Interest rates under the CHIP Reverse Mortgage are competitive with those charged for other home equity lending products. No repayments are required as long as the borrower lives in his or her home. And, you can offer your clients a range of interest rate options and terms to suit their lifestyle.

HomeEquity Bank Prime Rate: 3.95%

For Québec: click here to download HomeEquity Bank's current rate sheet.

For all provinces outside Québec: The following is a summary of the current CHIP Reverse Mortgage interest rates and terms offered by HomeEquity Bank.

term SPECIAL RATES1 closing and administrative costs2 Annual Percentage Rate (APR)3
1 Year 5.65% $1,795 6.13%
3 Years 5.84% 6.22%
5 Years 5.99% 6.27%

Other rates are available, including Variable – please click here to view all of our rates.

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 Offer may be changed, extended or withdrawn at any time without notice.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 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.

 

HomeEquity Bank Prime Rate: 3.95%

For Québec: click here to download HomeEquity Bank's current rate sheet.

For all provinces outside Québec: The following is a summary of the current CHIP Reverse Mortgage interest rates and terms offered by HomeEquity Bank.

term interest rate closing and administrative costs1 Annual Percentage Rate (APR)2
Variable3 6.69% $1,795 6.99%
6 Month 6.74% 7.04%
1 Year 6.65% 6.94%
3 Years 6.84% 7.14%
5 Years 6.99% 7.29%

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 2.74%. The fixed spread is guaranteed for 5 years.

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 SPECIAL RATES1 Closing and Administration Costs2 Annual Percentage Rate(APR)3
Variable45.94% 1 Year5.65%$2,495 6.26%
3 Years5.84% 6.29%
5 Years5.99% 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.
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.

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