Proprietary Platinum Reverse Mortgages
Proprietary Platinum Reverse Mortgages
Proprietary Platinum reverse mortgages are loans offered through Longbridge Financial and are not FHA-insured. They can be used by homeowners as young as 55 in most states. 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. This program does have some of the same features as the standard HECM program as they are negatively amortizing, non-recourse loans with no required monthly mortgage payments. We offer the Platinum reverse mortgage in Oregon, Washington, Idaho, and California. If you live in or are considering moving to one of these states, reach out to us today for a custom snapshot of your options. Rates can change weekly so it’s important to stay on top of your eligibility and benefit amount.
Proprietary Platinum reverse mortgages can be used to purchase or refinance a higher-valued home.
- Available to people 55 or older (in most states) 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 Phone, Email, or Mail at our contact info below.
Other Information:
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.
