The Platinum Peak variation introduces updated seasoning requirements for refinances, extending the timeline from one closing date to 24 months. This move aims to re-engage borrowers previously unable to close due to high interest rates. Longbridge Financial's Chief Revenue and Marketing Officer, Melissa Macerato, highlights the challenge faced by many in the current economic climate. The Platinum suite is designed to cater to diverse borrower needs, offering various products that balance interest rates, upfront costs, and maximum proceeds, ensuring that more borrowers can achieve their retirement goals.
"We have been seeing more and more borrowers who are not able to get a reverse mortgage as interest rates were rising, a segment of borrowers that lenders have not been able to serve with the existing Platinum and Home Equity Conversion Mortgage (HECM) products."
"Finding a way to give borrowers as much as possible in upfront proceeds was a priority... identifying these gaps was crucial in prompting the creation of Platinum Peak, a product designed to address those specific needs."
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