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Reverse Mortgage Calculator
Special February Offer
Offer extended: Get an appraisal credit up to $1,0001 when you submit your application in February.
Take advantage of today’s higher home values to access additional reverse mortgage proceeds. Submit your application by 02/28/23 and get a Longbridge credit up to $1,000 toward your appraisal—and make monthly mortgage payments optional.3
Complete and submit the form today for your no-obligation analysis—
and don’t forget to ask about our special bonus offer.
We're proud to support our US Military Active Duty and Veterans.
That's why we always offer a $500 discount in honor of those who have served.
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1Max appraisal credit up to $1,000. The loan application must be submitted by 02/28/23 and must close in order to receive the appraisal credit. Credit will be toward the overall cost given on the HUD-1 at the time of closing.
3Real estate taxes, homeowners insurance, and property maintenance required.
Here’s what people like you are saying about us.
The first question I had was, ‘How can you use a reverse mortgage?’ The short answer is, any way you want.
He’s right: tapping into your home equity with a reverse mortgage gives you many different options for enhancing your retirement plan. It gives you peace of mind for now, and financial protection for the future.
- Keep more money on hand to meet everyday bills and expenses
- Eliminate or reduce credit card balances or other debts
- Help with healthcare expenses
- Set aside funds to pay for future long-term care
- Make home updates, repairs, or modifications to help you live more comfortably
- Avoid making taxable withdrawals from 401(k) or other retirement plans by using reverse mortgage proceeds that are income tax-free*
- Establish a line of credit as a financial “safety net,” to prepare for unexpected expenses
- Or any other purpose
*Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
- Do you need to tap into your home equity now, or can you save if for future needs?
- Are you on a fixed income, with no other assets?
- How long do you and your family plan to live in your home?
- Would your spouse want to keep living in the home without you?
At Longbridge, we can assess your financial situation and help you decide, along with your trusted advisors, if a reverse mortgage is right for you. We’ll tell you if we feel it isn’t your best option-not all lenders will make that promise.
- What is a reverse mortgage and how does it work?
- What are the benefits of a reverse mortgage?
- How does a reverse mortgage compare to a traditional mortgage?
- How much can you receive?
- How can you receive the funds?
- How can it work as part of your retirement plan?
- What’s the reverse mortgage process?
Get your reverse mortgage quote and kit today: there’s no cost or obligation.
Watch this short video to learn more about How Reverse Mortgages Work
Reverse mortgages have become a popular financial tool for homeowners ages 62 and older who are seeking a consumer loan. A reverse mortgage loan allows senior homeowners to access the equity they’ve built up in their home over the years. Unlike traditional “forward” mortgages, reverse mortgages do not require monthly mortgage payments. Homeowners will still be responsible for insurance, property taxes, and maintenance; however, loan repayment is deferred until the homeowner no longer lives in the home. Since monthly mortgage payments are not required, seniors typically use their reverse mortgage funds as income tax-free cash.
Homeowners who want to qualify for a reverse mortgage must be at least 62 years old and have equity available in their home. Reverse mortgages work by allowing homeowners to convert a portion of their home’s equity into cash, based on the total equity available in the home. Loan proceeds can be received in the form of a line of credit, monthly payments, a lump-sum, or any combination of these options. Several factors effect the loan amount which you may qualify for including your home’s value, your age, and certain property requirements set by the Federal Housing Administration’s (FHA). You can read more about these requirements here.