Longbridge Financial promoted Larissa Morrell to vice president of product development. Morrell, who has 25 years of industry experience and previously worked at Reverse Mortgage Funding, leads efforts across technology, operations, compliance and sales.
Morrell played a key role in launching HELOC for Seniors last year. The product offers interest-only payments and funding in as little as five business days. It targets borrowers who need home equity access but are not ready for a reverse mortgage and want to avoid payment shock from traditional HELOCs.
HELOC for Seniors consistently hits $5 million per month in volume. Morrell said the company initially launched with an online-only platform but found borrowers wanted to speak with loan officers. Longbridge built a dedicated sales team for the product, which improved uptake. The company now plans to expand distribution through wholesale partners.
Longbridge also expanded its Platinum proprietary reverse mortgage product. It lowered the minimum loan amount to $300,000 and rolled out in additional states including Wisconsin. Morrell said this opens opportunity beyond coastal markets previously targeted as jumbo products.
The company introduced Platinum Promise, which gives borrowers 30 days from application to opt out if rates change and qualification amounts shift. Platinum Preserve lets borrowers protect a portion of home value for heirs.
Morrell noted the reverse mortgage customer base has shifted. Borrowers now include younger retirees still working who use reverse mortgages to cover debt or expenses, not just older retirees in their late 70s, 80s, and 90s.
On partnerships with insurance companies, Morrell said regulatory restrictions prevent insurance agents and financial advisors from being paid for reverse mortgage referrals, creating a barrier to collaboration.