Managing Soaring Health Costs on a Fixed Budget
Content updated as of February 28, 2024 According to a recent study, healthcare costs are the top spending concern of American retirees1 – and justifiably so. For most Americans, health care is expected to be one of the largest expenses faced in retirement, alongside housing and transportation. In fact, Fidelity’s Retiree Health Care Cost Estimate […]
Longbridge Launches ‘Platinum Ultimate,’ Expands LOC Product
Reverse Mortgage Daily Mahwah, N.J.-based reverse mortgage lender Longbridge Financial has announced a new addition to its fixed proprietary reverse mortgage product suite. “Platinum Ultimate” adds a new, higher loan-to-value (LTV) variation to the existing proprietary Platinum product line, maintaining many of the existing features of current Platinum products. Read the full article here […]
Longbridge Adds 3 Hires to Wholesale Division
Reverse Mortgage Daily Mahwah, N.J.-based reverse mortgage lender Longbridge Financial announced the hiring of three new employees – two account executives and one partner support specialist – who will be working for the company’s wholesale lending division. Read the full article here
FHA Increases the HECM Lending Limit for 2020
Great News! The Federal Housing Administration (FHA) just announced that the national lending limit for the HECM Reverse Mortgage Program will increase from $726,525 to $765,600 as of January 1, 2020. Why is this great news and what does it mean if you’re considering a reverse mortgage? In essence, it means that borrowers with higher home […]
Longbridge Launches Platinum Origination Channel for Private Reverse Mortgages
Blog content updated on 9/22/2021 At Longbridge Financial, a leading reverse mortgage lender, we’re pleased to announce the launch of the Platinum Origination Channel: a new distribution outlet for our line of proprietary reverse mortgages offered under the Platinum brand name. We created this dedicated channel to give partners who have their own third-party networks […]
Introducing a “Jumbo” Reverse Mortgage with a Line of Credit Option
Blog content updated on 12/27/21 Longbridge has added a line of credit (LOC) feature to its affordable, Platinum proprietary reverse mortgage. The Platinum LOC loan allows qualified borrowers age 60 and older1 to access an open-ended line of credit that grows at 1.5% per year for up to 7 years, and features a 10-year draw […]
Reverse Mortgage Veteran Adrian Prieto Joins Longbridge
Blog content updated on 9/22/2021 Longtime reverse mortgage industry veteran Adrian Prieto has joined Mahwah, N.J.-based Longbridge Financial as its Vice President of Wholesale Lending, according to a statement the company shared with Reverse Mortgage Daily. In his new role, Prieto will lead the Longbridge account executive and partner liaison team to focus on growing […]
New York Reverse Mortgage Market Expands with Longbridge State Approval
Reverse Mortgage Daily The reverse mortgage market landscape in the state of New York is poised to grow once more, this time with the more direct entry of Longbridge Financial. The lender recently gained approval for its mortgage banker license from the New York Department of Financial Services to originate Home Equity Conversion Mortgages (HECMs) […]
Reverse Mortgage Refinance: Can (And Should) You Do It?
Blog content updated 9/10/2021 Yes, you can refinance a reverse mortgage just like a conventional forward mortgage—but there are some distinctions that you and the lender should consider before moving forward with refinancing. Let’s take a closer look. Why a reverse mortgage refinance might make sense. With today’s historically low interest rates, refinancing is a […]
Five Unique Benefits of a Reverse Mortgage
Blog content updated on 12/6/21 What’s the key to a secure retirement? It may be the one that opens your front door. Times certainly have changed for retirees. For many, the traditional “three-legged stool” of retirement funding—Social Security, pensions, and savings—is no longer enough to pay for the kind of retirement lifestyle they’d like to […]
Reverse Mortgage: Borrower Responsibilities & Eligibilities
With any type of home equity financing, there are certain requirements and borrower responsibilities in order to qualify for the loan. To help you better determine your eligibility for a reverse mortgage, we’ve created this simple overview of the basic Home Equity Conversion Mortgage (HECM) qualifications. Age – You must be 62 years of age […]
Lenders Aim to Make Private Reverse Mortgages Available in More States
Blog content updated on 11/11/21 Private alternatives to the government-insured Home Equity Conversion Mortgage (HECM) program—also known as proprietary or “Jumbo” reverse mortgages—are becoming more popular, especially among seniors with high-value homes. “I believe we’ll see substantial growth on new and different products,” said Chris Mayer, CEO of Longbridge Financial, in a webinar hosted by […]
A Mortgage That Pays You
Family Circle Magazine When nationally recognized expert on personal finance, Terry Savage’s 80-year old father retired, he wanted to stay in his home. The mortgage was almost paid off, but he didn’t have much in savings and had plenty of other bills. It was a reverse mortgage that allowed him to convert his home equity […]
Reverse Mortgages: How Can Home Equity Be Used?
Using a Reverse Mortgage to tap into your home equity could significantly improve your lifestyle and allow you to enjoy your retirement without the added stress of a having to make a monthly mortgage payment. Accessing your home equity is a big decision. In the past, most homeowners were advised to save equity for emergencies. […]
Independent Reverse Mortgage Counseling: What You Need to Know
Blog content updated on 11/3/2021 Helping to make reverse mortgages safer—by making borrowers more informed. Why is independent counseling required as part of the Home Equity Conversion Mortgage (HECM) application process, and what does it mean to you? It’s simple—taking out a reverse mortgage loan is a significant financial decision, and requires careful consideration. It’s […]
FHA Increases the HECM Lending Limit
Blog content updated 10/15/21 Have you heard the great news for senior homeowners? For the fifth consecutive year, the FHA has increased the lending limit for HECM reverse mortgages to $822,375 in 2021—a $56,577 rise from the 2020 limit. Prior to 2017, the lending limit had remained fairly flat for several years before increasing from […]
How Home Equity Can Help You Stay at Home
A reverse mortgage can offer access to the funds you need to “age in place.” In a recent survey, 78% of Americans in the Baby Boomer generation said that aging in place—remaining in their current homes for as long as possible—is one of their goals for the future.1 Sadly, only half of them believe that they’ll […]
Why You Should Pay Off Your Mortgage Before You Retire and What to Do if You Cant
Blog content updated on 11/4/2021 The number of retirees who carry a mortgage balance has grown substantially over the years. In fact, the 2019 Survey of Consumer Finances by the Federal Reserve found that 37.6% of households headed by people aged 65 to 74 had a mortgage on their primary residence. For those age 75 and […]
