Longbridge Financial offers a number of reverse mortgage solutions including traditional Home Equity Conversion Mortgages (HECM), HECM for purchase, and the Longbridge Platinum program for homes that exceed the typical maximum reverse mortgage loan value of $625,500.
The company is a member of the National Reverse Mortgage Associaton (NRMLA) and has committed to following its Code of Ethics including superior client service, expertise, and transparency.
The Longbridge website is extremely user-friendly in terms of appearance, ease of navigation, and the utility of featured information. On the homepage, site visitors select the character that best describes them. Maria doesn’t know much about reverse mortgages, John wants to know the benefits of reverse mortgages, Francine is helping her mom look into one, and George who wants to know how much money he can receive. This creative approach makes reverse mortgages seem less scary to people who are still learning. The respective characters then take you to one of these pages:
Though rates are specific to each situation, Longbridge claims to offer low rates, no hidden fees, zero origination fee plans, and other special pricing programs like its Gold Program for those who qualify.
While the maximum loan amount with a HECM loan is $625,500, Longbridge Platinum offers loan amounts up to $4 million. Longbridge Platinum is a non-FHA reverse mortgage program with zero limits on your initial draw, meaning you can take the full loan proceeds at closing. You can also use the Platinum Program to refinance an existing reverse mortgage.
Qualified borrowers can buy a home or FHA-approved condo as a principal residence with a HECM reverse mortgage with Longbridge Financial. You make a down payment on your new home (paying 40-50 percent of the cost) using proceeds from the sale of your former home or cash you have on hand, and any remaining funds in the mortgage balance can be used as you choose.
Longbridge is licensed in 47 of the 50 states, so it provides greater coverage than many competitors. However, it is not licensed in New York, Alaska, or Hawaii so residents in those states cannot currently get a reverse mortgage through Longbridge.
Longbridge Financial meets its goals of educating the client and being transparent about the reverse mortgage process. The company pledges its representatives will tell you if a reverse mortgage is not in your best financial interest, which not every company will do.
Plus, Longbridge has other perks that indicate superior customer service: all call centers are within the United States, the company has a goal to close quickly (within 45 days) once receiving your paperwork, and it offers free identity theft protection to show how customers’ privacy is valued.
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