology partnerHomeEquity Bank operates its careers portal on Workday (homeequitybank.wd10.myworkdayjobs.com/HEB_Careers) for job listings and applicant tracking.
Scale indicators10 records
Recent moves8 records
Expansion highlights6 records
HomeEquity Bank competitors and assessment
Company assessmentBroad incumbents
- Tangerine Bank: Canadian direct bank and Schedule 1 institution (formerly ING Direct). Comparable as a specialty Canadian Schedule 1 bank with a digital-first distribution model; HEB board member Brenda Rideout previously served as President & CEO of Tangerine.
- Fairstone Bank of Canada: Schedule 1 Canadian bank formed in 2025 through the combination of Fairstone Financial and Home Trust. Comparable as a federally regulated Schedule 1 Canadian bank with a specialty consumer lending and alternative mortgage franchise serving similar non-prime and 55+ borrower segments.
Regional players
- Alterna Savings & Credit Union: Ontario and Ottawa-based credit union offering retirement-oriented lending products. Comparable as a regional Canadian deposit-taking institution serving the 55+ demographic that HEB also targets.
- Reverse Mortgage Funding (RMF): US-based reverse mortgage lender specializing in jumbo reverse mortgages for higher-value homes, comparable to HEB's CHIP Max offering for $300K+ Canadian homes. Same product category but US geography.
- DUCA Credit Union: Ontario-based credit union offering mortgage products to 55+ members, including reverse mortgage referrals. Operates as a regional competitor in the same Canadian reverse mortgage distribution chain.
- Rocket Mortgage (One Reverse Mortgage): US-based reverse mortgage lender (formerly One Reverse Mortgage) acquired by Rocket Companies. Operates in the same reverse mortgage product category but in the US market; useful as a business model and securitization comparable for HEB's CHIP Mortgage Trust.
Emerging players
- Financeit: Canadian consumer finance platform providing point-of-sale lending and mortgage products. Comparable as a Canadian specialty lender operating in adjacent retail financing segments that could expand into the senior lending space.
Direct peers
- Bloom Financial: Canadian fintech specializing in reverse mortgages for homeowners 55+. Directly competes with HEB's CHIP Reverse Mortgage offering through a digital-first application experience targeting the same Canadian retiree segment.
- Equitable Bank: Canadian Schedule 1 bank offering reverse mortgages through its Equitable Home Reverse Mortgage brand. Comparable as a Schedule 1 Canadian bank with a specialty lending franchise targeting similar 55+ homeowner borrowers.
Others
- Royal Bank of Canada (RBC): Canada's largest bank and a member of the dealer syndicate for CHIP Mortgage Trust's MTN issuances, plus a distribution partner for HEB's reverse mortgage products through its broker channel. Comparable as a Schedule 1 Canadian bank that intersects with HEB across funding, distribution, and product overlap.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat7 records
Key risks7 records
Key highlights7 records
Customer concentration
HomeEquity Bank social profiles
Digital presenceHomeEquity Bank compliance and trust
Trust signalCompliance8 records
HomeEquity Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
HomeEquity Bank leadership team
Management profileNumber of profiles
Profiles18 records
HomeEquity Bank subsidiaries and ownership
Company hierarchySubsidiaries1 record
HomeEquity Bank funding detail
Funding detailFunding overview
Funding rounds2 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HomeEquity Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HomeEquity Bank
What does HomeEquity Bank do?
HomeEquity Bank is Canada's only Schedule 1 Chartered Bank exclusively focused on reverse mortgages for Canadian homeowners aged 55 and over, founded in 1986. Its core offering is the CHIP Reverse Mortgage and its variants (CHIP Max, CHIP Open, CHIP Reverse Mortgage with Additional Funds), which allow homeowners 55+ to access up to 55% of their home value as tax-free cash with no required monthly mortgage payments until they move, sell, or pass away. Complementary products include the Income Solution (recurring monthly or quarterly tax-free income from home equity), Custom Solutions (tax-efficient capital for estate planning, gifting, and investment), and CDIC-insured Guaranteed Investment Certificates (GICs) distributed via independent deposit brokers.
Is HomeEquity Bank a public or private company?
HomeEquity Bank is a private company. It is classified as private equity controlled and is currently operating.
When was HomeEquity Bank founded?
HomeEquity Bank was founded in 1986. It employs 251 to 500 people.
Where is HomeEquity Bank based?
HomeEquity Bank is headquartered in Toronto, Canada, in the North America region.
How does HomeEquity Bank make money?
Four revenue lines are on record. Reverse Mortgage Interest Income is the primary driver. The others are closing, Administrative, and Service Fees, capital Markets Funding Spread (CHIP Mortgage Trust) and GIC Deposit Funding (Spread Income).
Who are HomeEquity Bank's main competitors?
Broad incumbents on record are Tangerine Bank and Fairstone Bank of Canada. Regional players are Alterna Savings & Credit Union, Reverse Mortgage Funding (RMF), DUCA Credit Union and Rocket Mortgage (One Reverse Mortgage). Financeit is listed as an emerging player. Direct peers are Bloom Financial and Equitable Bank. Royal Bank of Canada (RBC) is listed as an others.
Does HomeEquity Bank have an API?
No public API is recorded for HomeEquity Bank.