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Longbridge Financial Reverse Mortgage Review


ConsumersAdvocate.org Rating: 4.7 / 5 (Excellent)
8 Customer Comments & Reviews - see all comments
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Based in New Jersey, Longbridge Financial, LLC is a licensed mortgage banker that offers Home Equity Conversion Mortgages (HECM), HECMs for purchase, and HECMs for high value homes above the FHA limit. The company is a NRMLA member, and has an A+ with the BBB, and an excellent 4.7 out of 5 score with Trustpilot.
 
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How is Longbridge Financial rated?

Breakdown

4.5/5
Transparency & Reputation
4.8/5
Loan Options
4.8/5
Availability

Overall Rating: 4.7 / 5 (Excellent)

The main reasons Longbridge is a good option for reverse mortgages is the company's reputation, their online quote and application resources, and their straightforward and easy-to-understand educational materials which demystify the the process and reverse mortgages as a whole. Longbridge boasts excellent reviews on many third-party review sites. Customers routinely cite their professionalism, respect, and patience in explaining reverse mortgages. Longbridge is accredited by the BBB and currently holds an A+ rating with the bureau. Additionally, it only has three complaints in the CFPB—two of which received a timely response—and a single regulatory action against it listed in the NMLS. Overall, a solid and reliable option for most types of HECMs.

Transparency & Reputation

Lender Type
Lender
Nationwide Mortgage Licensing System ID
957935
Nationwide Mortgage Regulatory Actions
2

Transparency & Reputation - 4.5 / 5

Longbridge Financial has good standing in the reverse mortgage industry. This isn't always the case as reverse mortgages in general can have a controversial reputation. This is likely in part due to the fact that Longbridge does a great deal to offer prospective customers educational tools and a wealth of online information to specifically spell out the entire reverse mortgage process. The company's online "Reverse Mortgage 101" resource explains what they are, what they aren't, and who is a good candidate. If after reviewing your situation the company feels a revierse mortgage is not the right thing for you, they will say so, and not make any attempt to sell you on the loan. Additionally, the company's loan officers have many combined years experience in the industry.

One of the best things Longbridge offers is its online interface. The reverse mortgage calculator is very robust, with highly specific results. Users must first input their estimated home value, and after filling out the rest of the form, they are shown pie charts for both a traditional HECM and the Longbridge Platinum proprietary loan. To further speak to their reputation, Longbridge is a NRMLA Member, has an A+ with the BBB, and a 4.7 out of 5 with Trustpilot.

Longbridge Financial Loans

Loan Types
HECM Traditional
HECM for Purchase
Payout Options
Lump Sum Payment
Monthly Payments
Line of Credit
Maximum Loan Size
$726,525

Loan Options - 4.8 / 5

Longbridge offers traditional HECMs, HECM for Purchase, and a product called Longbridge Platinum, a non-government reverse mortgage program for properties up to $4,000,000. Customers can choose to receive their money as a single lump sum payment, monthly disbursals, a line of credit, or any combination of the three. In terms of fees, the company is very up front. They promise to feature no hidden or gotcha fees and will make sure customers are well aware of all charges before they agree. Longbridge does charge an origination fee that will depend on the home's value, FHA mortgage insurance which ensures one can never owe more than the house is worth regardless of the ultimate size of the loan, and third party closing costs, which can include home appraisal costs, credit checks, title insurance, and the FHA-mandated counseling session fee.

Longbridge Financial Availability

Total Consumer Financial Protection Bureau Complaints
4
Site Features & Mobile App
Home Equity Calculator
Online Application
BBB Rating
A+
TrustPilot Rating
4.9 out of 5
Date Collected
2019-11-05

Availability - 4.8 / 5

Like all reverse mortgages, Longbridge offers the product to homeowners 62 and older who meet the eligibility requirements. Prospective applicants must live in the home as a principal residence. The home must also meet minimum HUD property standards, and not have any outstanding federal tax liens. Finally, applicants must have made all property tax payments for the last two years. Those who still have a mortgage aren't necessarily ineligible, as in some cases the reverse mortgage can be used to pay off the outstanding balance.

Contact & Additional Info

Homepage URL
https://longbridge-financial.com/
Company Phone
(855) 523-4326
Headquarters Address
1 International Blvd #900, Mahwah, NJ, 07495
Year Founded
2012

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8 Customer Comments & Reviews

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kellygirl962
5/16/2022
Monica, my consultant was very helpful and on/hands throughout my application process. I was even able to call her on her personal phone with my questions while signing everything with the notary.

daviddavis972
5/16/2022
Carl Ekstrom was the consummate professional and got me to the finish expeditiously in a challenging interest rate environment.

gannettk
4/15/2022
I made my original mortgage with Longbridge then did a refi a few years later. Everything was a smooth as silk. I would be hard pressed to choose another lender in the future. The loan officer and processor were very responsive and helpful.

B
Bill T
4/14/2022
A few years ago, we decided to refinance our home with a reverse mortgage. Shortly after our loan was approved, and to our good fortune, the loan was sold to Longbridge Financial LLC. The people at Longbridge were always extremely helpful and quick to answer any questions we had. Due to real estate market conditions in our area we decided to refinance our loan late in 2021 and looked at the market for competitive rates. We determined that Longbridge was incredibly competitive, and, from our experience, we knew they were enjoyable to work with; when considering the application process, appraisal, and necessary documentation, it was a breeze. There was one hick-up, but the Longbridge... Read More

E
ED
4/14/2022
Everyone was Professional, helpful and took the time to help me through the entire process. Hayleigh Price and he associates made our experience easier and quicker than our first reverse mortage. I would her and Longbridge Financial to anyone who is looking for a reverse mortage. Ed and Pam Mackey.

grasty726
12/2/2021
The application and loan process was great 4 years ago. Now my phone calls and messages go unanswered and not returned. Refinancing our loan would benefit us, but not them so they give me the run around. We had a great experience working with them initially. Sorry that their customer service has declined.

susan.0225
11/5/2021
This reverse mortgage was to have closed on 8/20/21 and they have been doing nothing but stalling and drawing out the closing. They have cost me money for the appraisal, additional mortgage payments and now they want me to paint an inside room and paint the bottom 2 rows of my outside cedar shakes (weathering have dulled the coloring-total estimate was $300.). They have pulled an additional hard mortgage inquiry on my credit reports and I am getting nowhere with them.

josie0401.jl
10/7/2021
I would give this company a very poor rating in customer service. Never returned phone calls or emails

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