About the Company
HOMEQ invests directly and indirectly in reverse mortgages originated under the CHIP brand by its HomEquity Bank subsidiary. Reverse mortgages allow homeowners over the age of 55 to stay in their homes while turning part of their home equity into a cash loan (HomEquity typicallyÊloansÊup to about a third of the home’s value); no interest or principal on the loan is due until the house is sold. HOMEQ’s portfolio containsÊsome 9,000 reverse mortgages worth some $1.2 billion. In 2009 the company converted from an income trust to a corporation in order to operate HomEquity as a deposit-taking bank. HOMEQ was acquired by Canadian firm Birch Hill Equity Partners in late 2012.