Why More Seniors Are Using Home Equity to Support Their RetirementÂ
As everyday costs rise, more retirees are turning to their home equity for extra breathing room.
Reverse mortgages allow eligible homeowners to convert a portion of that equity into cash to use as they wish—without the burden of monthly mortgage payments. So long as loan obligations (like staying current on property taxes, homeowners insurance, and home maintenance) are met, borrowers can continue to live in and retain full ownership of their home, with added financial peace of mind.
Get your free reverse mortgage information kit from Longbridge Financial.
More home equity, more choices
Rising home prices have boosted the median home equity of homeowners aged 62+ from $173,000 in 2019 to $222,000 in 2022—a nearly 28% increase in just three years. As a result, today’s retirees hold more housing wealth than any previous generation, and a reverse mortgage is one way to turn that equity into financial flexibility. Click here to get your free reverse mortgage information kit from Longbridge Financial.
Custom payout options
With a reverse mortgage, borrowers can access their home’s equity in a variety of ways: a lump sum, monthly payments, a line of credit, or a combination of these methods.¹ Borrowers have the flexibility to use the cash however they wish—such as to cover immediate expenses, create a steady source of cash flow, or establish a financial cushion for the unexpected.
Click here to get your free reverse mortgage information kit from Longbridge Financial.
Built-in borrower safeguards
Reverse mortgages are “non-recourse” loans, meaning borrowers or their heirs will never owe more than what the home is worth at the time of its sale. Additional protections, including required counseling and a financial assessment, help ensure borrowers are informed, secure, and able to meet ongoing loan obligations.
The bottom line
Longbridge Financial is a leading reverse mortgage lender dedicated to setting a higher standard in senior home lending. With competitive rates, an A+ rating from the Better Business Bureau, and a focus on efficiency, Longbridge strives to close loans in about 45 days or less—helping borrowers access funds quickly. Eligible military veterans and their spouses may also receive a closing-cost credit of up to $500.²
If rising prices are stretching your budget, a reverse mortgage from Longbridge Financial can help you tap into your home’s equity—and enjoy a more comfortable retirement on your terms.
Get your quote and kit today: there’s no cost or obligation.
Disclosures:
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:
¹Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.
²Longbridge’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.
Longbridge Financial Licensing/Disclosure Information:
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.