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Longbridge Financial Launches First-of-Its-Kind HELOC For Seniors®

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Longbridge Financial is proud to have officially launched HELOC For Seniors®, the nation’s first-of-its-kind home equity line of credit designed specifically for homeowners aged 62 and older. With competitive, fixed rates for each draw1, borrowers can access an open-ended line of credit that offers interest-only2 monthly payments without a preset maturity date, while eliminating the risk payment spikes or surprises down the road.

“The launch of HELOC For Seniors comes at an important time as older homeowners in the U.S. now collectively hold nearly $14 trillion in home equity,” said Chris Mayer, CEO of Longbridge Financial. 3 

“Based on years of research and better understanding of the needs of older homeowners, HELOC For Seniors offers a more attractive alternative to traditional lending models that often fail to serve older Americans who are asset-rich but may be income-limited. Too many older homeowners can find themselves ineligible or poorly served by traditional mortgages simply because their income doesn’t fit the mold of younger owners. That’s why we designed HELOC For Seniors.”

HELOC For Seniors® joins Longbridge’s suite of home equity solutions, including Home Equity Conversion Mortgage (HECM) loans and the company’s proprietary Platinum product suite, providing older homeowners with responsible, flexible ways to access and leverage their home equity.

For more information on HELOC For Seniors®, read the full release here.

1 “Fixed rates” refers to each draw being made at the prevailing fixed interest rate available at the time of the draw. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.

2 As with any mortgage, borrowers must meet their loan obligations, keeping current with property taxes, insurance, and maintenance.

3 National Reverse Mortgage Lenders Association. “Senior Home Equity Hits $14 Trillion in Q2.” October 7, 2024. https://www.nrmlaonline.org/about/press-releases/senior-home-equity-hits-14-trillion-in-q2

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