Longbridge Financial LLC
, a Mahwah, N.J.-based reverse mortgage lender and servicer, has introduced the Platinum Reverse Mortgage Program for wholesalers and consumers.
According to the company, the new, single draw fixed-rate reverse mortgage allows borrowers with higher home values can access up to $4 million in upfront cash. The product also offers options for condominium owners who are not approved by the FHA. Platinum will be initially offered in California, with Arizona, Colorado, Florida, Pennsylvania, Utah, and Virginia coming in the next couple of weeks.
“This is just the first step in our commitment to create forward-thinking, non-FHA reverse mortgages so that we can serve a wider variety of clients with innovative, more affordable and less restrictive home equity solutions,” said Chris Mayer, Chief Executive Officer of Longbridge Financial.