HomeEquity Bank offers various financial products, including the CHIP Reverse Mortgage, each associated with specific fees. Here’s an overview of the common fees:

1. Appraisal Fee:

• Amount: Typically ranges from $300 to $500.
• Purpose: Covers the cost of a professional property appraisal to determine your home’s current market value.

2. Legal Fees:

• Amount: Approximately $1,000 to $2,000.
• Purpose: Covers the cost of independent legal advice and services required to process the mortgage.

3. Administrative/Closing Fee:

• Amount: Generally $1,795, though it may vary based on individual circumstances.
• Purpose: Covers administrative costs, including document preparation and processing.

4. Prepayment Charges:

• Amount: Varies depending on the timing and amount of prepayment.
• Purpose: Applied if you choose to repay the mortgage partially or in full before the end of the term.

5. Conversion Fee:

• Amount: $500.
• Purpose: Charged for processing a request to convert your CHIP Open Reverse Mortgage to a standard CHIP Reverse Mortgage.

6. Default Administration Fee:

• Amount: $250.
• Purpose: Applied if there is a default on the mortgage terms.

7. Discharge Fee:

• Amount: $300.
• Purpose: Covers the cost of discharging the mortgage from the property’s title upon full repayment.

Please note that these fees are subject to change and may vary based on individual circumstances. For the most accurate and up-to-date information, it’s advisable to consult directly with HomeEquity Bank or refer to their official fee schedule.

Common Uses for HomeEquity Bank Reverse Mortgage Funds

• Debt Consolidation
• Home Renovations
• Healthcare Expenses
• Supplementing Retirement Income
• Financial Assistance for Family