Reverse mortgage lender and servicer Longbridge Financial, which offers both Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) loans as well as proprietary reverse mortgage products, announced that it has lowered the minimum home value for its fixed-rate proprietary products.
Previously, the proprietary product line — which Longbridge calls “Platinum” — had its minimum amount aligned with FHA lending limits, but it has instead shifted to allow for properties with a minimum appraised value of $450,000. Clients with current in-process HECM applications will be able to shift their details ⇒
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