HomeEquity Bank Prime Rate: 3.95%
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 Account Interest Rate
||Lump Sum Account Interest Term
||Closing and Administration Costs2
||Annual Percentage Rate(APR)3
|Variable4||5.94% ||1 Year||5.65%||$2,495 ||6.26%
|3 Years||5.84% ||6.29%
|5 Years||5.99% ||6.30%
1 These rates are only available for new reverse mortgage originations 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 Offer may be changed, extended or withdrawn at any time without notice.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.2 These fees may vary based on individual circumstances.3 APR is for 5 years based on $2,000 per month in planned advances and a $30,000 initial advance. It is not for the full period of the mortgage and includes the applicable closing costs.4 Variable refers to the HomeEquity Bank Prime Rate plus a fixed spread of 1.99%. The fixed spread is guaranteed for 5 years.