Longbridge Financial reverse mortgage review 2026: low rates, great online presence

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.

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.

HECM

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.

• Loan maximum: $1.2 million
• Disbursement options: Monthly payment, lump sum payment or a line of credit
• Rates: Fixed or variable rates available

Longbridge Platinum

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.

• Loan maximum: $4 million
• Disbursement options: Available as a lump sum or line of credit
• Rates: Fixed and variable rate options available

These are the typical borrower requirements for Longbridge's reverse mortgages:

• Age minimum: 62 for HECM, 55 for Longbridge Platinum
• Home equity: Homeowners must typically have 50% in home equity to be eligible
• Debt: You must not be behind on any federal debt payments, such as student loans
• Property: The loan must be for your primary residence, which must be maintained to the standards of the U.S. Department of Housing and Urban Development.
• Other requirements: You must receive counseling from a HUD-approved counselor

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.

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 stands up to two major players in the reverse mortgage market.

Longbridge vs. Finance of America

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.

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.

Longbridge vs. Mutual of Omaha

Mutual of Omaha and Longbridge both have excellent customer service ratings and a solid selection of reverse mortgage options.

While reverse mortgages comprise only a small portion of Mutual of Omaha's overall business, it has a significantly larger footprint: As the largest 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.

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,

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CNBC 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.