Introducing an attractive HELOC alternative for older-adult clients who own high-value homes. Many clients who are retired—or close to it—want to stay invested and have the available cash to live the lifestyle they desire. Many of these clients will choose a HELOC to get the cash they need—and although HELOCs can be a good financial option for some, it wasn’t designed with seniors in mind. Longbridge Platinum was.
Longbridge Platinum, the HELOC substitute for seniors. Longbridge Platinum is our non-Federal Housing Administration (FHA) reverse mortgage program for borrowers with high-value homes or condominiums that may not qualify for a traditional Home Equity Conversion Mortgage (HECM). It allows clients to access more available funds as compared to a traditional HECM—up to $3,000,000.
Plus, our new line of credit option compares favorably to a standard Home Equity Line of Credit, with more flexibility and no monthly mortgage payments required.2
As compared to a HELOC, a Platinum Line of Credit features:
- Low upfront costs
- Comparable rate
- Easier income qualification
And here’s where the Platinum Line of Credit really gives your clients the gold:
- No required monthly mortgage payments2
- A reusable line of credit, up to 75%, that grows over time3
- All the borrower benefits and safeguards of a standard reverse mortgage program