The figures reflect a sharp rise in the firm’s mortgage broker business which increased 48 per cent year-over-year following the launch of its Mortgage Broker Direct service in September 2015.
"We are very proud of the growth we've attained in 2016," said Steven Ranson, president and CEO, at HomEquity Bank. "At a time of remarkable appreciation in real estate values, we are privileged to help Canadian seniors access that equity. We look forward to continuing our track record of year over year growth for 2017."
As well as its broker relationships, HomEquity has bolstered its referral partner relationships which includes several large chartered banks.
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HomEquity Bank has reported a 26 per cent rise in reverse mortgage sales with a total of $459 million in 2016.