While subject to the same regulatory requirements as HECM loans, there are some important differences. Longbridge Platinum allows clients to access more of their home’s equity than a standard HECM—up to $4M. It’s specifically for properties with home values that exceed the FHA loan limit (currently $1,089,300), or aren’t eligible for FHA financing—such as condominiums that aren’t FHA approved, or some Planned Unit Developments. Compared to a HECM, Platinum has low upfront costs and no mortgage insurance premiums, which can save clients thousands over the life of the loan.