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Longbridge Introduces New Private 'Platinum' Reverse Mortgage

“We’re trying to meet clients’ needs, but recognizing first and foremost that this is going to provide more cash at a comparable interest rate [for most borrowers] than alternative products in the market,” Longbridge CEO Chris Mayer told RMD.

The Platinum — a single-draw, fixed-rate reverse mortgage — is currently available through retail and wholesale channels to seniors aged 62 and older in California only. Longbridge plans to expand the program to Arizona, Colorado, Pennsylvania, Florida, Utah, and Virginia within the next few weeks, with a goal of having the loans available in at least 20 states by the end of the year.

In addition to owners of higher-priced homes, the Platinum is aimed at seniors who might want to buy a home with a reverse mortgage, but have found the Federal Housing Administration’s HECM for Purchase program too restrictive. For instance, Mayer said his company has a more streamlined income verification process for the Platinum products, and will consider proceeds when determining the ultimate qualification decision.

Longbridge Financial, LLC Launches Platinum Mortgage Program

    Borrowers with higher home values can access up to $4 mm in up-front cash     Low cost options that include no origination fee and no monthly servicing fee     Highest LTVs in the market for many borrowers using comparable interest rates     Options for owners of condominiums that are not approved by the FHA     Easier and more flexible terms for home purchase     No mortgage insurance premiums

The new, single draw fixed-rate reverse mortgage, is specifically tailored to offer high initial proceeds and very low origination cost options, depending on the program chosen and the borrower. It is priced to be competitive with many forward mortgages and HELOC programs and, of course, existing private reverse mortgages. Longbridge Platinum also features a streamlined approval process. It will roll out initially in California, with Arizona, Colorado, Florida, Pennsylvania, Utah, and Virginia coming in the next couple of weeks, with more states to follow soon afterwards.