Longbridge Platinum reverse mortgage: program parameters and what they mean

Longbridge Platinum is the jumbo (non-FHA) reverse mortgage program of Longbridge Financial LLC (NMLS #957935). It comes in three options: Platinum Fixed, Platinum Line of Credit, and Platinum Preserve, the option that lets a borrower set aside 10–40% of the home's equity for later needs or heirs (Longbridge Financial, Platinum product page). This page is a parameter card with sourcing, not a review. The headline numbers are below; the prose explains how to read them.

What is Longbridge Platinum?

Longbridge Platinum is the proprietary, non-FHA reverse mortgage of Longbridge Financial LLC, which is owned by Ellington Financial Inc. (NYSE: EFC); Ellington completed its acquisition of substantially all of Longbridge's equity on October 3, 2022 (Longbridge Financial news release). Longbridge aims Platinum at owners of higher-value homes and condos, with loan amounts up to $4 million, no mortgage insurance premiums, and a minimum age of 55 in select states (Longbridge Financial, Platinum product page). Its distinctive option is Platinum Preserve: the borrower can set aside 10–40% of the home's equity for later needs or heirs. Longbridge describes it as available in certain states on certain fixed-rate Platinum loans, subject to program terms.

Published parameters

Source: Longbridge Financial: Longbridge Platinum product page · last verified 2026-10-07

What "$4M cap" means

The $4 million figure caps the loan amount, not the home's value: Longbridge advertises "loan amounts up to $4 million" and bases proceeds on the appraised home value (Longbridge Financial, Platinum product page). In Massachusetts the cap is $2 million.

The age rule and where it changes

Longbridge says Platinum is "available to borrowers as young as 55 in select states only" and that "higher minimum age requirements may apply" (Longbridge Financial, Platinum product page). The product page does not list the states, so confirm the minimum age for your state with Longbridge before applying. The state exceptions often quoted for jumbo loans (60 in Massachusetts, New York, and Washington; 62 in North Carolina and Texas) are Finance of America's published rules for HomeSafe, not Longbridge's (Finance of America, HomeSafe program page).

What "Preserve" means in the contract language

The Platinum Preserve name describes an equity set-aside. Longbridge says the option lets a borrower set aside 10–40% of the home's equity so that portion is preserved for later needs or heirs, taking part of the available proceeds now instead of the full amount (Longbridge Financial, Platinum product page). Its disclosure adds that the option applies in certain states, "under certain circumstances, at the conclusion of the loan," and is subject to the program's terms. How the preserved share is calculated and paid out is set in the loan documents, so read them before signing and compare them against HomeSafe and SecureEquity.

Rate, draw, and payout structure

Longbridge states the rule plainly: a borrower who elects a fixed-rate Platinum loan receives a single lump-sum disbursement, and the other payment options, including the Platinum Line of Credit, are available only on adjustable-rate loans (Longbridge Financial, Platinum product page). Platinum Preserve is offered on certain fixed-rate products. The product page does not describe how an unused Platinum line of credit changes over time, so ask the lender.

Longbridge's product page publishes no rate or margin schedule, and Platinum rates float until closing. A borrower comparing Longbridge Platinum to a HECM, or to other jumbo programs, should request quotes on the same age, home value, and draw structure, then compare net cash after closing costs.

Non-recourse and what backs it

Federal HECM non-recourse protection is statutory (12 USC §1715z-20). Longbridge says Platinum is also non-recourse: "the lender cannot hold you or your heirs personally liable, even if the loan amount exceeds the home's value when the loan is repaid" (Longbridge Financial, Platinum product page). That promise sits in Longbridge's loan contract, not in a federal statute backed by FHA insurance. The product page does not say what heirs pay to keep the home, so read the loan documents on that point. Longbridge Financial is owned by Ellington Financial Inc. (NYSE: EFC).

When Longbridge Platinum makes sense vs. when it does not

Longbridge Platinum fits when the home is worth well above the $1,249,125 FHA HECM limit (HUD Mortgagee Letter 2025-22, effective January 1, 2026); the borrower wants a fixed-rate lump sum or an adjustable-rate line of credit; the borrower wants to keep a set share of the equity for later needs or heirs through Platinum Preserve; and the borrower is willing to rely on Longbridge's contractual non-recourse promise instead of FHA insurance to reach equity above the HECM cap.

Longbridge Platinum does not fit when the home is at or below the FHA limit (HECM uses the full appraised value up to the cap, so there is no equity left on the table to recover); the borrower wants the HECM line-of-credit growth feature; Longbridge does not offer Platinum in the borrower's state or at the borrower's age; or the borrower wants the MIP-funded HUD insurance backstop in a declining market.

How Longbridge Platinum compares to HomeSafe and SecureEquity

A side-by-side comparison of HomeSafe (Finance of America), Longbridge Platinum, and SecureEquity (Mutual of Omaha) is on the jumbo overview page. All three advertise loans up to $4 million and minimum ages as young as 55 in some states (each lender's product page). They differ on the state rules they publish (Finance of America lists HomeSafe's age exceptions; Longbridge caps Massachusetts loans at $2 million), on payout options, and on Platinum Preserve's equity set-aside. Compare the contract language, not the marketing.

A fourth program, Equity Elite, is sometimes still listed by aggregator sites. It stopped when Reverse Mortgage Funding paused all new loans and filed for Chapter 11 on November 30, 2022 (RMF first-day declaration, Bankr. D. Del.).

Apply for Longbridge Platinum through Longbridge →

Longbridge originates both an FHA-insured HECM and the proprietary Longbridge Platinum (Longbridge Financial, Platinum product page). That matters when the borrower is on the HECM/jumbo borderline: the same lender can quote either side. Calculator output for both products is in the calculator. For the HECM-vs-jumbo trade-offs read HECM vs. jumbo; the jumbo programs are summarized in the jumbo overview. Pre-signing, the counseling rundown at the counseling guide walks the HUD-approved session step by step. Affiliate-link disclosures: our disclosures page.

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