If you’ve explored reverse mortgage options before, you may have discovered that not every solution was the right fit. There are many reasons that can happen—from your age or the type of home you own to your financial goals or your home’s value.
The good news? That may have changed.
Longbridge recently expanded eligibility for Platinum by lowering the minimum home value requirement to $300,000. As a result, more homeowners may now qualify for our proprietary reverse mortgage—including some who may not have been eligible in the past.
Here’s what’s changed and what it could mean for you.
What’s Changed?
Platinum’s minimum eligible home value has been lowered from $450,000 to $300,000, opening the door for more homeowners to explore this reverse mortgage option.
If your home’s value previously kept Platinum out of reach, it may be worth taking another look. Depending on your individual circumstances, you may now qualify for a solution that wasn’t available before.
What Is Platinum?
Platinum is Longbridge’s proprietary reverse mortgage, designed for eligible homeowners age 55 and older¹ in select states.
Like a traditional FHA-insured Home Equity Conversion Mortgage (HECM), Platinum lets you convert a portion of your home equity into cash while continuing to own and live in your home, as long as you continue to meet your loan obligations, including paying property taxes, homeowners insurance, and maintaining the home.
Where Platinum stands apart is the additional flexibility it can offer. Depending on your individual circumstances, Platinum may allow you to:
- Access more available funds than a traditional HECM may provide—up to $4 million.²
- Receive your funds in the way that works best for you, including a lump sum, monthly payments, a line of credit, or a combination of options.³
- Explore a reverse mortgage beginning at age 55.¹
- Consider another option if you own an eligible condominium.
When Might Platinum Make Sense?
Every homeowner’s goals are different. Platinum may be worth exploring if you’re looking to:
- Supplement your retirement income
- Pay off an existing mortgage
- Cover healthcare expenses or other unexpected costs
- Make home improvements that help you comfortably age in place
- Create greater financial flexibility for whatever comes next
Is Platinum Right for You?
If you’re age 55 or older¹ and own a home valued at $300,000 or more, Platinum could be another option worth exploring.
The best way to find out whether Platinum or a traditional HECM is right for you is to speak with a licensed Longbridge team member. We’ll take the time to understand your goals, answer your questions, and walk you through the options available based on your individual circumstances—so you can make an informed decision with confidence.
Explore Your Options with Longbridge
Choosing a reverse mortgage isn’t about finding the “best” product. It’s about finding the solution that best fits your life, your goals, and your future.
Whether you’re exploring your options for the first time or revisiting them after learning about Platinum’s expanded eligibility, we’re here to help you understand what’s possible—without pressure.
If Platinum wasn’t an option before, it may be worth taking another look. Contact us to start the conversation.
Frequently Asked Questions
Why is Platinum now available to more homeowners?
Longbridge recently lowered the minimum eligible home value for Platinum from $450,000 to $300,000. As a result, more homeowners may now be eligible to explore Platinum, depending on their age, location, home, and individual circumstances.
What is Platinum?
Platinum is Longbridge’s proprietary reverse mortgage, available to eligible homeowners age 55 and older¹ in select states. Depending on your individual circumstances, it may offer greater flexibility, additional borrowing options, and access to more available funds than a traditional FHA-insured HECM.
Who is Platinum designed for?
Platinum is designed for eligible homeowners age 55 and older¹ in select states who are looking to access their home equity while continuing to live in their home.4 It may be a good option for homeowners seeking greater flexibility, access to more available funds, or an alternative to a traditional FHA-insured HECM, depending on their individual circumstances.
What is the minimum home value for Platinum?
Platinum is now available to eligible homeowners with homes valued at $300,000 or more. Eligibility also depends on factors such as your age, state, and individual circumstances.
How is Platinum different from a traditional HECM?
Both Platinum and a traditional FHA-insured HECM allow eligible homeowners to convert a portion of their home equity into available funds while continuing to live in their home, provided they continue to meet their loan obligations.4
Depending on your individual circumstances, Platinum may offer:
- Access to more available funds than a traditional HECM may provide
- Eligibility beginning at age 55 in select states¹
- Flexible ways to receive your funds, including a lump sum, monthly payments, a line of credit, or a combination of options³
- Financing for many eligible condominium owners
I looked into a reverse mortgage before. Should I explore my options again?
If your home’s value was one of the reasons Platinum wasn’t available to you in the past, it may be worth taking another look.
Longbridge recently expanded Platinum eligibility, meaning you may now have options that weren’t available before. A licensed Longbridge team member can review your individual circumstances, answer your questions, and help you determine which reverse mortgage solution best fits your goals.