Updated on 03/29/2021

Longbridge Financial

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About Longbridge Financial

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Longbridge Financial is a reverse mortgage company that offers three lending products: HECM, HECM for Purchase and jumbo reverse mortgages. Its jumbo reverse mortgage product, called Longbridge Platinum, covers homes valued up to $4 million. The company guarantees to close all loans within 45 days of your application.

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Pros

Low origination fee
Closes within 45 days
Three reverse mortgage products
Covers high-value homes

Cons

Slightly higher interest
Slightly higher closing costs

Bottom Line

Longbridge Financial is a reverse mortgage lender that offers options for homes valued up to $4 million. It has higher rates than competitors offer, but it guarantees closing within 45 days.

What is Longbridge Financial?

Longbridge Financial is a national lender of Home Equity Conversion Mortgages (HECMs), more commonly known as reverse mortgages. Seniors in the continental U.S. can contact Longbridge Financial via email or by phone for a free quote.

With a strong focus on customer service, the company allows borrowers to speak with a live loan officer during business hours within a matter of minutes. Longbridge guarantees to close all loans within 45 days of receiving an application.

Longbridge Financial provides three lending options to borrowers 62 or older:

HECMs, or traditional reverse mortgages, allow customers to get a line of credit, based on the value of their home, that doesn’t have to be paid back until the borrower no longer lives on the property.
HECMs for Purchase are a special type of reverse mortgage that can be used to fund the buying of a home.
Longbridge Platinum, a jumbo reverse mortgage, is a non-FHA insured, privately funded reverse mortgage that allows users to access a larger line of credit than HECM loans offer. This loan works for houses valued at $450,000 or more, up to $4 million.

Longbridge Financial reverse mortgage requirements

Longbridge Financial does not specify any additional requirements for its reverse mortgage customers outside of those outlined by the Federal Homeowners Association (FHA). In order to qualify for a reverse mortgage, the FHA specifies:

All borrowers on the deed must be older than 62
The home must be the owner’s primary residence
There can be no outstanding federal tax liens on the property
The owner should have no outstanding property taxes over the last two years

The house or condo must meet the minimum standards set by the U.S. Department of Housing and Urban Development (HUD), although homeowners planning on using the reverse mortgage to bring their property into HUD compliance may still be eligible.

Longbridge Financial rates

Reverse mortgage rates vary greatly and are driven by the appraised value of the property, location of the home, the amount owed on the property and the amount of the loan.

As a point of reference, Longbridge Financial offered a free-and-clear home appraised at $270,000 in Nashville, Tennessee, a $118,503 line of credit at a fixed rate of 3.56% in February of 2021. This is marginally higher than the national average, which was 3.26% in December of 2020. However, the origination fee at $1,500 is much lower than the national average.

Upfront costs like home appraisal and mandatory HECM counseling were calculated into the closing costs of this loan; closing costs for this home were $9,602.

Longbridge Financial FAQ

Where is Longbridge Financial available?: Longbridge Financial services most of the continental U.S. There are currently no Longbridge Financial licensed agents in Alaska or Hawaii.
How can I qualify for a Longbridge Financial reverse mortgage?: To qualify for a Longbridge Financial reverse mortgage, you need to be 62 years or older and live on the property as your primary residence. Additionally, your property must meet the minimum standards outlined by HUD. Contact Longbridge Financial to see if you qualify.
Does Longbridge Financial check your credit score?: Longbridge Financial calculates reverse mortgages based on the value of the house — this step does not require a credit check. However, the company may look at your credit history to assess your payment history.
What credit score is required to qualify for Longbridge Financial?: Longbridge Financial may look at the credit history of customers applying for a HECM loan — but only to see any missed payments reported over the last two years. In other words, the borrower’s credit rating isn’t as important as their payment history.

Is Longbridge Financial a good company?

Customers who value service most will find much to admire about this company. Callers can reach a live loan officer within minutes. Longbridge Financial also has a skilled and attentive management team, and its loan officers can tell customers if they think a reverse mortgage won’t suit their needs. For those who value the bottom line above all else, however, Longbridge Financial offers a fractionally higher fixed interest rate and higher closing costs than the average reverse mortgage lender.

As with all reverse mortgage lenders, and because HECM loans are extremely complicated and often involve a senior’s most prized asset — their home — caution is recommended. Experts including the FBI urge careful research before opting for a reverse mortgage. However, if a reverse mortgage is an answer to your lending needs, Longbridge Financial is a good choice for borrowers who want a company that values customer care.