Provider Notes

Check this provider's website for complete details.

Rate Notes

P + 0.94%
The Equitable Bank Reverse Mortgage prime rate is the annual rate of interest that is established from time to time by Equitable Bank, at its discretion, as a point of reference. An adjustable interest rate term consists of the Equitable Bank Reverse Mortgage Prime Rate plus or minus an adjustment factor and varies automatically if and when the Equitable Bank Reverse Mortgage Prime Rate changes. Interest is calculated and charged daily based on the daily equivalent of a fixed or adjustable interest rate, compounded semi-annually (for a fixed rate) or monthly (for an adjustable rate), not in advance.

With the Equitable Bank Reverse Mortgage:
- No interest or principal payments are required until the mortgage becomes due.
- Full repayment of the mortgage is due when the property is sold or transferred, or when the borrower passes away, moves, or defaults.
- Eligibility is determined using the borrower's age and a percentage of the home's appraised value.
- Interest accrues until the mortgage is repaid, and as such, the home's equity may decrease as the interest increases throughout the life of the mortgage.
- It's non-amortizing and there is no maturity date.

Lump Sum Reverse Mortgage This rate applies specifically to the bank's Lump Sum Reverse Mortgage.
Proceeds are provided to the borrower in one lump sum on closing.
Further advances after closing are not permitted.
Closing costs range from roughly $2,500 to $3,000. This cost can be added to the reverse mortgage to minimize out of pocket expense.
Other terms and conditions apply. Not available in all lending areas.

Rates are subject to change at any time without notice.

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