The catalog of proprietary reverse mortgage products that are available just got a little bigger with the latest introduction from Longbridge Financial. The company has unveiled its latest proprietary product which also features a line of credit, according to a report.
"Longbridge identified a need for a product like this in the proprietary reverse mortgage market due to both the poor fit that HELOCs can be for older borrowers, and the 2017 principal limit factor changes to the Home Equity Conversion Mortgage (HECM) program according to CEO Chris Mayer," as reported by Reverse Mortgage Daily.
"The new Platinum variation can help provide the best of both worlds, he says."
The Platinum LOC also features protections that most HELOCs don't, according to the report it includes, non-recourse provisions and more.
"The type of borrower that will be best suited for the features of Platinum LOC include those who typically have higher home values, Mayer said, as the minimum home value for the product is $400,000," according to the report.
To learn more about the latest proprietary reverse mortgage product from Longbridge Financial, click on the image above.