Longbridge has launched a senior-focused reusable line of credit, addressing concerns about home equity access among older homeowners. This product, offering fixed rates and interest-only monthly payments, specifically aims to eliminate payment spikes often associated with traditional HELOCs. By targeting the unique financial needs of older Americans, Longbridge addresses the concerns of homeowners who fear depleting assets for heirs. With data indicating a significant number of seniors facing denial of HELOCs due to affordability issues, this new offering seeks to provide a financially flexible solution for retirees.
We built HELOC For Seniors to offer a better way forward, offering the financial flexibility associated with a line of credit, but without sharply rising payments that come with traditional bank HELOCs.
Over half of HELOC denials are tied to unaffordable monthly payments, and nearly one-third of seniors today carry mortgage debt into their 70s and 80s.
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