Income Advantage Interest rates
HomeEquity Bank Prime Rate: %
IMPORTANT: The Planned Advance Account must always have a variable interest rate term. The applicable interest rates can be found in the table below.
The following is a summary of the current Income Advantage interest rates and terms offered by HomeEquity Bank.
| Planned Advance Account term |
Planned Advance Interest Rate | Lump-Sum Account Term |
SPECIAL RATE1 | Closing fee2 | Annual Percentage Rate(APR)3 |
|---|---|---|---|---|---|
| Variable5 | % | Variable4 | % | $ | % |
| 1-year | % | % | |||
| 3-year | % | % | |||
| 5-year | % | % |
| Planned Advance Account term | Planned Advance Interest Rate | Lump-Sum Account Term |
Posted rate | Closing fee2 | Annual Percentage Rate(APR)3 |
|---|---|---|---|---|---|
| Variable5 | % | ||||
| Variable5 | % | $ | % | ||
| 1-year | % | % | |||
| 3-year | % | % | |||
| 5-year | % | % |
1These rates are only available for new reverse mortgage originations in certain locations and are subject to meeting HomeEquity Bank’s credit granting criteria. Offer may be changed, extended or withdrawn at any time without notice. Rates are adjustments off of posted rates.
2These fees may vary based on individual circumstances.
3APR is the estimated cost of borrowing for years expressed as an annual percentage based on $ per month in planned advances and a $ initial advance. It is not for the full period of the mortgage and includes the applicable closing costs.
4Variable (Special) refers to the HomeEquity Bank Prime Rate plus a fixed spread of %. The fixed spread is guaranteed for years.
5Variable (Posted) refers to the HomeEquity Bank Prime Rate plus a fixed spread of %. The fixed spread is guaranteed for years.
