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Reverse Mortgage Rates

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HomeEquity Bank offers fixed interest rate terms of 6 months, 1 year, 3 year, and 5 year, as well as a 5 year variable rate. There are no regular monthly payments required on either the principal or interest. Homeowners are able to access up to 55% of the value of their home dependent on age, location, and type of home.

Current CHIP Reverse Mortgage Rates (Contracts 21-33)

HomeEquity Bank Prime Rate: 3.70%

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 5.99% $1,795 6.27%
6 Month 5.99% $1,795 6.27%
1 Year 5.99% $1,795 6.27%
3 Years 6.34% $1,795 6.63%
5 Years 6.59% $1,545 6.86%

1 These fees may vary based on individual circumstances. For all applications received by HomeEquity Bank by October 19, 2018 and closed by November 30, 2018, the closing fee for the 5 year term option will be $1,545.
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 2.29%. The fixed spread is guaranteed for 5 years. For contract 21-30, the variable rate is 5.99%


Other CHIP Reverse Mortgage Rates and Discounts (Contracts 17-20)

This option applies to CHIP Reverse Mortgage clients who are benefiting from the Long-Term Escalating Discount and the Interest Payment Discount. Under this option, clients are eligible for the following discounts:

Posted Rates: Contracts 17-20

interest rate term rate
6 Month 6.99%
1 Year 6.99%
3 Years 7.34%
5 Years 7.59%
Variable 7.14%

Note: Posted Rates do not include discounts which lower your cost of borrowing.

Long-Term Escalating Discount
Regardless of interest rate option selected, after three years, your rate at that time will be discounted by 0.25% and will be discounted an additional 0.25% each year thereafter to a maximum of 1.00%.

Interest Payment Discount
If you choose to pay your full annual interest you will receive an interest rate discount of 1.00% for the following year.

Combination of Discounts
You can take advantage of both the Long-Term Escalating Discount and the Interest Payment Discount up to a maximum of 1.50%.

How it Works?

How Reverse Mortgages Work

If you're like many other 55+ Canadians, much of what you own fits into two categories - the equity in your home ...

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Reverse Mortgage Videos

Reverse Mortgage Videos

Watch these videos from HomeEquity Bank and learn more about CHIP Reverse Mortgage

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