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Why "Platinum Line of Credit" is the ideal HELOC substitute for seniors.  This loan product is offered to qualified borrowers 55 and up exclusively by Longboat Financial.

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Get more income tax-free cash than a HECM and more flexibility than a HELOC.

 

An attractive HELOC alternative for older adult homeowners. If you own a home or condo, our Platinum private jumbo reverse mortgage program can help unlock more of your home equity than a traditional Home Equity Conversion Mortgage (HECM)—up to $4,000,000.

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A Platinum reverse mortgage features:

 

  • Loan amounts up to $4 million in available cash and the widest range of eligible home values

  • Attractive low rates

  • No penalties for prepayment

  • Non-recourse protection = no personal liability

  • Greater flexibility and fewer restrictions than a HELOC

  • Expanded eligibility for condos

  • Streamlined approval process

 

As compared to a HELOC, the Platinum Line of Credit Program features:

  • No mortgage insurance premiums, which may mean lower upfront costs

  • Comparable rate

 

And here’s where the Platinum Line of Credit really gives you the gold:

  • No required monthly mortgage payments

  • A reusable line of credit

  • All the borrower benefits and safeguards of a standard reverse mortgage program

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A choice of payout options to help you meet your financial goals:

Choose the Fixed-Rate Program if you’re looking for a full-draw loan at a low, fixed rate.

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Or opt for the Line of Credit Program if you want some upfront cash now—and a reusable line of credit for the future.

PLATINUM LINE OF CREDIT VS. STANDARD HELOC: A CLOSER COMPARISON

 

 

Platinum LOC                                                                Standard HELOC

 

Ownership

As long as you meet loan terms, both loan types allow you to own and keep the title to your home.
 

Payments

No monthly mortgage payments required                            Requires monthly mortgage payments

 

Interest deduction

You can deduct the interest, if                                               You can deduct the interest
optional payments are made     

 

Payoff and redraw

Access up to 75% of the Principal Limit during                    Can pay off and redraw during the first 10 yrs, but there may be a penalty
the first 10 yrs—with the ability to redraw principal amounts

 

Rate adjustments

Every month                                                                            Every month                       

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Payback deadline

None, as long as you meet the terms of the loan and             Typically comes due after 10 years
remain in your home

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Prepayment penalty

No penalty for early repayment                                                Prepayment penalties can be charged in some cases—ask your lender

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Non-recourse loan protection

You and your heirs aren’t personally liable if the loan               No such protection
amount exceeds the home value when it comes due

 

Counseling

Independent, Platinum-approved counseling helps                   No independent counseling provided
you fully understand your options

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Qualifications

Must be a homeowner age 55+ and use the home                  Must qualify based on credit score and income
as your primary residence

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