How to Boost Retirement Cash Flow With a Reverse Mortgage
With the cost of living on the rise, many retirees’ savings are dwindling. For some, a reverse mortgage warrants consideration. Today’s retirees have more housing wealth than ever before, and companies like Longbridge Financial specialize in helping them unlock that equity. Curious about how reverse mortgages work and whether they’re the right fit for you? Here’s what you need to know.
What is a reverse mortgage and how does it work?
A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a loan designed for homeowners 62 years and older. It allows you to convert a portion of your home’s equity into cash without having to sell it.
Instead of making monthly mortgage payments, you can receive money from your lender—so long as you keep up with property taxes, homeowners insurance, and home maintenance. Interest and fees are simply added to the loan balance over time, and are deferred until a maturity event.
One of the biggest advantages of a reverse mortgage is its flexibility: you can choose how to use the funds and how to receive the money. Disbursement options include a lump sum, monthly payments, a line of credit¹ or a combination of the three.
Why consider Longbridge Financial for your reverse mortgage?
Choosing the right lender for your reverse mortgage is crucial. Longbridge Financial is a leading reverse mortgage lender and servicer committed to educating and guiding retirees toward informed decisions. Here’s what sets Longbridge apart:
- Industry Expertise: Longbridge’s team of loan officers is comprised of knowledgeable industry professionals with extensive experience in home equity solutions. You can rest assured that you’ll get reliable advice and personalized support through each step of the process.
- Competitive Pricing: Longbridge offers an industry-leading pricing model that provides substantial savings with no hidden fees, making reverse mortgages more affordable and accessible for older homeowners.
- No pressure approach: Longbridge believes in empowering you to make informed decisions without any sales pressure, helping you choose the best option for your future.
- Trusted reputation: Longbridge maintains an A+ rating with the Better Business Bureau (BBB) and is consistently awarded “Excellent” ratings on Trustpilot, an independent review site.
- Military Discount: As a token of appreciation for those who have served, Longbridge offers a $500 discount to active-duty military members and veterans.²
Click here to get your free reverse mortgage information kit from Longbridge Financial.
Unlock the Power of Your Home Equity
Ready to unlock the power of your home equity? Longbridge Financial is here to guide you every step of the way, helping you discover the right reverse mortgage solution to maximize your golden years. Take the next step today and make the most of the home equity you’ve worked so hard to build.
Get your quote and kit today: there’s no cost or obligation.
Money Group, LLC has a business relationship with Longbridge Financial, LLC. This content is sponsored by Longbridge Financial. Trademarks, brands, logos and copyrights are the property of their respective owners.
*Terms and conditions apply.
Longbridge’s Disclosures:
¹ Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.
² Longbridge’s Military Discount Program is subject to change or cancellation at any time and without notice. This program offering is valid for an appraisal credit of up to $500.00 off allowable closing costs. This program offering can only be redeemed with Longbridge Financial LLC, and is available to U.S. military veterans, their spouses, and the spouses of deceased veterans. Documentation of military service is required; acceptable documents include DD214 Discharge papers, VA / military identity card, VA benefits summary/award letter for income, and the VA benefits letter. Loans must close and be funded with Longbridge Financial LLC as the lender in order to receive credit. The credit will be applied to the overall cost indicated on the HUD-1 Settlement Statement at the time of the closing. This is not an offer to make you a loan, does not qualify you for a loan, and is not an official loan disclosure. Loan disclosures, including a Good Faith Estimate of closing costs, are provided upon receipt of a completed application. All loans are subject to approval. Program, rates, and additional terms and conditions apply and are subject to change without notice. Offer is not transferable. This offer is not redeemable for cash or cash equivalents. Void where prohibited, taxed or restricted by law. Restrictions apply.
This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.
Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees, if applicable, may be assessed and will be added to the loan balance. As long as you comply with the terms of the loan, you retain title until you sell or transfer the property, and, therefore, you are responsible for paying property taxes, insurance and maintenance. Failing to pay these amounts may cause the loan to become immediately due and/or subject the property to a tax lien, other encumbrance or foreclosure. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan, or use other assets to repay the loan in order to retain the property.
Longbridge Financial, LLC NMLS# 957935. 61 South Paramus Road, Suite 500, Paramus, NJ 07652. 1-855-523-4326. For licensing information, go to: http://www.nmlsconsumeraccess.org. For additional Longbridge licensing and disclosures, please visit: https://longbridge-financial.com/licensing. Longbridge Financial Company Licensing Information: Arizona Mortgage Banker License #0930082; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license; Georgia Mortgage Lender Licensee #44082; Massachusetts Mortgage Lender License # ML957935; Licensed by the New Jersey Department of Banking & Insurance; Licensed Mortgage Banker-NYS Department of Financial Services -in-state branch address 6161 South Park Avenue Room 2, Hamburg, NY 14075; Rhode Island Licensed Lender. For California, Nebraska, and Texas consumers: For information about our privacy practices, please visit https://www.longbridge-financial.com/privacy. Not all products and options are available in all states. Terms subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans subject to approval. Equal Housing Lender.
