20-05-2025
Longbridge Financial reverse mortgage review 2025
Founded in 2012, online lender Longbridge Financial is the third-largest provider of reverse mortgages in the U.S. As of February 2025, it's approved more than $94 million in loans.
Longbridge stands out for its lower rates and robust digital presence, which includes a reverse mortgage calculator and an easy-to-use servicing portal.
Longbridge is a particularly good option for high-value homes: The Longbridge Platinum offering a line of credit of up to $4 million.
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HECM reverse, HECM for purchase, Platinum Mortgage (proprietary loan with larger limits and a low age requirement of over 55)
No specific minimum equity listed, but generally 50%
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent online for personalized ratesHECM, HomeSafe Standard jumbo, HomeSafe Second second lien, EquityAvail
Terms applyApply for personalized ratesHECM reverse, HECM for purchase, Platinum Mortgage (proprietary loan with larger limits and a low age requirement of over 55)
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A reverse mortgage allows older homeowners to access cash by tapping into their home equity.
Typically, the loan and any interest are not due until you move out of the house, stop using it as your primary residence or pass away. If you fail to keep up property taxes, homeowners insurance or household maintenance, however, the loan could come due early.
Longbridge offers Home Equity Conversion Mortgages (HECMs) in all 50 states. Longbridge Platinum, a proprietary jumbo reverse mortgage, is available in about half the U.S.
A HECM is the most common type of reverse mortgage, insured by the Federal Housing Administration and available to homeowners 62 or older. Borrowers must pay a mortgage insurance premium of 0.50% of the outstanding loan balance annually.
Longbridge offers two types of HECM in all 50 states and Washington, D.C.: HECM Reverse Mortgage for homeowners who currently own their home and HECM for Purchase, for those buying a new home.
Longbridge Platinum is a proprietary loan available in Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Louisiana, New Mexico, Michigan, Missouri, Nevada, New Jersey, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia and Washington state.
Because they're not insured by the FHA, Longbridge Platinum loans are available to homeowners as young as 55 without the need for mortgage insurance premiums.
In addition, the high loan limit makes it an option for homeowners with high-value homes or condos, who are usually ineligible for HECMs.
These are the typical borrower requirements for Longbridge's reverse mortgages:
Unlike most lenders, Longbridge only offers reverse mortgages — so its team is particularly knowledgeable on this product. Its website is full of useful information and has an easy-to-use customer portal and application process.
Borrowers can call customer service weekdays to speak to a representative in English or Spanish, but Longbridge doesn't have weekend hours.
Global credit rating agency DRBS Morningstar gave Longbridge an MOR RVO2, its second-highest rating for reverse mortgages, citing its experienced management team and underwriting staff, comprehensive approval and monitoring practices and "continued investments in technology to enhance efficiencies across the platform," among other factors.
In addition, the Better Business Bureau awarded it an A+, its highest grade, based on transparency, truthful advertising, and its response to consumer complaints.
Here's how Longbridge compares to two major players in the market.
Both Longbridge and Finance of America focus exclusively focus on reverse mortgages and offer comparable products.
But while Longbridge lends in every state, Finance of America doesn't offer its services in Alaska, Arizona, Delaware, Iowa, Illinois, Minnesota, Montana, North Dakota, New Jersey, Rhode Island or South Dakota.
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HECM, HomeSafe Standard jumbo, HomeSafe Second second lien, EquityAvail
50%
Finance of America is the more prolific lender, however, responsible for 22% of reverse mortgage originations in 2024. Landing at No. 3, Longbridge accounted for 12.3% of the market.
Mutual of Omaha and Longbridge both have excellent customer service ratings and a solid selection of reverse mortgage options.
While reverse mortgages are only a small portion of Mutual of Omaha's overall business, it has a much larger footprint: The biggest reverse mortgage lender in the U.S., it approved 6,149 loans in 2024, accounting for nearly 23% of the market. And Mutual of Omaha offers existing customers up to $1,000 off closing costs.
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HECM, HECM for purchase Jumbo, HomeSafe, reverse mortgage refinancing,
50%
But while Longbridge has a robust online presence, Mutual of Omaha borrowers must work with a loan officer.
Longbridge also offers a $500 closing cost discount for military members.
A fully digital lender, Longbridge doesn't have any physical locations but you can apply online or over the phone at 855-523-4326.
You'll need a photo ID, your Social Security number, the deed to your house, home loan statements, proof of your property tax and homeowners insurance payments and documents related to the home's maintenance.
You'll also have to schedule a session with a HUD-approved housing counselor, who will walk you through the reverse mortgage process and help you see if it is the right decision for you. If you continue, you'll need a home appraisal before Longbridge starts the underwriting process, which can take a month or longer to complete before funds are approved.
With the convenience of an online lender combined with low rates, great customer service and nationwide availability, Longbridge would be a great fit.
If you want to work with your lender in person, however, you should look at other options. In addition, the proprietary Longbridge Platinum mortgage is only available in 24 states,
Longbridge is highly rated by both the Better Business Bureau and by DBRS Morningstar. It's the third-largest reverse mortgage lender in the country.
There are several risks involved in a reverse mortgage, including the fact that your loan can come due in full if you fail to pay homeowners insurance or property taxes or keep up with home maintenance. In addition, you could end up leaving your heirs with a complex financial situation to unravel.
Yes, if you fail to pay homeowners insurance, property taxes or upkeep your home your reverse mortgage and all interest will come due. If you don't pay, you could face foreclosure.
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and Select reviews mortgage products using a variety of criteria, including the types of loans offered, average rates, terms, fees, down payment options, availability, online experience and customer satisfaction.
In addition, we incorporate findings from independent sources, including lender scores from the J.D. Power U.S. Mortgage Origination Satisfaction Study and ratings from the Better Business Bureau and DBRS Morningstar.
