The following is a summary of the current CHIP Reverse Mortgage interest rates and terms offered by HomeEquity Bank applicable upon reset.
term
INTEREST RATE
CLOSING AND ADMINISTRATIVE COSTS1
Annual Percentage Rate (APR)2
Variable3
%
$
%
6 month
%
%
1 Year
%
%
3 Years
%
%
5 Years
%
%
These fees and interest rates may vary based on individual circumstances, including any additional rate premiums added on your file.
1 These fees may vary based on individual circumstances. 2 APR is the estimated cost of borrowing for years expressed as an annual percentage. It is based on a mortgage of $ and includes the applicable closing costs. 3 Variable refers to the HomeEquity Bank Prime Rate plus a fixed spread of %. The fixed spread is guaranteed for years. For contracts 31 to 33, refer to your mortgage agreement for the fixed spread applicable to your mortgage and reset dates. For contract 21-30, the variable rate is %
