Prepayment Calculator for HomeEquity Bank CHIP Reverse Mortgage (Contracts 2-30)
If you pay your reverse mortgage before it is due, a prepayment charge may apply.
The prepayment information provided here only applies to the CHIP Reverse Mortgage Contracts 2 to 30.
Refer to your disclosure statement to see which contract you have.
If you have a CHIP Reverse Mortgage with Additional Funds, refer to the calculations in your disclosure statement.
Any amount you prepay will be applied to the following items first, in this order: administrative expenses, interest, and principal.
|OUR TERMS AND DEFINITIONS|
|Fixed Interest Rate Mortgage has an interest rate that does not change until your next interest rate reset date.|
|Variable Interest Rate Mortgage has an interest rate that can change at any time.|
|Interest Rate Term is the time period that your current interest rate will be in effect.|
|Interest Reset Date is the date on which your interest rate is reset.|
|HOW TO USE THE CALCULATOR|
|Fill in the information below as per your disclosure statement. Please note that the calculator output contains estimated charges for both Fixed and Variable rates.Only the estimated charge corresponding to the rate type in your disclosure statement is applicable.|
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.