The HECM Standard reverse mortgage features a fixed or variable interest rate. Depending on your financial circumstances and needs, you can choose to receive your cash:
- In an upfront lump sum, typically up to 60 percent of the available proceeds.
- Over time, as monthly payments.
- As needed, in a line of credit.
You can also select a combination of these options—for example, taking an initial lump-sum amount, and then having the rest available as a line of credit.
Would you like to buy a home that will better fit your needs, now and in the future? Longbridge Financial also offers a HECM for Purchase reverse mortgage.
If you own a higher-value home or condo, Longbridge offers a non-government, proprietary reverse mortgage program. Like a traditional HECM, Longbridge Platinum is designed for homeowners age 62 and over; but Platinum’s program flexibility allows eligible borrowers access to more available cash, lower upfront costs, and a low, fixed rate.