CHIP Open Posted Interest Rate
HomeEquity Bank Prime Rate: %
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||%||%|
1 These costs may vary based on individual circumstances. Closing cost is the .
2 APR is the estimated cost of borrowing for 5 years expressed as an annual percentage. It is based on a mortgage of $ and a closing cost of $. 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 %. The fixed spread is guaranteed for 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.