SuperMoney
  Affinity Home Equity Solutions Reverse Mortgage

Affinity Home Equity Solutions Reverse Mortgage

in Reverse Mortgages from Affinity Home Equity Solutions, LLC

Unaffiliated

Affinity Home Equity Solutions Reverse Mortgage

Unaffiliated

in Reverse Mortgages from Affinity Home Equity Solutions, LLC

Not enough votes for recommendation

Not enough votes for recommendation

Cast your vote
Cast your vote

Would you recommend Affinity Home Equity Solutions Reverse Mortgage to your friends?

Thanks for your vote!

Thanks for your vote!

You voted: May or may not recommend

Highlights
Highlights
Loan Amount $20,000 - $679,650
Margin Rate 2%
Origination Fee ($) Up to $6,000

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 is 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.

A line of credit. This is a more flexible option that allows borrowers to only borrow (and pay interest) on the amount they withdraw from their line of credit. In the case of reverse mortgages, the amount of cash available in your line of credit increases as time goes by.

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

 

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

About Affinity Home Equity Solutions Reverse Mortgage

Availability

  Available in 1 state
Ohio
Availabile in all of Ohio

Feature Breakdown

Closing Costs (%) 1% - 2%
Counseling Fee $125
Origination Fee ($) Up to $6,000
Servicing Fee $10 - $100
Margin Rate 2%
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Maximum LTV 50%
Minimum Age 62
Minimum Equity 50%
Property Value Starting at $40,000
Funding Time Range 30 - 45 days
Reverse Mortgage Options
  • HECM for Home Purchase
  • Standard
Reverse Mortgage Payment Options
  • Line of credit
  • Lump sum
  • Monthly disbursement
Loan Amount $20,000 - $679,650

Be the first to rate

 

Would you recommend Affinity Home Equity Solutions Reverse Mortgage to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
Cancel my vote
(will require moderator approval)

SUPERMONEY NET RECOMMENDATION SCORE

0%

-100% 0% +100%
No one recommends Everyone recommends

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.