Affordable Financial Services • Huntington, NY
Affordable Financial Services, located in Huntington, NY, specializes in reverse mortgages for older homeowners who need cash now. Reverse mortgages allow people age 62 or older to convert their home equity — that is, the difference between what the home is worth and what they owe on their home — into cash. The homeowner can elect to receive a lump sum, a line of credit or monthly payments.
Reverse mortgages are considered a viable alternative to conventional loans and are mostly used for long-term needs such as medical expenses. With a conventional loan, such as a home-equity line of credit, a borrower can tap into a home’s equity but must repay the loan each month.
Homeowners looking for a reverse mortgage have paid upfront fees totaling as much as 5% of their home’s value. Last fall, the FHA introduced the "Saver," which reduces these fees by about 40% and offers a lower interest rate compared to that of a conventional reverse mortgage. However, a "Saver" only allows the borrower to take out 80-90% of what they could receive from a conventional reverse mortgage.
How much equity do you have? How much money do you need? Which type of reverse mortgage is right for you? Let the specialists at Affordable determine which one suits your needs and find you the lowest interest rates possible.