Home Equity Income Trust Announces the First Quarter Conference Call and Annual General Meeting

TORONTO, May 2 /CNW/ - Home Equity Income Trust (TSX: HEQ.UN (HOMEQ or Trust)), which pays cash distributions earned from a portfolio of reverse mortgages originated by Canadian Home Income Plan (CHIP), today announced that it will hold a conference call to discuss its first quarter financial results on May 8, 2008 at 11:00 a.m. (Eastern). The news release announcing the results will be distributed earlier that day.

Available to answer questions on the call will be Steven Ranson, President and Chief Executive Officer, and Gary Krikler, Senior Vice President and Chief Financial Officer.

To participate in the conference call, please dial 416-640-3404 or 1-866-322-1159.

A live audio webcast (listen-only mode) of the conference call will be available at www.vcall.com and will be subsequently posted at www.homeq.ca.

An archived recording of the call will be available at 888-203-1112 (conference ID 7457509) from two hours after the completion of the call until midnight May 10, 2008.

The Trust also announced that its Annual General Meeting will be held at 12:00 p.m. on Thursday, May 8, 2008. The AGM will be held at The King Edward Hotel, 37 King Street, in Toronto.

Forward Looking Statements

Home Equity Income Trust from time to time makes written and verbal forward-looking statements about business objectives, operations, performance, and financial condition, including, in particular, the forecast of cash distributions and the likelihood of HOMEQ's success in developing and expanding its business. These may be included in the Annual Reports, regulatory filings, reports to unitholders, press releases, Trust presentations and other communications. These forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of HOMEQ. Actual results may differ materially from those expressed or implied by such forward-looking statements. HOMEQ does not undertake to update any forward-looking statement, whether written or verbal, that may be made from time to time.

About Home Equity Income Trust

Home Equity Income Trust provides unitholders with stable monthly cash distributions from a portfolio of reverse mortgages originated by its wholly owned subsidiary Canadian Home Income Plan Corporation. The Trust's units are rated SR-2 by Standard and Poor's, which assigns this rating to funds that have "a very high level of cash distribution stability relative to other rated Canadian income funds." As of December 31, 2007, the portfolio generating cash returns to the Trust comprised approximately 6,700 reverse mortgages with an accrued value of $708 million, secured by residential properties across Canada worth approximately of $2.0 billion. CHIP (www.chip.ca), has been the main underwriter of reverse mortgages in Canada since pioneering the concept in 1986.

The Trust's units trade on the Toronto Stock Exchange under the symbol HEQ.UN. Additional information on HOMEQ, including annual and quarterly reports and the Trust's distribution reinvestment plan, can be viewed at www.homeq.ca.

Contacts

Gary Krikler
Senior Vice President and Chief Financial Officer
(416) 413-4679
gkrikler@homeq.ca

or Scott Cameron
Vice President
Finance
(416) 413-6605
scameron@homeq.ca