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The Platinum Proprietary Reverse Mortgage is a private, non-FHA reverse mortgage offered through Longbridge Financial for homeowners aged 55+ (in most states). It provides higher loan limits, fewer restrictions, and no required monthly mortgage payments for eligible primary residences.
The Platinum program offers expanded borrowing power and lower upfront costs for homeowners who need more flexibility than traditional FHA reverse mortgages provide.
Platinum allows loan amounts up to $4 million, making it a strong option for higher-valued homes. This expanded limit provides access to more equity than FHA-insured programs.
Unlike FHA HECM loans, Platinum does not require mortgage insurance premiums. This can significantly reduce upfront costs and long-term loan expenses.
In most states, Platinum is available to homeowners as young as 55. This makes it an attractive option for borrowers who may not yet qualify for FHA reverse mortgages.
Platinum may be used for certain non-FHA-approved condominiums and higher-value properties. This flexibility can open up more refinancing or purchase opportunities.
No Required Monthly Payments
Non-Recourse Loan Protection
Lower Upfront Closing Costs
No County Loan Limits
Purchase or Refinance Options
Line of Credit Available (Select States)
Great company with honest, open, complete disclosure about the process, fees, and timelines, and a pleasure to do business with. There are a lot of shoddy reverse mortgage companies out there, but you can trust you’ll get honest treatment by this company. Greg and Madison were both outstanding, competent, and informed. So happy I used them for my reverse.
What a fantastic company to work with. Breazy was an angel too! She was super sweet and very knowledgeable. She was able to answer all of my questions, and she even gave me a few handy tips.
I was a mortgage banker and stock broker for most of my working career. It is refreshing to meet a person in the financial industry who truly cares about your goals over his financial gains. Jeff met with my wife and I personally twice and we had a number of phone conversations. Not once did Jeff try to close us and made a point more than once to say if we were considering moving in the next two years not to consider a reverse mortgage. Jeff is a wealth of information and if we ever need a reverse mortgage he is the only one I would call.
NW reverse Mortgage is a super helpful. They went above and beyond when I had questions. And it is so nice to talk to a person when you call! The automated phone answering service is so frustrating at other companies!
You know how often you’ve conducted business with someone and that’s that, no more contact. I have contacted Jeff Foody several times since the close of my Reverse Mortgage and he and staff, (Madison and Breezy), are always there to answer questions. They follow-up, research and have always been welcoming and pleasant even after my transaction has closed. Have a question or concern, give him a call, he’ll answer and respond. Highly recommend NW Reverse Mortgage.
Jeff is excellent at explaining how a reverse mortgage can benefit you. I totally recommend him. I am a Realtor and this recommendation comes from personal experience and also when meeting with Jeff to assist my clients. Make these guys your first choice. So many Lenders do not truly understand the reverse mortgage and Jeff and his team ONLY do reverse mortgages.
Platinum proprietary reverse mortgages differ from FHA-insured programs and have their own eligibility requirements. These answers address common questions homeowners ask when considering Platinum as a reverse mortgage option.
Yes. You retain full ownership and title to your home as long as it remains your primary residence and loan obligations are met.
No monthly mortgage payments are required with the Platinum program. Borrowers may choose to make optional payments at any time to reduce the loan balance or preserve equity.
Loan amounts are based on factors such as home value, the age of the youngest borrower, and current interest rates. Platinum offers loan limits up to $4 million for eligible higher-value properties.
Platinum is available only for primary residences valued at $450,000 or more and may allow certain non-FHA-approved condominiums. Availability and features can vary by state.
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