Canadian Home Income Plan and National Bank join forces to provide reverse mortgages
Montreal, 10 November 1999 -
Canadian Home Income Plan and The National Bank of Canada today announced that they have formed a partnership to make residential reverse mortgages available to Quebec's nearly one million seniorsover the age of 62. Canadian Home Income Plan reverse mortgages is presently available in all 400 National Bank branches.
"With this agreement, we continue to honour our commitment to offer our clients the full range of financial tools available on the market," stated Jean Houde, Senior Vice-President – Banking and Retail Market of the National Bank. "The reverse mortgage is most likely to appeal to homeowners who want to make full use of the equity in their principal residence. This product may be particularly beneficial for seniors looking to augment their retirement income."
The Canadian Home Income Plan/National Bank of Canada reverse mortgage allows seniors over the age of 62 to access up to 40 per cent of the appraised value of their home. The program's greatest benefit is that, unlike a conventional loan or line of credit, no payments are required on the capital during the homeowner's lifetime. Instead, the principal and interest are repaid by the estate, or by the homeowner if they decide to sell the home and move, or by the estate..
"Canadian Home Income Plan is pleased to partner with the The National Bank of Canada is a great partner for us, especially in the Quebec market," said Denis Paquette, Account Manager, Canadian Home Income Plan. "Together, we can immediately allow seniors in Quebec to access the equity they have built up in their homes to provide them with a more prosperous retirement." "With over 400 branches in Quebec, there is no better partner for us in that province."
The new partnership with the National Bank enhances Canadian Home Income Plan's signalsJuly 1999 entry into the Quebec marketplace, the second largest seniors market in Canada. Of Quebec's nearly one million seniors, about 30 per cent own their own homes; most are mortgage free.
Canadian Home Income Plan, which began in 1986 in British Columbia, has expanded rapidly since 1998 and expects to make reverse mortgages available in every province by this the end of January. In addition to its partnerships with the National Bank of Canada and other financial institutions, Canadian Home Income Plan also provides reverse mortgages directly to Canadians throughits Toronto and Vancouver offices and its a toll-free number, 1-800-563-2447.
The National Bank of Canada, founded in 1859, is an integrated financial group whose mission is to provide comprehensive financial services to customers, small- and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. Ranking sixth among Canada's chartered banks, National Bank is the leading banking institution in Quebec and the bank of choice for independent businesses. It has $77 billion in assets and more than 17,000 employees. It has 400 Canadian branches.
Canadian Home Income Plan created Canada's first and only lifetime reverse mortgage product. To date, the company has arranged more than $200 million in reverse mortgages. Canadian Home Income Plan is distributed in association with leading Canadian financial institutions, including the National Bank of Canada, to address the unique financial needs of Canadians in their retirement.
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For more information, please contact:
|(Canadian Home Income Plan)
||National Bank of Canada