Longbridge has introduced a new reverse mortgage product aimed at senior homeowners who want to access their home equity responsibly. With around $14 trillion locked in home equity, many older homeowners hesitate to use it due to concerns about their heirs. The new fixed-rate reverse mortgage, named Platinum Preserve, enables borrowers to selectively access their home equity without the burden of upfront mortgage insurance. This innovation allows for balanced financial planning, giving seniors peace of mind while still ensuring they can support future needs and goals.
This new feature is designed to help senior homeowners tap into their home equity now while reserving a portion for future needs.
Older homeowners have built up nearly $14 trillion in home equity, yet many are hesitant to tap into it because they want to use some of that wealth for their families.
The new reverse mortgage product will allow Longbridge to offer the senior cohort an option to tap some of the equity in their homes while still preserving a meaningful portion.
The Platinum Preserve reverse mortgage gives borrowers the option to choose the amount of loan proceeds they can access.
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