Interest Rate Differential Charge (IRD) Calculator

There may be a prepayment charge levied for switching your interest rate before the expiry date of your current interest rate term.

If your current interest rate is higher than the rate you want to switch to, you will incur a penalty charge.

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

You can use the IRD calculator below to estimate your potential charge.

Your current Interest Rate (%) 
Comparison Interest Rate (%)help
Number of days remaining until your next interest reset datehelp
Current mortgage balance ($)** 
*If your contract number is 31, you will need to refer to your mortgage documents, specifically the ‘Remaining Months Table’ to ascertain the applicable interest rate term for your comparison rate.
**If your contract is numbered 2-32, this will be your current principal balance.
   

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.

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