Longbridge reverse mortgage: HECM parameters and what the lender issues

Longbridge Financial, LLC (NMLS #957935) is a HECM-focused lender that also issues one jumbo / proprietary program, Platinum Preserve. Longbridge has been originating reverse mortgages since 2012. The HECM parameters below come from Longbridge's published rate and parameter sheet; the Platinum Preserve parameter card is at /programs/platinum-preserve and is owned by the same lender.

Last reviewed 2026-05-20

What does Longbridge issue?

Two products sit under the Longbridge license.

The HECM is the standard FHA-insured Home Equity Conversion Mortgage, originated to FHA's published parameters (HUD Handbook 4000.1, Section II.B). The lender does not run an overlay that admits younger borrowers or higher-value homes outside the federal cap. Where Longbridge competes is on pricing margin, the origination-fee schedule, and the servicing experience after closing.

Platinum Preserve is Longbridge's jumbo program for homes above the FHA HECM cap of $1,249,125 (HUD Mortgagee Letter 2025-22, effective January 1, 2026). It admits borrowers at 55 in most states, caps the loan at $4M, and is not FHA-insured. The full parameter card lives at /programs/platinum-preserve. The product is contractually separate from the HECM, with a different note, a different non-recourse mechanism (contractual rather than statutory), and a different rate structure. A borrower talking to a Longbridge originator about a $1.5M home will typically see both options presented.

This page is the HECM card. For Platinum Preserve, follow the cross-link.

Published parameters

Source: Longbridge Financial: published HECM rate and parameter sheet; NMLS Consumer Access entry for Longbridge Financial, LLC, NMLS #957935 · last verified 2026-05-20

Apply for Longbridge HECM through Longbridge Financial →

Eligibility specifics

The federal HECM rules govern Longbridge's HECM. There is no lender overlay that bends the age floor or the value cap. Five tests apply:

Age. 62 minimum for the youngest borrower on the title. Eligible non-borrowing spouses younger than 62 are protected under HUD Mortgagee Letter 2015-15: the spouse can remain in the home after the borrower's death without the loan becoming due and payable, provided the spouse-eligibility criteria are met.

Property. Primary residence. Single-family, FHA-approved condo, manufactured home meeting HUD's foundation requirements (HUD Handbook 4000.1, II.A.1), or 2–4 unit property where the borrower occupies one unit.

Equity. The HUD Principal Limit Factor table determines how much of the home's appraised value (capped at $1,249,125) the loan can access. The PLF is driven by the borrower's age, the expected rate, and the 3.0% expected-rate floor. Existing forward-mortgage balances are paid off at closing from loan proceeds.

Financial assessment is required for every HECM since 2014 (HUD Handbook 4000.1, II.B.6). Longbridge runs the assessment to FHA's published standard. Credit, residual income, and a tax-and-insurance payment history are reviewed. Active foreclosure or recent bankruptcy is typically disqualifying.

A HUD-approved counseling certificate is required at application. The session is independent of the lender and covers obligations, costs, and alternatives.

How it compares

Against AAG (Finance of America Reverse) at /programs/aag, the two HECM programs are similar at the parameter-sheet level. Both follow the HUD PLF table, both carry the same MIP, both apply the same financial assessment. They differ in lender margin, origination-fee schedule, and which closing-cost line items each lender chooses to absorb or pass through. Those differences move the net cash to the borrower by hundreds to low thousands of dollars at typical loan sizes. The amounts are material but small relative to the federal-rule constants. The /rates page tracks lender-margin ranges with weekly refresh.

Against Platinum Preserve (the jumbo sub-product, /programs/platinum-preserve), the comparison is structural rather than competitive. The two are different products from the same lender. Platinum Preserve admits at 55 versus HECM's 62; caps the loan at $4M versus HECM's $1,249,125; carries no MIP; uses a contractual non-recourse mechanism rather than the federal statute. A borrower with a $900K home is almost always better served by the HECM. A borrower with a $1.8M home should run both calculations side-by-side: Platinum Preserve captures equity above the FHA cap that HECM ignores, but HECM brings the line-of-credit growth feature and federal non-recourse statute that the jumbo program cannot replicate.

Against non-Longbridge HECM lenders broadly, Longbridge's distinguishing operational feature is the in-house servicing it retains on a meaningful portion of its book. Borrowers who want to keep the post-closing relationship with the originating lender rather than have the loan sub-serviced often pull toward Longbridge for that reason. The PLF math, MIP, and statutory protections are unchanged regardless of who services the loan.

FAQ