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.
||closing and administrative costs1
||Annual Percentage Rate (APR)2
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 1.89%. 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%