Longbridge expands HELOC for Seniors with wider wholesale distribution

Longbridge Financial is expanding the wholesale distribution of its HELOC for Seniors product, which currently runs at about $5 million per month, HousingWire reported.

Larissa Morrell, recently promoted to vice president of product development at Longbridge, leads efforts to develop new products beyond traditional reverse mortgages, according to HousingWire.

Morrell, with over 25 years in the industry, helped launch HELOC for Seniors last year to provide borrowers more flexibility through interest-only payments and a quick funding timeline of about five business days.

The product aims to serve seniors who need to access home equity without facing payment shock or committing to a traditional reverse mortgage, Morrell explained to HousingWire.

Longbridge's strategy includes serving a variety of borrower types and growing awareness as seniors consider how to use trillions of dollars in home equity, Morrell said in an interview with HousingWire.