Longbridge Financial

Longbridge Financial Reviews

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About Longbridge Financial

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.

    Pros & Cons

    Pros
    • Low origination fee
    • Closes within 45 days
    • Three reverse mortgage products
    • Covers high-value homes
    Cons
    • Slightly higher interest
    • Slightly higher closing costs

    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.

    Longbridge Financial Reviews

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      How do I know I can trust these reviews about Longbridge Financial?
      • 4,465,432 reviews on ConsumerAffairs are verified.
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      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Page 1 Reviews 0 - 10

      Reviewed Aug. 15, 2023

      At 96 my mother got a HECM. She had difficulty writing, signed with an X. $640 was held to paint a pipe. It was done, photo taken by an authorized inspector. The funds were not released nor will not be released to the estate.

      Customer ServiceStaffLoan Process

      Reviewed May 22, 2023

      Getting the reverse mortgage was relatively straightforward. As is customary with a HECM, there is a LESA (life-expectancy set-aside) included in the amount of the loan, which Longbridge uses to pay real estate taxes and homeowner's insurance directly to the tax collector, similar to the way a bank handles a first mortgage.

      My taxes are paid to the town where I live, not to the county or state, and the bill is due quarterly (Feb 1, May 1, Jul 1, Nov 1). We closed the loan the first week of December 2022. Going to the Longbridge website at the end of January, I could see that a transaction was made against the LESA on Jan 18, and that the real estate tax was paid on time to the town. But the payment did not include the water district tax, which I thought it should have, since both the real estate tax and water district tax were included in the tax deferral program we had been enrolled in, that Longbridge paid off at closing. And it was a condition of closing was that we must leave the tax deferral program with the town, which we did.

      When I saw that the water district tax was not paid from the LESA for Feb 1, I called Longbridge, and that began a large number of painful phone calls. An agent told me on the phone on Feb 8 that Longbridge should have paid the water district tax, and I told her that since it hadn't been paid, I paid it myself, and I expected to be reimbursed within 30 days. A week or two later when I inquired about my reimbursement, I was told they were "working on it". After more silence, I called a third time and spoke to a different agent (you generally get connected to a different agent every time, and you have to explain the issue each time).

      This agent said that the other two agents were correct in telling me that Longbridge should have paid it, but they were not as experienced as she was, and she looked up the documents we signed at closing, and the water district tax was not listed as an item to be paid from the LESA, so Longbridge would not be reimbursing me or paying it going forward, but that she would enter some sort of ticket to see if it could be added to the LESA. I asked if she could send me an email to that effect so I would have it in writing, and she said that Longbridge does not communicate with customers by email, only by phone.

      The one consistent thing about them is that they always inform you that the call is being recorded. And the agent usually tells you that she is adding things to "the notes". But when you call again, the agent is usually clueless about "the notes". If you mention that a previous agent had put something in "the notes", often they can find it, but you have to mention it, else you're starting from square one with every call.

      As we got past April 15, I checked to see if a transaction had been posted against the LESA for the real estate taxes due on May 1, and there was none. So I called again to find out why. I was told to be patient, that it would be paid. Then May 1 came and went and it wasn't paid. Actually one agent told me that it had already been paid, but it turned out she was confused and looking at the Feb 1 payment.

      There were several more phone calls, usually resulting in being told that they were working on it, that some sort of ticket or escalation was in process. But finally today (May 22) the agent told me that she found that my loan had had its status changed not to pay the real estate taxes automatically!! But she was unable to find out why that change had been made and I should call back in a week and she should have an answer. I could only say that I had not been informed of any such change in status, and that I was logged in to the consumeraffairs.com website to write a review of Longbridge.

      The agents are all very friendly and courteous, and they usually have a survey at the end of the call. Some are obviously more knowledgeable than others, though you can't always tell whether the one you just spoke to was knowledgeable or not - not until you speak to someone else who contradicts what they told you. I always give them high marks, but today I stopped doing that.

      When this finally gets resolved, I'll see if I can edit this review to add the resolution. But for now, writing this is serving as therapy for me. As an aside, the tax collector told me today that as of the July 1 tax bill, the water district tax will be included as part of the real estate tax, and Longbridge agreed that if that happened, then of course it would be paid. But of course if Longbridge has unilaterally decided to stop paying the real estate taxes, that doesn't really help me...

      Longbridge Financial
      Longbridge Financial
      Pinned

      Hi Richard, Our sincerest apologies for your experience. We're looking into this now for you and understand you've been in communication with our team. We're confident we can find resolution. Thank you for your patience and understanding!

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          Longbridge Financial Company Information

          Company Name:
          Longbridge Financial
          Website:
          longbridge-financial.com