HomEquity Bank (Headquarters)

Description

HomEquity Bank's predecessor, Canadian Home Income Plan Corporation (CHIP), founded in 1986, pioneered the reverse mortgage concept in Canada and has been in the business for more than 20 years. Canadian Home Income Plan Corporation recently changed its name to HomEquity Bank after it received its bank charter on October 13, 2009.

HomEquity Bank originates and administers Canada's largest portfolio of reverse mortgages under the CHIP Home Income Plan brand. HomEquity Bank and its predecessor, Canadian Home Income Plan Corporation, has been the main underwriter of reverse mortgages in Canada since pioneering the concept in 1986. HomEquity Bank’s CHIP Home Income Plan is a solution that meets the needs of Canada’s retired homeowners. With increasing demands on their retirement savings, many Canadian seniors need additional funds to live their lives to the fullest. The CHIP Home Income Plan is an ideal solution.

The Financial Consumer Agency of Canada (FCAC) supervises federally regulated financial institutions to make sure they comply with federal consumer protection laws. FCAC also helps educate consumers, and monitors industry codes of conduct and public commitments designed to protect the interests of consumers. More information on FCAC may be found at www.fcac.gc.ca . HomEquity Bank is required to comply with many consumer protection provisions. For example, we are required to provide consumers with information about fees, interest rates and our complaint-handling procedures.

Financial abuse affects seniors more than any other group in Canada. It is emotionally as well as financially harmful, especially when its victims are targeted by people they trust. Fortunately, there are things you can do to reduce your chance of being victimized. Make yourself, and those you care about, aware of the threat of fraud and the best actions to prevent it. We have created the resources below to provide the essential information for preventing fraud in a variety of situations.

You can expect all employees at HomEquity Bank to comply with the law by not practicing coercive tied selling. To ensure this is the case, we provide ongoing training programs and refreshers for all personnel on acceptable sales practices. We urge you to let us know if you believe that you have experienced coercive tied selling in any dealings with us.

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