Article Summary
Longbridge Financial, a reverse mortgage lender, has announced a new reverse mortgage product called Platinum Preserve. This product is designed to help senior homeowners tap into their home equity while reserving a portion for future needs, offering a balanced approach to immediate and long-term financial planning.
What This Means for You
- Senior homeowners can now access a portion of their home equity while still preserving some for the future.
- This product offers flexibility for financial planning without compromising long-term financial goals.
- Platinum Preserve is a fixed-rate reverse mortgage with no upfront mortgage insurance premium, bringing down costs for borrowers.
- The product is currently available in 21 states, with plans to roll out in additional states in the future.
Original Post
“This new feature is designed to help senior homeowners tap into their home equity now while reserving a portion for future needs, offering a balanced approach to immediate and long-term financial planning,” the company said Tuesday when announcing the product.
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Chris MayerLongbridge CEO Chris Mayer discussed some of the dynamics that led to the product’s development, including the often-expressed reluctance of older homeowners to tap into home equity in retirement out of fear that it will limit the assets they can leave their heirs.
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 for the future.”
Platinum Preserve is a fixed-rate reverse mortgage that gives borrowers the option to choose the amount of loan proceeds they can access, as opposed to accessing the full amount of proceeds. The loan also does not maintain an upfront mortgage insurance premium, which can bring the costs down, according to Longbridge.
Platinum Preserve launched Tuesday with availability in 21 states: Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Missouri, Montana, Nevada, New Hampshire, New Jersey, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Utah and Virginia.
Key Terms
- Reverse mortgage
- Home equity
- Financial planning
- Fixed-rate mortgage
- Mortgage insurance
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