The short version
Offers several ways to use home equity, including buying a new home. On our reverse mortgage comparison, it's labeled Best for product choice.
Key facts
| Programs | HECM, HECM for purchase, proprietary |
|---|
| Max loan | $4 million |
|---|
| Minimum age | 62 (55 proprietary) |
|---|
| States | 50 + D.C. |
|---|
What stands out
- HECM, HECM for purchase and proprietary loans
- Also offers a home equity line of credit
- Available in all 50 states and D.C.
Pros and cons
Pros
- Many program options
- Nationwide
How Longbridge Financial compares
Side-by-side comparison
| FO Finance of America | LF Longbridge Financial | FI Fairway Independent Mortgage |
|---|
| Trustpilot rating | | | – |
| Programs | HECM, proprietary, second lien | HECM, HECM for purchase, proprietary | HECM, HECM for purchase, proprietary |
| Max loan | $4 million | $4 million | $4 million |
| Minimum age | 62 (55 proprietary) | 62 (55 proprietary) | 62 |
| States | 50 + D.C. | 50 + D.C. | 50 |
| Visit site | Visit site | Visit site |
Head-to-head comparisons
Alternatives to consider
What to check before you sign up
Whichever reverse mortgage provider you choose, compare these points:
- Program type. Most reverse mortgages are federally insured HECMs. Proprietary loans exist for higher-value homes.
- How you receive money. Choose a lump sum, monthly payments, a line of credit or a mix. A line of credit's unused portion can grow over time.
- Upfront and ongoing fees. Expect origination fees, mortgage insurance premiums and closing costs. Compare lender quotes line by line.
- What you must keep paying. You must live in the home and keep up property taxes, insurance and maintenance, or the loan can come due.
Reverse mortgages are loans that must be repaid. The Top 10 Experts is not a lender and does not make credit decisions.
