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Yahoo Finance Spotlights Longbridge’s Unique HELOC for Seniors® Program

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In a recent feature, Yahoo Finance highlighted how Longbridge Financial is bridging the gap for retirees seeking access to their home equity. For many older homeowners living on a fixed income, traditional home equity lines of credit (HELOCs) can be challenging to qualify for, often due to income requirements and variable interest rates, among other restrictions.

Longbridge’s first-of-its-kind HELOC For Seniors® is specifically designed to address these challenges. Unlike traditional HELOCs, this product offers interest-only payments for the life of the loan (as long as borrowers continue to meet loan requirements, including property taxes, homeowners insurance, and maintenance), helping keep monthly costs manageable. Each draw comes with a fixed interest rate1—helping protect you from the risk of sharp payment spikes from variable interest rates. Together, these features provide added peace of mind even as market rates change or your income fluctuates in retirement.

HELOC For Seniors® also streamlines the application with an 100% digital application and quick approvals—qualified borrowers can expect to receive funding as soon as five business days after approval.2 And more good news? For those on a fixed income, you can still qualify if you have sufficient equity and assets.

Of course, it is important to consider which home equity solution addresses your needs and fits your goals best. If you want to eliminate monthly mortgage payments3 and supplement your current income, a reverse mortgage offers another powerful alternative. Speaking to a qualified loan officer can help you understand your options so you’re well equipped to make an informed decision.

Read the full Yahoo Finance article to learn more about how HELOC For Seniors® is helping older homeowners reach their financial goals in retirement, as well as the considerations that go into choosing a home equity solution.

1 HELOC For Seniors® is an open-end product where a minimum of 80% and up to a maximum of 100% of the full loan amount (less the origination fee and costs) must be drawn at closing. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the 10-year draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.

2 Approval may be granted in ten minutes but is ultimately subject to verification of income, employment, and property value, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing or require a waiting period prior to closing.

3 You must meet your loan obligations, and stay current with property taxes, insurance, and maintenance.

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

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For information on how we collect and use personal information, please see our Privacy Notice.