HomeEquity Bank Fee Schedule
Effective April 1st, 2024
Note: Your disclosure statement from HomeEquity Bank (the “Bank”) indicates the fees that may be applicable to your mortgage. These fees are subject to change.
| Fees | Description | Amount* |
|---|---|---|
| Conversion Fee | Payable for processing a request to convert your CHIP Open Reverse Mortgage to a CHIP Reverse Mortgage. | $500 |
| Default Processing Fee | Payable monthly where you have not kept your promises under your loan agreement or the mortgage against your property and we are required to review and assess the circumstances and next steps in order to resolve the default. This fee is in addition to default charges. | $125 per month |
| Discharge Fee1 | Payable for the preparation and execution of a discharge document to release the mortgage registered against your property. This fee is in addition to the costs charged by the land titles office to process the discharge document and remove the mortgage from title to your property. 1ON, NS, NB, SK, PEI and NF only. Not applicable in QC and AB, where there are no fees. BC and MB are subject to a $75 and $100 discharge fee, respectively. |
$399 |
| Insurance Administration Fee | Payable for the administration of your promise to maintain homeowners’ property insurance, where you have not kept your promise to do so. This monthly fee continues until the insurance policy on your property is in good standing. | $80 per month |
| Other Fees | For any other mortgage related services or requests, fees may be applied and will be based on quotes provided. | As quoted |
| Payout Processing Administration Fee | Payable per request when producing and delivering a payout statement to you to facilitate the repayment of your loan. | $150 |
| Planned Advance Account Changes | Planned Advance account changes, including but not limited to, (i) increasing, or decreasing the Planned Advance amount outside of your normal allowance; and (ii) transferring allocated funds between your accounts. | $50 |
| Power-of-Attorney (POA) | Payable for our review, preparation, approval and/or the review by our lawyers, where you would like to grant a power of attorney to someone else, who can deal with your property. This fee excludes any registration costs that may be charged by the land titles office. | $1,000 |
| Property Tax Verification | Under the mortgage on your property, you must annually provide proof that you have paid your property taxes in full. If you do not send confirmation, then we can request this information from your municipality directly. In addition to this fee, you will be required to repay us our costs, including amounts charged by your municipality for providing information about your property taxes or for sending us your property tax invoices. | $65 |
| Reprint of Annual Statement/Other Letters | Payable for each request that you make for us to reprint and deliver annual statements or print and deliver other documents to you. | $30 |
| Subsequent Advance Request | Payable for processing a Subsequent Advance, if any, under your loan. | $50 |
*Plus any applicable taxes
Clients are required to pay the fees above when requested. Unpaid fees and charges are added to the mortgage balance and will accrue interest until they are paid.
