HomeEquity Bank Prime Rate: 3.95%

For Québec: click here to download HomeEquity Bank's current rate sheet.

For all provinces outside Québec: The following is a summary of the current CHIP Reverse Mortgage interest rates and terms offered by HomeEquity Bank.

term interest rate closing and administrative costs1 Annual Percentage Rate (APR)2
Variable3 6.24% $1,795 6.53%
6 Month 6.24% 6.53%
1 Year 6.24% 6.53%
3 Years 6.49% 6.78%
5 Years 6.74% 7.04%

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 5 years expressed as an annual percentage. It is based on a mortgage of $150,000 and includes the applicable closing costs.
3 Variable refers to the HomeEquity Bank Prime Rate plus a fixed spread of 2.29%. The fixed spread is guaranteed for 5 years. For contract 21-30, the variable rate is 6.24%