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.
This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.
