Latest news with #Longbridge
CNBC
20-05-2025
- Business
- CNBC
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. Apply for personalized rates 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) Terms apply 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. Apply online for personalized rates 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. Apply for personalized rates 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.
Yahoo
02-05-2025
- Business
- Yahoo
Longbridge Launches Industry's First Brokerage MCP to Enable AI for Market Analysis and Trading
SINGAPORE, May 2, 2025 /PRNewswire/ -- As AI technology becomes increasingly integrated into the financial industry, the connection between AI agents and financial services has emerged as a key area of innovation. Longbridge Singapore, a next-generation internet broker, has pioneered the first broker-integrated Model Context Protocol (MCP) in the financial industry—LongPort MCP. This groundbreaking service empowers professional investors to interact with AI using natural language, enabling instant access to market data, assisting in submitting trade orders, managing account assets, and performing other core financial services, thereby facilitating seamless AI adoption for professional investors. Longbridge Debuts Industry-First Broker-Integrated MCP With advancements in large language models (LLMs), investors are increasingly exploring the use of AI for accessing financial data, obtaining real-time market insights, and implementing AI-driven trading. Traditionally, this process required substantial programming expertise and a significant time investment to build integrations and ensure accurate semantic understanding, presenting high barriers to entry. The Model Context Protocol (MCP) is an open standard that establishes a standardized interface for transferring contextual information between LLMs and external tools or data sources. Similar to how USB provides a universal connection standard for devices, MCP serves as a unified protocol for AI agents to connect with various tools and datasets. Developed by the LongPort technology team, LongPort MCP leverages MCP's capability to efficiently read data, allowing AI to interact directly with securities services. LongPort MCP is now officially available on the Longbridge website and has simultaneously launched on GitHub, the world's largest open-source developer platform, as well as on the largest MCP service platform. Out-of-the-Box MCP Service Empowers AI with Investment and Trading Capabilities LongPort MCP offers three core capabilities designed to meet the majority of investment analysis and trading needs for AI agents today: Smart Investment Assistant: Through MCP services, AI agents can rapidly access real-time market data, generate market analyses, and facilitate trade execution via API, delivering a highly efficient user experience. Account Management Assistant – Investors can use natural language commands to instruct AI agents to check account balances, profit and loss status, and historical transaction records, and generate asset reports quickly using real-time brokerage services. Real-Time Risk Monitoring – AI agents can dynamically invoke risk assessment services, monitor portfolio risks in real-time, and prompt alerts based on user-defined parameters and mitigation strategies. In practice, the LongPort technology team has enabled natural language interaction to facilitate AI-assisted trade execution. For example, when a user inputs an instruction such as "Buy 100 shares of Stock A at $250," the order is processed through the system, with real-time confirmation provided via the AI interface. This natural language interface unlocks a wide range of new trading scenarios. The LongPort MCP service offers a key advantage by providing an out-of-the-box MCP service that supports natural language access to core brokerage functions, significantly lowering the technical barrier for investors utilizing LongPort OpenAPI. This paves a new, highly efficient pathway for professional investors without a programming background to build AI-assisted market analysis and trading capabilities. LLMs Text Lowers Programming Barriers and Supports Strategy Development In tandem with MCP, the LongPort team also launched "LLMs Text", a complementary application designed to help quantitative investors build trading strategies using natural language prompts. In line with its commitment to delivering high-quality trading services, LongPort has completely rewritten its OpenAPI documentation in the LLMs Text format. By integrating this format into AI coding tools such as Cursor, developers can enable AI to treat the documentation as a comprehensive API reference, allowing for seamless access to resources and the ability to resources and the ability to generate strategy code from natural language commands. With LLMs Text, quantitative investors can significantly reduce the time spent on manual coding, allowing them to focus on developing and optimizing trading strategies. Investors interested in building AI agents to assist in market analysis and trading using either MCP or LLMs Text can find comprehensive setup instructions on the LLM section of the LongPort OpenAPI website. Longbridge remains committed to empowering investors with advanced AI tools, pioneering new applications in financial services, and lowering the barriers to investment and trading. Longbridge continues to push AI-driven finance forward — broadening access to advanced analysis and trading capabilities. About Longbridge Singapore Long Bridge Securities Pte. Ltd. ("Longbridge Singapore") is a licensed entity regulated by the Monetary Authority of Singapore ("MAS") under Capital Markets Services Licence No. CMS101211. It holds a capital markets services licence for dealing in capital markets products, including securities, units in a collective investment scheme, and exchange-traded derivative contracts, and is also an exempt financial adviser. Longbridge Singapore is dedicated to driving financial technology innovation, enabling individuals to benefit from lower barriers to entry and reduced costs, thereby enhancing the overall global investment experience. Important Notice LongPort MCP and LLMs Text are AI tools designed to assist with market analysis and trading execution based on user instructions. They do not constitute investment advice, recommendations, or solicitations. Long Bridge Securities Pte. Ltd. ("Longbridge Singapore", Co. Reg. No. 202111825D) provides execution-only services. This content is for general information only and does not consider your investment objectives or financial situation. You should exercise independent judgment and consult a financial adviser if in doubt. All investments involve risk, including the potential loss of principal. Market conditions may affect the execution or performance of trading strategies. No warranty is given on the accuracy or completeness of this information. Please refer to our website for full terms and conditions. This advertisement has not been reviewed by the Monetary Authority of Singapore. View original content: SOURCE Long Bridge Securities Pte. Ltd. Sign in to access your portfolio
