Our CEO, Chris Mayer, recently joined Scott Kimbler on The Mortgage Note podcast to discuss the latest innovations across Longbridge’s product suite—and the critical role of home equity solutions for seniors.
Introducing Longbridge’s mission, Chis explains, “We are about the responsible use of home equity for older Americans in retirement—and every one of those words matters to us. And so when we think about the ‘responsible use,’ we think about creating products that allow people to sustain homeownership, and we think about giving people options.”
In line with this goal, Chris highlights how Longbridge’s innovative product offerings have opened up new, creative ways to tap into home equity—with features that allow older homeowners to achieve the goals that are important to them.
Within the reverse mortgage space, our Platinum suite of products offers solutions designed to fit a wide variety of financial goals. For instance, Platinum Preserve®1 allows homeowners to preserve a portion of their home’s equity for the future. As Chris mentions, “the vast majority of people who take out reverse mortgages today have money left over to give to their kids, but this makes that really clear and it provides an extra layer of protection and assurances.”
Platinum Peak is another proprietary reverse mortgage solution that goes beyond the limits of a standard Home Equity Conversion Mortgage (HECM), allowing borrowers to access the maximum possible proceeds. Ideal for those who have refinanced before or need extra funds for financial obligations, Platinum Peak helps homeowners fully leverage their equity.
While reverse mortgages offer robust solutions, some homeowners may prefer the familiarity of other lending options, such as a home equity line of credit (HELOC). However, as Chris notes, traditional HELOCs simply weren’t designed with seniors in mind—often coming with high income requirements, complicated applications, and unpredictable payment spikes from variable interest rates.
That’s why Longbridge created the first-of-its-kind HELOC For Seniors® with senior-friendly features, including flexible qualification, a fixed rate per draw,2 and interest-only payments for the life of the loan (as long as you continue to meet loan requirements, including property taxes, homeowners insurance, and maintenance). This structure allows you to integrate this loan into your financial plan with confidence that it will provide you with the adaptable, secure support you need both now and down the line.
Longbridge’s diverse product offerings are created to allow older homeowners to tap into what is often their largest asset in retirement—their home equity—on terms designed with them in mind. As Chris puts it, “our job is to listen to what our customers want, and provide that.”
Listen to the full episode of the podcast to hear Chris further discuss the benefits of these specific solutions, as well as the responsibility that Longbridge carries as a lender.