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%