CHIP Products
- Boost cashflow
- Take a vacation
- Maintain their lifestyle
- Pay down debt
- Handle unexpected expenses
- Build a financial cushion
- Pay down debt
- Create a financial cushion
- Handle unexpected expenses
- Maintain lifestyles
- Build investment portfolios
- Do home renovations
- No prepayment penalties
- Flexible closing dates
- Tax-free proceeds
- Strategic bridge financing
- No mortgage payments
- Access to capital
- Boost their cashflow
- Pay down debt
- Maintain their lifestyle
- Handle unexpected expenses
- Build a financial cushion
- Take a vacation
HomeEquity Bank Prime Rate: %
The following is a summary of the current CHIP Reverse Mortgage interest rates and terms offered by HomeEquity Bank.
| Term | Special Rate1 | Closing Fee2 | Annual Percentage Rate (APR)3 |
|---|---|---|---|
| Variable4 | % | $ | % |
| 1 Year | % | % | |
| 3 Years | % | % | |
| 5 Years | % | % |
| Term | Posted Rate | Closing Fee2 | Annual Percentage Rate (APR)3 |
|---|---|---|---|
| Variable5 | % | $ | % |
| 6-month | % | % | |
| 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 Offer may be changed, extended or withdrawn at any time without notice.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. It is based on a mortgage of $ 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.
HomeEquity Bank Prime Rate: %
The following is a summary of the current CHIP Max interest rates and terms offered by HomeEquity Bank.
| Term | Interest Rate | Closing And Administrative Costs1 | Annual Percentage Rate (APR)2 |
|---|---|---|---|
| Variable3 | % | $ | % |
| 6 Month | % | % | |
| 1 Year | % | % | |
| 3 Years | % | % | |
| 5 Years | % | % |
CHIP Max is only available in certain locations and is subject to meeting HomeEquity Bank’s credit granting criteria.
1These fees and interest rates may vary based on individual circumstances, including any additional rate premiums added on your file.
2APR is the estimated cost of borrowing for years expressed as an annual percentage. It is based on a mortgage of $ and includes the applicable closing costs.
3Variable refers to the HomeEquity Bank Prime Rate plus a fixed spread of %. The fixed spread is guaranteed for years.
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 Fee1 | 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.
HomeEquity Bank Prime Rate: %
The following is a summary of the current Income Advantage interest rates and terms offered by HomeEquity Bank.
IMPORTANT: The Planned Advance Account must always have a variable interest rate term. The applicable interest rates can be found in the table below.
| 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 | % | % |
1
These 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.
3
APR is for years 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.
4
Variable (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.
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