The information is free.
The loan could be life-changing.
Introducing the affordable, non-Federal Housing Administration (FHA) jumbo reverse mortgage program with a line of credit1 option. Longbridge Platinum is designed for people age 55 and older2 with high-value homes or condos that don’t qualify for a standard Home Equity Conversion Mortgage (HECM). It allows you to access more available funds as compared to a HECM—up to $4 million.3
Call or fill out the form below now to get your free info kit for Longbridge Platinum: the simple, flexible jumbo reverse mortgage.
"*" indicates required fields
By submitting your phone number you are providing your signature and express “written” consent to having Longbridge Financial LLC or our mortgage partners contact you about your inquiry at the phone number you have provided. You agree to be contacted via a live or automated prerecorded telephone call, text message, or email even if you have previously registered on a “do not call” government registry or requested Longbridge to not send marketing information to you. You understand that your telephone company may impose charges on you for these contacts, and you are not required to enter into this agreement as a condition of any Longbridge products or services. You understand that you can revoke this consent at any time by calling Longbridge Financial at 844-925-0471.
For information on how we collect and use personal information, please see our Privacy Notice.
Longbridge Platinum features:
- A reusable line of credit, up to 75%, that grows over time4
- All the borrower benefits and safeguards of a HECM reverse mortgage
- Loan amounts up to $4 million3 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
- Expanded eligibility for condos
- Streamlined approval process
Use the power of Platinum to your advantage.
You’re free to use your home equity as you choose:
- Pay off an existing mortgage5
Consolidate credit card balances or other debts
Eliminate monthly mortgage payments (keeping up with property taxes, insurance, and maintenance required)
- Generate a lump sum of tax-free funds6 for home renovations or repairs, medical expenses, and more.
- Use the line of credit option1 to set up a financial “safety net” for the future.
- Refinance an existing reverse mortgage to get more available cash.
- Buy a house or condo that’s better sized or suited to your retirement needs.
There are no monthly mortgage payments required.
All you have to do is keep current with property taxes, homeowners insurance, and home maintenance.
Answers to the most common questions about Longbridge Platinum
It’s a proprietary, non-FHA jumbo reverse mortgage program for homeowners age 55 and older2 with a high-value home or condo. It lets you borrow against your home equity without having to make monthly mortgage payments. All you have to do is continue paying property taxes, homeowners insurance, and for home maintenance.
While subject to the same regulatory requirements as HECM loans, there are some important differences. Longbridge Platinum allows you to access more of your home’s equity than a standard HECM—up to $4M.3 It’s specifically for properties with home values that exceed the FHA loan limit, or aren’t eligible for FHA financing—such as condominiums that aren’t FHA approved, or some Planned Unit Developments. Compared to a HECM, Platinum has low upfront costs and no mortgage insurance premiums, which can save you thousands over the life of the loan.
Longbridge Platinum has borrower protections similar to standard reverse mortgages. No matter what happens in the economy, how much money you receive, or how long you live in your home, you won’t be required to make a mortgage payment.7 Plus, Platinum is a non-recourse loan—the lender cannot hold you or your heirs personally liable, even if the loan amount exceeds the home’s value when the loan is repaid.
Yes. You retain the same ownership and title that you have today. As with any mortgage, you must meet your loan obligations by keeping current with property taxes, insurance, and maintenance. Just like a traditional “forward” mortgage, the lender simply puts a lien on the property—which is paid off when you sell your home, or when the last borrower no longer lives in it. Your heirs inherit the house, just as they would with any other mortgage, and can decide how to repay the loan.
It’s your money—you can use it in any way you wish. It’s non-taxable and typically does not affect Social Security payments. Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits, especially when receiving a large lump sum from a reverse mortgage at closing. Having excess funds in your account could impact eligibility for certain government benefit programs.
The loan comes due when you 1) sell the property; 2) no longer live in the home as your primary residence; or 3) if you fail to meet one of the requirements of the loan—such as keeping current with property taxes, homeowners insurance, and home maintenance.
Since you retain the title to your home, you also retain your obligations as a homeowner—such as keeping current with your property taxes and insurance, and any other assessments that may be applied to your property (e.g., homeowners association fees).
Yes. After the balance of your Longbridge Platinum reverse mortgage is paid off, any remaining equity goes to your heirs. That amount will depend on a number of variables, such as loan balance, how long you stay in your home, how much your home appreciates in value, and other factors.
Here’s what people like you are saying about us.
- Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.
- Available to borrowers as young as 55 in select states only. Higher minimum age requirements may apply.
- The state of MA has a maximum loan amount/lending limit of $2,000,000.
- Except for the first 25% taken at closing. If part of your loan is held in a line of credit upon which you may draw, then the unused portion of the line of credit will grow in size each month. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.
- Your current mortgage(s) and any other existing liens against the property must be paid off at or before closing.
- Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
- As with any mortgage, you must meet your loan obligations by keeping current with property taxes, insurance, and maintenance.
Longbridge Platinum Reverse Mortgage (“Platinum”) is Longbridge Financial, LLC’s proprietary loan program and is not affiliated with the Home Equity Conversion Mortgage (HECM) loan program, which is insured by FHA. Platinum is available to qualified borrowers who also may be eligible for FHA’s HECM program or are seeking loan proceeds that are higher than FHA’s HECM program limit. Platinum currently is available only for eligible properties in select states. Please contact your loan originator to see if it is currently available in your state.
