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.
||closing and administrative costs1
||Annual Percentage Rate (APR)2
||Greater of $2,995 or 1.25% of Loan Amount
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 3.54%. 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.