Longbridge Platinum

The gold standard of proprietary reverse mortgages


NEW Platinum Line of Credit: Your go-to HELOC substitute for seniors. Did you know that for every senior who chooses a reverse mortgage, nearly 11 seniors choose a HELOC as a financing alternative1?


Our NEW Platinum Line of Credit Program offers clients with higher home values more cash than a HECM and more flexibility than a HELOC—giving you more opportunities. It’s the competitive edge you need to better serve more clients.

As compared to a HELOC, a Platinum Line of Credit features:

  • A reusable line of credit, up to 75%, that grows over time2
  • Low upfront costs
  • Comparable rate
  • Easier income qualification
  • No required monthly mortgage payments3
  • All the borrower benefits and safeguards of a standard reverse mortgage program
PLATINUM LINE OF CREDIT VS. STANDARD HELOC: A CLOSER COMPARISON.
Similarities Platinum LOC Standard HELOC
Own and keep title of the home? Yes Yes
Must pay taxes and insurance? Yes Yes
Can deduct interest? Yes, if optional payments are made Yes
Can pay off and re-draw? Yes, up to 75%2 Yes, but there may be a penalty
Ten-year draw period? Yes Yes
Credit line can be cut off by lender? Only under specific circumstances Yes, at any time
Rate adjusts regularly? Every 3 months Every month

AND HERE’S WHERE PLATINUM GIVES CLIENTS THE GOLD:

Differences Platinum LOC Standard HELOC
Credit line grows over time? Yes4 No
Penalty for early payoff? No penalty Yes, depending on the program
Monthly mortgage payments required? No monthly mortgage payments required3 Yes
Non-recourse loan protection? Yes No

Offer clients more options.

Longbridge Platinum is our non-Federal Housing Administration (FHA) reverse mortgage program for borrowers with high-value homes or condominiums that may not qualify for a HECM:

Fixed-Rate Program: for clients looking for a full-draw loan at a low, fixed rate

NEW Line of Credit Program: for clients who want some upfront cash now—and a reusable, growing line of credit for the future

While you enjoy exclusive Platinum advantages:

  • Servicing website for all loans, to give clients exceptional service even after closing
  • Improved compensation
  • The PAA Advantage: flexible pricing and the ability to set your own origination fee5 to maximize your success
  • Open-ended Line of Credit, offering more pricing options for Brokers than closed-end products, including the ability to charge origination fees
  • Simple structure and streamlined approval process
  • More flexibility and options to help you serve more clients

Platinum delivers a long list of borrower benefits:

  • More available cash as compared to a traditional HECM
    • Loan amounts up to $3 million
    • Widest range of eligible home values
  • Attractive low-rate options
  • No mortgage insurance premium = lower upfront costs
  • Non-recourse protection
  • Greater flexibility and fewer restrictions
  • Less stringent eligibility requirements for condos

1 2016 Survey of Consumer Finances, The Urban Institute, November 2017. 2 Clients can access up to 75% of the Principal Limit during the first 10 years—with the ability to redraw repaid principal amounts — except for the first 25% taken at closing. 3 Real estate taxes, homeowners insurance, and property maintenance required. 4 If part of your clients’ loan is held in a line of credit, they 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. 5 Applies to lenders only.

Restrictions apply.

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