Affinity Home Equity Solutions Reverse Mortgage

Affinity Home Equity Solutions Reverse Mortgage Review

Affinity Home Equity Solutions Reverse Mortgage is offered by Affinity Home Equity Solutions, LLC, founded in 2008 and based in Tallmadge, OH. Affinity Home Equity Solutions Reverse Mortgage are available in 1 state across the USA.

Affinity Home Equity Solutions Reverse Mortgage FAQ

What types of reverse mortgages does Affinity Home Equity Solutions Reverse Mortgage offer?

Affinity Home Equity Solutions Reverse Mortgage allows borrowers to apply for the following types of reverse mortgage.

Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.

Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.

How much can you borrow with a reverse mortgage?

Reverse mortgages are a type of mortgage that makes it possible for older homeowners to borrow money by using the value of their home as security.

The maximum loan amount with this lender is $679,650. Note that the maximum loan amount you can borrow will vary depending on the value of the property, your age, how much you owe on it, and your creditworthiness.

Affinity Home Equity Solutions Reverse Mortgage requires borrowers to have an equity of at least 50% of the property value. It also has a maximum loan to value rate of 50%. That means the total debt secured by the property cannot exceed 50% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a reverse mortgage of up to $30k.

What range of rates does Affinity Home Equity Solutions Reverse Mortgage offer?

Reverse mortgage rates can be fixed or variable. Fixed rates do not change over the life of the reverse mortgage, but they are only available to homeowners who choose a lump sum payment reverse mortgage. Adjustable reverse mortgage rates are used for borrowers who choose a line of credit or regular payments. They depend on two factors: an index and the lender's margin. Combined they form the adjustable rate charged to borrowers.

Reverse mortgages use the London Interbank Offered Rate, also known as LIBOR, as an index. Affinity Home Equity Solutions Reverse Mortgage has a margin rate of 2%. To illustrate, if the LIBOR were 4%, the reverse mortgage rate would be 6%. Remember this rate does not include origination, servicing or counseling fees

What is the estimated funding time for a home loan via Affinity Home Equity Solutions Reverse Mortgage?

Affinity Home Equity Solutions Reverse Mortgage will typically provide a credit approval decision in less than an hour and fund the loan within 30 and 45 days.

What fees does Affinity Home Equity Solutions Reverse Mortgage charge for a reverse mortgage?

Affinity Home Equity Solutions Reverse Mortgage may charge a loan origination fee of up to $6000.

Borrowers can also expect a servicing fee of $10 to $100 There is also a one-time counseling fee of $125 to consider. Another fee you should factor in are closing costs that start at 1% and can go up to 2% of the loan amount

What types of property can you use as security for a reverse mortgage with Affinity Home Equity Solutions Reverse Mortgage?

Lenders often have restrictions on the type of properties they will accept as security for a reverse mortgage. Affinity Home Equity Solutions Reverse Mortgage will consider lines of credit secured by the following property types:

• Primary home