Longbridge Platinum - Jumbo Reverse Mortgage
Our proprietary reverse mortgage with a line of credit option1
Get more income tax-free cash2 than a HECM, and more flexibility than a HELOC.
I need more cash than I can get from a HECM reverse mortgage. Isn’t there another option?
— Walter
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:
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Unlock the Power of Your High-Value Home
If you own a high-value home or condo, Longbridge Platinum can help you unlock a substantial portion of your home equity. It’s a private jumbo reverse mortgage program (not insured by the Federal Housing Administration) that allows you to access more available funds as compared to a traditional Home Equity Conversion Mortgage (HECM). It’s competitive with many forward mortgages and HELOC programs, with more flexibility—and no monthly mortgage payments required.4 It could help you live the retirement of your dreams.
Introducing Platinum Preserve:
Flexibility for Today, Security for Tomorrow
Your home is more than where you live—it’s part of your legacy. Platinum Preserve, our latest enhancement to certain Fixed-Rate products, let’s you access the funds you need today while safeguarding 10-40% of your home equity for the future. It’s an innovative way to enjoy your flexibility now, while preserving your goals and your legacy for tomorrow.
More flexibility with fewer restrictions: how a Platinum LOC1 compares to a HELOC.
- A reusable line of credit1
- No mortgage insurance premiums (MIP), which may mean lower upfront costs
- Comparable rate5
- No monthly mortgage payments4
Plus, Longbridge Platinum features:
- Loan amounts up to $4 million.3
- Widest range of eligible home values.
- Attractive low fixed-rate options—available for home values starting at $450,000.
- Borrower never owes more than the home is worth when it is sold and the loan is repaid.
- Expanded eligibility for condos.
- Platinum Preserve: ability to secure 10-40% of home equity for future needs (available for certain Fixed-Rate products.)
- Platinum Promise: Lock in your potential loan amount for 30 days from application. If market changes reduce what you could borrow and you decide not to move forward, we’ll reimburse your third-party fees—plus $150.6
Now available to more people: the Platinum age qualification has expanded to 55 and older.7
| PLATINUM LINE OF CREDIT1 VS. HELOC: A CLOSER COMPARISON. | ||
|---|---|---|
| Platinum LOC | Standard HELOC | |
| Ownership | Both types of loans allow you to own and keep the title of your home (must keep current with property taxes, insurance, and maintenance) | |
| Payments | No monthly mortgage payments required4 | Requires monthly mortgage payments |
| Interest deduction | You can deduct the interest, if optional payments are made | You can deduct the interest |
| Payoff and redraw | Access up to 75%8 of the Principal Limit during the first 10 years—with the ability to redraw repaid principal amounts | Can pay off and redraw during the first 10 years, but there may be a penalty |
| Rate adjustments | Every month | Every month |
| Payback deadline | None, as long as you meet the terms of the loan and remain in your home | Typically comes due after 10 years |
| Prepayment penalty | No penalty for early repayment | Prepayment penalties can be charged in some cases—ask your lender |
| Non-recourse loan protection | You and your heirs aren’t personally liable if the loan amount exceeds the home value when the home is sold and the loan is repaid. | No such protection |
| Counseling | Independent, Platinum-approved counseling helps you fully understand your options | No independent counseling provided |
| Qualifications | Must be a homeowner age 55+7 and use the home as your primary residence | Must qualify based on credit score and income |
A choice of payout options to help you meet your financial goals:
- Choose the Fixed-Rate Program if you’re looking for a full-draw loan at a low, fixed rate
- Or opt for the Line of Credit Program1 if you want some upfront cash now—and a reusable line of credit for the future
As with any reverse mortgage, there are no required monthly mortgage payments. You must continue to pay real-estate taxes, homeowners insurance, and property maintenance as usual.
Use the power of Platinum to your advantage.
- Pay off an existing mortgage and other debt to eliminate monthly payments.
- Generate a lump sum of cash that’s income tax-free2 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.
The information is free. The loan can be life-changing. Call or fill out the form to get your free Platinum Brochure—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.
- 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.
- Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
- The state of MA has a maximum loan amount/lending limit of $2,000,000.
- As with any mortgage, you must meet your loan obligations by keeping current with property taxes, insurance, and maintenance.
Expressed rate may change or not be available at commitment or closing.
- 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 your loan closes 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, we will notify you. The Platinum Promise means that should you decide not to move forward, Longbridge will offer 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 you 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.
Available to borrowers as young as 55 in select states only. Higher minimum age requirements may apply.
- Except for the first 25% taken at closing.
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.