Wants an affordable financial solution to let him take advantage of more equity in his high-value home. Has a reverse mortgage and wonders if she can refinance it to take advantage of today's better terms. Has decided a reverse mortgage is a good solution, but is curious to see just how much he could receive.
Estimated home value: The amount of proceeds you receive is based on the appraised current value of your home. Existing mortgage balance: If you are still paying off a traditional mortgage, part of the reverse mortgage loan must first be used to pay off any existing mortgage. Then any remaining cash can be used for other wants or needs.
Estimated home value: The amount of proceeds you receive is based on the appraised current value of your home. Existing mortgage balance: If you are still paying off a traditional mortgage, part of the reverse mortgage loan must first be used to pay off any existing mortgage. Then any remaining cash can be used for other wants or needs.
Services
Wholesale
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With full processing and closing functions, Longbridge has everything you need to succeed with reverse mortgages. Channel expertise to help reverse mortgage originators of all experience levels increase long-term profitability. Designed for seniors with higher home values, our Platinum Line of Credit Program offers more cash than a standard HECM and more flexibility than a HELOC-including a reusable, growing line of credit.
Financial Advisors
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A simple way to get a quick, online estimate - our easy-to-use calculator requires no registration or personal information. Reverse mortgages can add an important piece to your clients' retirement strategies by taking advantage of the equity in their homes. For those who have an existing mortgage, a Home Equity Conversion Mortgage (HECM) can eliminate monthly mortgage payments, freeing up often-substantial funds to use as they wish.
Can You Refinance a Reverse Mortgage
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Yes-we can be your lender for life. And that includes lending our expertise. So if you'd like to take advantage of a lower interest rate or access more cash, refinancing your reverse mortgage may be a great option. Longbridge Financial is a full-service lender, with a variety of reverse mortgage products that can help you live the retirement you imagine.
Reverse Mortgage Vs. HELOC
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The experts at Longbridge Financial can help you understand your options. Although a Home Equity Conversion Mortgage Line of Credit (HECM LOC) and a Home Equity Line of Credit (HELOC) are both credit lines secured against your home's equity, they differ in several key ways. The best loan for you will depend on your situation and financial needs.
Reverse Mortgage FAQs
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Actually, right here is a great place to start. Whether you've heard about a "HECM Mortgage, " "Home Equity Conversion Mortgage, " "HECM Reverse Mortgage, " "HECM Loan, " or "Reverse Mortgage, " it's all the same thing: the FHA-insured loan program designed to let homeowners age 62 and older tap into their home equity and get cash to use as they wish.
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