Longbridge's new mortgage offering, Platinum Peak, aims to improve access for borrowers aged 62 to 70, allowing them to engage in loan discussions they previously could not. The higher loan proceeds could benefit individuals in this age group facing challenges like being short to close on their loans. The product is now available in several loan origination systems, and clients currently applying for Home Equity Conversion Mortgages (HECM) are permitted to switch to Platinum, although it may involve some reassessment of their applications.
The revised LTVs could allow previously ineligible borrowers to have a renewed conversation about securing a loan, the company explained.
Platinum Peak could make a difference for younger borrowers between the ages of 62 and 70, since a higher amount of loan proceeds has the potential to translate into benefits.
Longbridge CEO Chris Mayer stated there are use cases for reverse mortgage proceeds for some borrowers that may not be best addressed by a traditional FHA-backed HECM.
Clients with current in-process Home Equity Conversion Mortgage (HECM) applications can shift their application to a Platinum product if they choose, but it would require some processes to be revisited.
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