Longbridge Platinum - Jumbo Reverse Mortgage
The affordable reverse mortgage now has a NEW line of credit option.
Get more income tax-free cash1 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?
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If you own a home or condo valued at $400,000 or higher, Longbridge Platinum can help you unlock a substantial portion of your home equity. It’s a private 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.2 It could help you live the retirement of your dreams.
Why Longbridge Platinum Line of Credit is the ideal HELOC substitute for seniors.
As compared to a HELOC, the Platinum Line of Credit Program features:
- Low upfront costs
- Comparable rate
- Easier income qualification
And here’s where the Platinum Line of Credit really gives you the gold:
- No required monthly mortgage payments2
- A reusable line of credit, up to 75%, that grows over time3
- All the borrower benefits and safeguards of a standard reverse mortgage program
|PLATINUM LINE OF CREDIT VS. STANDARD HELOC: A CLOSER COMPARISON.|
|Platinum LOC||Standard HELOC|
|Ownership||Both types of loans allow you to own and keep the title of your home|
|Payments||No monthly mortgage payments required2||Requires monthly mortgage payments|
|Interest deduction||You can deduct the interest, if optional payments are made||You can deduct the interest|
|Line of credit growth||Reusable, growing line of credit—the unused portion can grow for 7 years4||Line of credit does not grow over the life of the loan|
|Payoff and redraw||Access up to 75%3 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 three months||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 it comes due||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+* and use the home as your primary residence||Must qualify based on credit score and income|
- Loan amounts up to $4 million in available cash and the widest range of eligible home values
- Attractive low-rate options
- No mortgage insurance premium = lower upfront costs
- No penalties for prepayment
- Non-recourse protection = no personal liability
- Greater flexibility and fewer restrictions
- Expanded eligibility for condos
- Streamlined approval process
- 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 Program if you want some upfront cash now—and a reusable, growing line of credit for the future
As with any reverse mortgage, there are no required monthly mortgage payments. You just continue to pay real-estate taxes, homeowners insurance, and property maintenance as usual.
Use the power of Platinum to your advantage.
You’re free to use your home equity as you choose:
- Pay off an existing mortgage and other debt to eliminate monthly payments.
- Generate a lump sum of cash that’s income tax-free1 for home renovations or repairs, medical expenses, and more.
- Use the line of credit option 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.
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 older* with a minimum home value of $400,000. 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.
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. 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 comes due.
Yes. You retain the same ownership and title that you have today. 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. 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 do recommend that you talk to a competent financial advisor to determine the effect on any other 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.
*Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
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.
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1Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
2Real estate taxes, homeowners insurance, and property maintenance required.
3Except for the first 25% taken at closing.
4If part of your loan is held in a line of credit, you can draw from it for a period of 10 years—the unused portion will grow each month for 7 years, at an annual rate of 1.5% compounded monthly.
*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.