Longbridge's 'HELOC for Seniors' product is officially on the market

"Branded as HELOC for Seniors, the Longbridge product provides up to $400,000 at a fixed interest rate per draw, with funds available for uses ranging from home renovations and aging-in-place upgrades to long-term care or high-interest debt payoffs. Borrowers can access 80% to 100% of the funds upfront and redraw up to 25 times over a 10-year period. Rates are updated at each draw, and qualification is available even for borrowers who rely on retirement income or disability benefits."

"Too many older Americans are unable to access their own home equity, not because of poor credit, but because traditional lending products weren't designed for life after 62, Chris Mayer, CEO of Longbridge Financial, said in a statement. According to Mayer, more than half of HELOC denials are tied to unaffordable monthly payments, and nearly one-third of seniors today carry mortgage debt into their 70s and 80s."

"The product includes an interest-only monthly payment option and no preset maturity date, with the loan principal not due until the borrower permanently leaves the home, provided they remain current on all required payments. The product, officially announced Monday but previewed by company executives during The Gathering by HousingWire in June, was developed using technology from Figure. This partnership reflects a shared commitment to innovation and the opportunity for Figure's marketplace to unlock capital markets solutions that solve meaningful problems, Figure CEO Michael Tannenbaum said in a statement."

Longbridge launched HELOC for Seniors to give older homeowners access to up to $400,000 with fixed interest rates per draw and flexible uses including home renovations, aging-in-place upgrades, long-term care, or debt payoff. Borrowers may receive 80% to 100% of funds upfront and can redraw up to 25 times over a 10-year schedule, with rates updated at each draw. Qualification is available for applicants using retirement income or disability benefits. The product offers an interest-only payment option, no preset maturity date, and requires repayment only when the borrower permanently leaves the home if payments remain current. The application is fully online with e-Notary, though counties that prohibit e-signature recording may require in-person closings or waiting periods.

Read at www.housingwire.com