HomeEquity Bank Prime Rate: 2.45%
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 | 4.79% | $1,795 | 5.05% |
| 6 Month | 4.49% | 4.74% | |
| 1 Year | 4.49% | 4.74% | |
| 3 Years | 4.89% | 5.15% | |
| 5 Years | 5.09% | 5.35% |
| term | interest rate | closing and administrative costs1 | Annual Percentage Rate (APR)2 |
|---|---|---|---|
| Variable3 | 5.94% | $1,795 | 6.22% |
| 6 Month | 6.24% | 6.53% | |
| 1 Year | 5.99% | 6.27% | |
| 3 Years | 6.24% | 6.53% | |
| 5 Years | 5.74%4 | 6.01% |
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 2.34%. The fixed spread is guaranteed for 5 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 4.94%
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