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.

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.
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.
Select your Contract Number (please type a number between 2 and 30) ($) 
Payment is being made in what year since initial advance? 
Amount of funds outstanding (your initial advance plus any advances you took at a later date minus any repayments of funds you have made) ($) 
Have you made a repayment of funds in the current calendar year? If "yes", you have already used your partial prepayment privilege for the year and only a full payment is allowed 
Variable Interest Rate (please make sure you fill out the number of days remaining until your next interest reset date in the Fixed Interest Rate section below)
Funds being repaid if you have a variable interest rate ($) 
Current interest rate for your variable interest rate CHIP Reverse Mortgage (%) 
Fixed Interest Rate
Funds being repaid if you have a fixed interest rate ($) 
Current interest rate for your fixed interest rate CHIP Reverse Mortgage (%) 
Number of days until your next interest reset date ($) 
Number of days since your last interest reset date ($) 
Comparison rate for a new CHIP Reverse Mortgage with the same term as yours (%) 

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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