Introducing HomeBridge: Helping Canadians Establish a Living Legacy Through Home Equity
HomeEquity Bank launches HomeBridge as a new digital solution designed to help Canadians 55+ leverage their home equity to gift their family
TORONTO, February 18, 2025 /CNW/ - HomeEquity Bank is proud to introduce HomeBridge, a dedicated digital solution for Canadians seeking to establish a living legacy through their home equity. As a digital platform within HomeEquity Bank, provider of the CHIP Reverse Mortgage, HomeBridge facilitates a modernized approach to wealth transfer.
Between 2023 and 2026, an estimated one trillion dollars is projected to transition from Canadian baby boomers to their Gen X and Millennial heirs, which traditionally is passed down through an inheritance.1 HomeBridge presents an opportunity to gift a living inheritance so their adult children and grandchildren can benefit from the financial help when they need it most. It empowers Canadians 55+ to establish their living legacy by leveraging their home equity with no required monthly payments. This enables individuals to make meaningful financial gifts while preserving their current standard of living and allows them to witness the positive impact of their contributions on their loved ones.
"Recognizing that affordability is an ever-growing concern for Canadians, HomeBridge provides a specialized solution for leveraging your home equity to gift your family," said Steph Morgan, Managing Director of HomeBridge. "It gives Canadian baby boomers the financial flexibility to assist their adult children and help them reach key life goals, which can be increasingly difficult without outside financial support."
A recent study2 by HomeEquity Bank indicated that almost 1-in-5 (19%) Canadians expressed desire to assist their families when considering potential uses for additional funds derived from their home's value. With home equity being an untapped resource for many older Canadians, HomeBridge empowers homeowners to access and understand their gifting capacity, and engage in meaningful conversations with loved ones.
Homeowners can apply online and have a dedicated team that provides a streamlined process for clients who want to benefit from a CHIP Reverse Mortgage. Each applicant receives personalized assistance from a HomeBridge Specialist, who is available to answer questions and support brokers, realtors, advisors, and their clients.
Ultimately, HomeBridge provides a user-friendly and efficient mechanism for parents and grandparents to leverage their home equity, facilitating the creation of meaningful gifts for their families.
For more information, please go to tryhomebridge.ca.
1 CPA Canada (2023) The next wave of trickle-down wealth is upon us. |
2 Dig Insights. (2024). (rep.). HomeEquity Bank 2024 Market Study. |
About HomeEquity Bank
HomeEquity Bank is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse MortgageTM product. The company was founded more than 35 years ago to address the financial needs of Canadians who wanted to access the equity of their top asset – their home. The Bank is committed to empowering Canadians aged 55 plus to live the retirement they deserve, in the home they love. HomeEquity Bank is a portfolio company of Ontario Teachers' Pension Plan Board, a global investor that delivers retirement income for 340,000 current and retired teachers in Ontario. For more information, visit www.chip.ca.
SOURCE HomeEquity Bank
CONTACTS: HomeEquity Bank, Steph Morgan, Managing Director, HomeBridge, (416) 906-6238, [email protected]; Talk Shop for HomeBridge, Joyce Li, (416) 414-4797, [email protected]
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