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CHIP Open Posted Interest Rate

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HomeEquity Bank Prime Rate: 2.45%

The following is a summary of the current CHIP Open Reverse Mortgage interest rates and terms offered by HomeEquity Bank.

term interest rate closing and administrative costs1 Annual Percentage Rate (APR)2
Variable Open3,4 6.45% Greater of $2,995 or 1.25% of Loan Amount 6.86%

1 These costs may vary based on individual circumstances. Closing cost is the greater of $2,995 or 1.25% of the Loan Amount.
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 a closing cost of $2,995. APR will vary based on loan amount and applicable closing costs.
3 Variable refers to the HomeEquity Bank Prime rate plus a fixed spread of 4.00%. The fixed spread is guaranteed for 3 years.
4 Open refers to the ability to repay 100% of the CHIP Open Reverse Mortgage Balance at any time without paying a prepayment charge. Partial payments are not allowed.