Longbridge Platinum: the affordable reverse mortgage with a new line of credit.

Help your clients access up to $4,000,000—in tax-free cash1, or as a reusable line of credit.

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-FHA-insured 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 $4,000,000.

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
Free Online Calculator Tools

Our easy-to-use calculators require no registration or personal information.

Get Started
ADVISOR HELP LINE
855-246-1765

"Longbridge has been very easy to work with, making the reverse mortgage easy for me and for my clients. They make sure everyone really understands how the program works and their responsibilities. Plus their pricing saves clients a lot of money!"

Steve B, TX

"I have used Longbridge for reverse mortgages for two of my clients over the last year. I plan to continue to use this group as an additional arrow in my quiver of planning resources. I would strongly encourage any open minded planner to use reverse mortgages for select clients…"

Daryl C, TX

"Longbridge is very easy to work with and responsive to all questions about reverse mortgages."

John M, GA

PLATINUM LINE OF CREDIT VS. STANDARD HELOC: A CLOSER
COMPARISON.
Platinum LOC Standard HELOC
Ownership Both types of loans allow you to own and keep the title of your home
Payments No monthly mortgage payments required2 Requires monthly mortgage payments
Interest deduction Clients can deduct the interest, if optional payments are made You can deduct the interest
Line of credit growth Reusable, growing line of credit—the unused portion can grow for 7
years4
Line of credit does not grow over the life of the loan
Payoff and redraw Clients can access up to 75%3 of the Principal Limit during the first 10 years—with the ability to redraw repaid principal amounts Clients can pay off and redraw during the first 10 years, but there may be a penalty
Rate adjustments Every three months Every month
Payback deadline None, as long as clients meet the terms of the loan and remain in
their home
Prepayment penalties can be charged in some cases—ask the lender
Prepayment penalty No penalty for early repayment Prepayment penalties can be charged in some cases—ask the lender
Non-recourse loan protection Clients and their heirs aren’t personally liable if the loan amount
exceeds the home value when it comes due
No independent counseling provided
Counseling Independent, Platinum-approved counseling helps clients fully
understand their options
No independent counseling provided
Qualifications Clients must be homeowners age 62+ and use the home as their primary
residence
Clients must qualify based on credit score and income

Put the power of Platinum to work for your clients now—and keep their
investments working longer.

By incorporating a retirement strategy specifically for clients with
higher-value homes, you can help them unlock their home equity and extend the
life of their retirement assets.

Clients can reap all the benefits of a reverse mortgage, and leave higher-performing investments to grow over time—while using the proceeds to:

  • Eliminate monthly mortgage payments2
  • Generate a lump sum of tax-free1 income to use for home renovations or repairs, medical expenses, and more
  • Use the line of credit option to set up a financial “safety net” for the future
  • Refinance an existing reverse mortgage to get more available cash
  • Buy a house or condo that’s a better fit for their retirement needs

Platinum delivers a long list of borrower benefits:

  • More available cash as compared to a traditional HECM
    • Fixed-Rate Program for clients looking for a full-draw loan at a low, fixed rate
    • NEW Line of Credit Program for clients who want some upfront cash now—and a reusable, growing line of credit for the future
  • Attractive low-rate options
  • No mortgage insurance premium = lower upfront costs
  • Non-recourse protection = no personal liability
  • Greater flexibility and fewer restrictions
  • Expanded eligibility for condos
  • Streamlined approval process

Answers to common questions clients ask about Longbridge Platinum.

It’s a proprietary (non-government-insured) reverse mortgage program for homeowners age 62 and older with a minimum home value of $400,000. It lets them borrow against their home equity without having to make monthly mortgage payments. They must continue to pay property taxes, homeowners insurance, and maintain the property.

While subject to the same regulatory requirements as HECM loans, there are some important differences. Longbridge Platinum allows clients to access more of their home’s equity than a standard HECM—up to $4M. It’s specifically for properties with home values that exceed the Federal Housing Administration (FHA) loan limit (currently $765,600), or aren’t eligible for FHA financing—such as condominiums that aren’t FHA approved, or some Planned Unit Developments. Compared to a HECM, Platinum has low upfront costs and no mortgage insurance premiums, which can save clients thousands over the life of the loan.

Longbridge Platinum has borrower protections similar to standard reverse mortgages. No matter what happens in the economy, how much money they receive, or how long they live in their home, they won’t be required to make a mortgage payment. Plus, Platinum is a non-recourse loan—the lender cannot hold your client or their heirs personally liable, even if the loan amount exceeds the home’s value when the loan comes due.

Yes. They retain the same ownership and title that they have today. Just like a traditional “forward” mortgage, the lender simply puts a lien on the property—which is paid off when the clients sell their home, or when the last borrower no longer lives in it. Heirs can inherit the house, just as they would with any other mortgage, and can decide how to repay the loan.

With a standard mortgage, you must make monthly payments to the lender, eventually paying off the mortgage over time. Longbridge Platinum lets you receive a lump sum of cash at closing with two options: with no initial-draw limits, or with some cash upfront and the rest in a reusable line of credit. As long as you live in your home, you never have to make a monthly mortgage payment. However, just like a conventional forward mortgage, you must continue to pay property taxes, homeowners insurance, and for home maintenance.

They can use it in any way they wish. It’s non-taxable and typically does not affect Social Security payments. We always recommend that clients talk to their advisors to determine the effect on any other benefits they may be receiving, especially when receiving a large lump sum from a reverse mortgage at closing. Having excess funds in their account could impact eligibility for certain government benefit programs.

The loan comes due when the borrower 1) sells the property; 2) no longer lives in the home as their primary residence; or 3) if they fail to meet one of the requirements of the loan—such as paying property taxes, homeowners insurance, and home maintenance.

Since they retain the title to their home, they also retain their obligations as a homeowner—such as paying property taxes and insurance, and any other assessments that may be applied to their property (e.g., homeowners association fees).

Yes—after the balance of their Longbridge Platinum reverse mortgage is paid off, any remaining equity goes to their heirs. That amount will depend on a number of variables, such as loan balance, how long they stay in their home, how much the home appreciates in value, and other factors.

1 Consult a tax advisor.
2 Real estate taxes, homeowners insurance, and property maintenance required.
3 Except for the first 25% taken at closing.
4 If part of your loan is held in a line of credit, you can draw from it for a period of 10 years—the unused portion will grow each month for 7 years, at an annual rate of 1.5% compounded monthly.

Free Online Calculator Tools

Our easy-to-use calculators require no registration or personal information.

Get Started
ADVISOR HELP LINE
855-246-1765

"Longbridge has been very easy to work with, making the reverse mortgage easy for me and for my clients. They make sure everyone really understands how the program works and their responsibilities. Plus their pricing saves clients a lot of money!"

Steve B, TX

"I have used Longbridge for reverse mortgages for two of my clients over the last year. I plan to continue to use this group as an additional arrow in my quiver of planning resources. I would strongly encourage any open minded planner to use reverse mortgages for select clients…"

Daryl C, TX

"Longbridge is very easy to work with and responsive to all questions about reverse mortgages."

John M, GA