HomEquity Bank Interest Rate Differential Calculator

If you have a fixed interest rate and you want to switch to another fixed interest rate term, an Interest Rate Differential may apply1. The Interest Rate Differential calculation presented here provides an estimate of the charge that may apply.
 
Amount of principal and interest outstanding2 ($) 
Current interest rate (%) 
Months remaining on your term 
Comparison rate for a new HomEquity Bank Reverse Mortgage with same term, excluding current month* (%) 
*You can find the current rate for a HomEquity Bank Reverse Mortgage with the same number of months remaining until the next interest reset date as for your HomEquity Bank Reverse Mortgage, excluding the current month, at www.homequitybank.ca/rates
Number of months remaining until next interest reset date for your HomEquity Bank Reverse Mortgage, excluding the current month: Interest rate option used to determine the rate for a HomEquity Bank Reverse Mortgage on our website would be:
Less than 9 months 6 month option
Between 9 and 23 months 1 year (12 month) option
Between 24 and 47 months 3 year (36 month) option
Between 48 and 59 months 5 year (60 month) option
1. If you have a variable interest rate and want to switch to a fixed term, you may do so with no charge.
2. If you have the Income Advantage product, the interest rate differential applies only to the Lump Sum Account. Please enter the relevant information for your Lump Sum Account only.
   

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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