Longbridge Financial, LLC Launches Platinum Mortgage Program

Blog content updated 10/11/2021

A New Jumbo Reverse Mortgage Allows Eligible Homeowners to Access Up to $4 Million in Available Cash

Longbridge Financial, LLC, a national reverse mortgage loan lender and servicer, has officially announced that its new jumbo reverse mortgage program—known as “Platinum”—is now available to consumers and wholesale partners. Longbridge Platinum is designed to expand the reverse mortgage market to serve a broader group of qualified borrowers than today’s products.

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.”

Longbridge Platinum features:

  • Loan amounts up to $4 million in available cash, and the widest range of eligible home values
  • Attractive low-rate options
  • No mortgage insurance premium = lower upfront costs
  • No penalties for prepayment
  • Non-recourse protection = no personal liability
  • Greater flexibility and fewer restrictions
  • Expanded eligibility for condos
  • Now available to homeowners ages 60+1

This new, single-draw, fixed-rate reverse mortgage is specifically designed for high-value homeowners now lowered to $400,000—with high initial proceeds and very low origination cost options, depending on the program chosen and the borrower.

It’s priced to be competitive with many forward mortgages, standard Home Equity Line of Credit HELOC programs, and existing jumbo reverse mortgages—and features a streamlined approval process. Originally rolled out in California, Arizona, Colorado, Florida, Pennsylvania, Utah, and Virginia, the Platinum fixed-rate product is now available in 26 states, with more to follow. We’re pleased to currently offer Platinum-fixed in the following states:

  1. Alabama
  2. Arizona
  3. California
  4. Colorado
  5. Connecticut
  6. District of Columbia
  7. Florida
  8. Georgia
  9. Idaho
  10. Illinois
  11. Louisiana
  12. New Mexico
  13. Michigan
  14. Missouri
  15. Nevada
  16. New Jersey
  17. North Carolina (PAA Only)
  18. Ohio
  19. Oklahoma
  20. Oregon
  21. Pennsylvania
  22. South Carolina
  23. Texas
  24. Utah
  25. Virginia
  26. Washington (Broker Only)

What is a “jumbo” reverse mortgage?

Also known as “proprietary” or “private” reverse mortgages, jumbo reverse mortgages are designed for those with high-value homes or condos that don’t qualify for standard Home Equity Conversion Mortgages (HECMs). These home equity products allow people with high-value homes to access more cash than a traditional HECM, while taking advantage of many of the benefits of traditional reverse mortgages.

How a jumbo reverse mortgage compares to a standard HECM.

Like a traditional HECM, Longbridge Platinum is designed to allow older adult homeowners to access their home equity as an added financial resource during retirement:

  • They allow borrowers to convert a portion of their home equity into cash they can use as they wish.
  • As long as borrowers meet their responsibilities—paying property taxes, homeowners insurance, and home maintenance costs—no monthly mortgage payments are required.
  • As long as borrowers meet the terms of the loan, they continue to own their homes.
  • Loan amounts increase over time, and payments come due when the last borrower passes away or permanently leaves the home.
  • Both loans require financial counseling to ensure that borrowers fully understand their responsibilities, and that it’s a good fit for their financial situation.

Differences between a standard HECM and a jumbo reverse mortgage.

Unlike a standard HECM, a jumbo reverse mortgage:

  • Allows you to access more of your home’s equity—up to $4M tax-free2
  • Lets you receive 100% of the available proceeds upfront
  • Usually does not require mortgage insurance premiums
  • Has interest rates that are typically higher than a standard HECM

Plus, a jumbo reverse mortgage is not insured by the Federal Housing Administration (FHA)—however, most lenders offer borrower protections that are similar to FHA. If you’re considering a jumbo reverse mortgage, ask your lender how its policies compare.

How much can borrowers get?

The amount of proceeds that a homeowner can receive is based on a number of factors:

  • The value of the home, and how much home equity they’ve built
  • Their age at the time the loan is taken
  • Current interest rates

In general, the more home equity a borrower has and the older they are, the more they can receive from a jumbo reverse mortgage loan.

How can borrowers use the money?
In short, any way they choose. There are many reasons for older adults to consider drawing on their home equity with a jumbo reverse mortgage:

  • Use the loan proceeds to avoid tapping into investment assets
  • Make home improvements or modifications in order to “age in place”
  • Pay off an existing mortgage or other large debts
  • Help family members with their financial needs
  • Help cover rising medical, long-term care, or in-home care costs
  • Buy an investment property or a vacation home

Older adults with high-value homes have invested a lot of time, effort, and money into their homes—why shouldn’t they start getting more out of them when they need it most?


Longbridge has added a line of credit (LOC) feature to its affordable, Platinum proprietary reverse mortgage. The Platinum LOC loan offers a number of advantages as compared to a standard Home Equity Line of Credit (HELOC), and as a result may be an attractive alternative for many older adults.

In general, it offers more flexibility than a HELOC—with no monthly mortgage payments required.3 Plus, as compared to a HELOC, a Platinum LOC features:

  • Low upfront costs
  • Comparable rate
  • Easier income qualification

And unlike a HELOC, Platinum offers a reusable line of credit that grows over time4, with similar  borrower benefits and safeguards of a standard reverse mortgage.

To learn more about a Platinum jumbo reverse mortgage, fill out the form on this page for a free info kit, or call Longbridge Financial today at (855) 523-4326

1 State exclusions apply.
2 Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
3 Real estate taxes, homeowners insurance, and property maintenance required.
4 Except for the first 25% taken at closing.

Receive a Free Information Kit

Please enter a number from 62 to 130.
To qualify, must be 62 or older
Please enter a number greater than or equal to 1.
Proceeds based on appraised home value.
Please enter a number greater than or equal to 0.
(if applicable)

Co-op properties, rental homes, and rental apartments do not typically qualify. Contact a Longbridge specialist for more information.

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