A New Proprietary Reverse Mortgage Allows Eligible Homeowners Access up to $4 Million in Available Cash
Longbridge Financial, LLC (“Longbridge”), a national reverse mortgage loan lender and servicer, officially announced today that its new reverse mortgage program, “Platinum”, is now available to consumers and its wholesale partners. Longbridge Platinum is designed to expand the reverse mortgage market to serve a broader group of qualified borrowers than today’s products, including:
- Borrowers with higher home values can access up to $4 mm in up-front cash
- Low cost options that include no origination fee and no monthly servicing fee
- Highest LTVs in the market for many borrowers using comparable interest rates
- Options for owners of condominiums that are not approved by the FHA
- Easier and more flexible terms for home purchase
- No mortgage insurance premiums
The new, single draw fixed-rate reverse mortgage, is specifically tailored to offer high initial proceeds and very low origination cost options, depending on the program chosen and the borrower. It is priced to be competitive with many forward mortgages and HELOC programs and, of course, existing private reverse mortgages. Longbridge Platinum also features a streamlined approval process. It will roll out initially in California, with Arizona, Colorado, Florida, Pennsylvania, Utah, and Virginia coming in the next couple of weeks, with more states to follow soon afterwards.
Like a traditional HECM, Longbridge Platinum is designed for homeowners age 62 and over to utilize home equity as an added financial resource during retirement; however, Platinum allows eligible borrowers access to more available cash up front and greater product flexibility. Chris Mayer, CEO of Longbridge, said, “This is just the first step in our commitment to create forward-thinking, non-FHA reverse mortgages so that we can serve a wider variety of clients with innovative, more affordable and less restrictive home equity solutions.”
Questions? We’re here to help. Call Longbridge Financial at (855) 523-4326.