Longbridge Platinum
Jumbo Reverse Mortgage
The flexible reverse mortgage designed to fit your financial goals.
Whatever your financial priority, there’s a Platinum solution for that.
Longbridge Platinum o ffers proprietary reverse mortgage solutions that go beyond the limits of a standard Home Equity Conversion Mortgage (HECM). Whether you’re looking to maximize your cash today, plan for the future, or leave a legacy, there’s a Platinum option designed to help you reach your goals—with loan amounts up to $4 million1 and more flexibility than traditional products.
| Maximize Cash for Today Need a large lump sum to make a major purchase or consolidate high-interest debt? | Safety Net for Tomorrow Want some cash now, with a line of credit1 for unexpected expenses or life events? | Home Equity for the Future Need some cash now but want to preserve some equity for your heirs? |
Platinum Fixed | Platinum Line of Credit2 | Platinum Preserve™3 |
I need more cash than I can get from a HECM reverse mortgage. Isn’t there another option?
— Walter
If you own a high-value home or condo, Longbridge Platinum could be your best path forward. This non-FHA jumbo reverse mortgage o ffers greater access to equity, lower costs, and more flexible features than traditional options. With the Line of Credit,2 you’ll also enjoy more control than with a standard bank HELOC—without monthly mortgage payments. As with any mortgage, you must meet your loan obligations by keeping current with property taxes, insurance, and maintenance.
Questions? We have the answers you need.
Simply call or fill out the form to get your free info kit—or get a free quote now.
To receive your FREE Platinum Brochure:
"*" indicates required fields
By submitting your phone number you are providing your signature and express “written” consent to having Longbridge Financial LLC 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 855-523-4326.
For information on how we collect and use personal information, please see our Privacy Notice.
Powerful Benefits. Built-In Flexibility.
Whichever option fits your needs; Platinum comes with these powerful advantages:
- Optional monthly mortgage payments4
- Loan amounts up to $4 million1
- Eligible for homeowners 55 and up5
- Expanded eligibility for condos and a wider range of home values
- Non-recourse protection—you’ll never owe more than your home is worth when sold
- No penalty for early repayment
OUR PLATINUM PROMISE
Lock in your loan amount for 30 days from application.* If market changes reduce your eligible amount and you opt out, we’ll reimburse your third-party fees—plus $150.
*This is not an interest rate lock. Platinum interest rates float until closing. Longbridge, in its sole discretion, may change the PLF tables used for the loan at any time. If you close within 30 days from the date of application, we will strive to use the original PLF table set on the date of application. If Longbridge revises the PLF table within the 30-day period due to unforeseen market conditions, you will be notified. The Platinum Promise means that should you decide not to move forward, Longbridge will o er a refund of your out-of-pocket third-party fees (appraisal fee(s)) plus $150.00. To qualify for reimbursement, the loan must be approved, and all underwriting criteria, obligations, and conditions of the loan must be met. While in most circumstances we will be able to give time to close the loan under the original PLF table, this may not always be feasible due to factors such as adverse changes in market conditions. Additional terms and conditions may apply. Longbridge Platinum is not available in all states.
| CHOOSE THE PLATINUM OPTION THAT’S RIGHT FOR YOU. | ||
|---|---|---|
| Ideal For… | Key Features | |
| Platinum Fixed | Large upfront cash needs | Lump sum payout at a fixed rate |
| Platinum Line of Credit2 | Flexible access to funds | Upfront cash + reusable LOC |
| Platinum Preserve™3 | Legacy planning | Cash now, preserve 10-40% equity |
Use the power of Platinum to your advantage.
You’re free to use your home equity as you choose:
- Pay off an existing mortgage or consolidate high-interest debts to eliminate monthly payments.4
- Generate a lump sum of cash that’s income tax-free6 for medical bills, home renovations, or other large expenses.
- Use the line of credit option2 to set up a financial “safety net” for the future.
- Refinance an existing reverse mortgage to get more available cash.
- You can even use Platinum to buy a new home that’s better suited to your needs or closer to family and enjoy the same great benefits of a reverse mortgage.
The information is free. The loan can be life-changing. Call or fill out the form for more information—or get a free quote now.
Answers to the most common questions about Longbridge Platinum
It’s a proprietary, non-Federal Housing Administration (FHA) reverse mortgage program for homeowners age 55 and older7 with a high-value home or condo. It lets you borrow against your home equity without having to make monthly mortgage payments. You must continue to pay 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 which either have higher home values or are not eligible for FHA financing, such as condominiums or some Planned Unit Developments. Compared to a HECM, Platinum has low upfront costs and no mortgage insurance premiums, which can save you thousands in total costs 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, as long as you keep current with property taxes, insurance, and maintenance. 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 long as you meet your loan obligations, which includes keeping current with 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.
With a standard mortgage, you must make monthly payments to the lender, eventually paying off the mortgage over time. Longbridge Platinum lets you receive a lump sum of cash at closing with two options: with no initial-draw limits, or with some cash upfront and the rest in a reusable line of credit.1 As long as you live in your home, you never have to make a monthly mortgage payment. However, just like a conventional forward mortgage, you must continue to pay property taxes, homeowners insurance, and for home maintenance.
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. We recommend that you consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits you may be receiving – 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 paying property taxes, homeowners insurance, and for home maintenance.
Since you retain the title to your home, you also retain your obligations as a homeowner—such as paying 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.
With our Platinum Preserve feature (available on certain Fixed-Rate products), you also have the ability to set aside 10-40% of your home equity, ensuring a portion is preserved for future needs or your heirs. This allows you to access a portion of your home equity now, while planning for your legacy.
Here’s what people like you are saying about us.
- The state of MA has a maximum loan amount/lending limit of $2,000,000.
- 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.
- Platinum Preserve™ is an option available in certain states which, if chosen, allows borrowers to preserve a percentage of the equity of the property, under certain circumstances, at the conclusion of the loan. Subject to terms and conditions of the Platinum Preserve™ program. Please contact Longbridge Financial LLC for more details.
- As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and maintenance.
- Available to borrowers as young as 55 in select states only. Higher minimum age requirements may apply.
- Consult a financial advisor and appropriate government agencies for any e ect on taxes or government benefits.