Types of Reverse Mortgages
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Longbridge Financial can help you make the most of your reverse mortgage, to help you have a more comfortable financial future. We’re committed to helping you find the right option, based solely on your needs and retirement goals. Explore the possibilities, including how much money you could receive, by contacting Longbridge Financial at 855-523-4326 to speak with one of our experienced Reverse Mortgage Consultants today.
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.
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 55+* and over; but Platinum’s program flexibility allows eligible borrowers access to more available cash, lower upfront costs, and a low, fixed rate.
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*Due to state requirements for the states of Louisiana, New Jersey, and Washington all borrowers must be 60 years of age and in North Carolina, Texas, and Utah all borrowers must be 62 years of age.