Longbridge Financial has promoted Larissa Morrell to vice president of product development, giving a larger role to an executive who helped bring its HELOC For Seniors to market and expand its proprietary reverse mortgage offerings.
The company announced the promotion Oct. 13. Morrell will help lead product development strategy, working across technology, operations, compliance, and sales to move new offerings from concept through implementation.
Her promotion follows work on two distinct parts of Longbridge’s portfolio: a home equity line of credit designed for older homeowners and its Platinum proprietary reverse mortgage products. Together, those offerings give the company more ways to reach borrowers approaching or already in retirement.
“Homeowners 55 and older represent a large and diverse population with a wide range of financial circumstances and goals,” said Melissa Macerato, Longbridge’s chief revenue and marketing officer and co-founder.
“Larissa’s years of experience working directly with loan officers and borrowers in the reverse mortgage industry have given her a deep understanding of what homeowners are looking for and what loan officers need to effectively serve this market,” Macerato said.
A Broader Home Equity Strategy
Longbridge credited Morrell with helping launch and further develop HELOC For Seniors, expand the Platinum portfolio, and advance tools and processes intended to support originators and improve the borrower experience.
The product mix reaches beyond a single approach to accessing equity. According to Longbridge, HELOC For Seniors requires monthly interest-only payments and can be structured as a first or second lien, allowing eligible borrowers to retain an existing first mortgage.
The company’s proprietary reverse lending business has a longer history. NMP covered the introduction of the Platinum reverse mortgage program in 2018, when Longbridge introduced an option for higher-value homes and certain condominiums not approved by the Federal Housing Administration.
“I believe product innovation starts with a deep understanding of how homeowners’ financial needs are evolving,” Morrell said. “There’s an opportunity to think more broadly about the role home equity can play in a homeowner’s financial planning and to develop products that address a range of needs and circumstances.”
From Sales Development To Product Leadership
Morrell joined Longbridge in 2022 and brings more than two decades of mortgage and financial services experience, much of it in reverse lending.
Previously, she spent nearly nine years at Reverse Mortgage Funding, where she served as director of sales logistics and development. Earlier roles included leadership and business development positions at MetLife.
Longbridge previously identified her as director of product and strategic development. Since joining the company, she has expanded her work from sales and strategic development into product innovation, according to the announcement.
