Our Platinum Proprietary Program
Proprietary reverse mortgages are loan programs offered by some lenders and are not FHA-insured. They are not bound by county lending limits or standard FHA requirements but do have their own set of qualifications that differ from the FHA-insured HECM program. They do have some of the same features as a standard HECM as they are a negatively amortizing, non-recourse loan with no required monthly mortgage payments. Learn more about our Platinum Proprietary Program below:
The Platinum Proprietary Program can be used to purchase or refinance a home valued up to 4 million.
- Available to people 55 or older on their primary residence
- Lower closing costs than a traditional HECM
- No mortgage insurance premium
- Can be used for some non-FHA-approved condo projects
- Max loan amount is up to 4 million
- No required monthly mortgage payments
- Non-recourse Loan
- Line of credit feature available in some states
- Only available on homes valued at $450,000 or more.
Compared to a HECM, Platinum has low upfront costs and no mortgage insurance premiums, which can save clients thousands over the life of the loan. With similar borrower protections as the standard HECM and fewer restrictions, the Platinum Proprietary Program may be the ideal fit for you.
Wondering how much you may qualify for or if this program is a good fit for you? Click Here to see if you’re eligible or reach out via Text, Phone, Email, or Mail at our contact info below.
Restrictions, terms, and conditions apply. We offer the Platinum Proprietary Program in Oregon, Washington, Idaho, and California. The Line of Credit feature is not yet available in Washington.
Platinum Program is Longbridge Financial LLC’s proprietary loan program, and it is not affiliated with the Home Equity Conversion Mortgage (HECM) loan program, which is insured by FHA. Platinum is available to qualified borrowers who may also 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 us to see if it is currently available in your state. Visit https://longbridge-financial.com/reverse-mortgage-products/longbridge-platinum/ for details and additional disclosures.