Contracts 12-19

There may be a prepayment charge levied for repaying your mortgage early or making a partial prepayment in accordance with your mortgage agreement.

An Interest Rate Differential (IRD) will apply if your current interest rate is higher than our posted interest rate for a new CHIP Reverse Mortgage that has the same interest rate term as yours.

In line with Interest Act requirements, your IRD will not be more than 3 months interest. Therefore, your estimated prepayment charge will be the lower of the two estimated prepayment charge amounts.

Please refer to your mortgage agreement for more information on prepayment charge calculations, how payments are applied, and possible prepayment privileges available.

You can use the calculator below to estimate your prepayment charge.

If you have any questions, please contact HomeEquity Bank by calling us between Monday and Friday 8:30am - 7:00pm ET toll-free at 1-866-331-2447 or emailing ClientRelations@heb.ca. A member of our client relations team will be happy to assist you.

Interest Rate Differential Charge (IRD) Calculator

To determine the comparison interest rate for the below calculation, please refer to our posted rates, which can be found here: CHIP Reverse Mortgage Interest Rates.