Liberty Home Equity Solutions, Inc.ConsumerAffairs Accredited Brand
Liberty Home Equity Solutions, Inc. provides reverse mortgages for homeowners age 62 and older as a retirement planning solution and access to achieve short-term financial goals.
Our reverse mortgage solutions are useful in:
- Supplementing retirement income
- Paying off an existing mortgage
- Covering for medical expenses
- And helping with any other major costs!
Contact us today for a free rate comparison!
I looked up Liberty in the Better Business Bureau web page and they were given A+. Also, I read some other consumers that have dealt with them before and their comments were all pretty positive. So I called Liberty and told the rep what I wanted. He handled the paperwork and everything else and then I had to go through inspections with the assessor to the value of the property. And then another man came in to make sure I had the proper CO2 and fire detectors in the house, took pictures of those and brought those back. He offered me at least four options and I chose the one which I have right now which seemed to give me the most money to save without the mortgage payments for the time being which was what I was looking for. And it seemed to be the best thing for me.
And then the attorney for Liberty came by and had a lot of paperwork for me to sign. I'm used to government forms which carries a lot more paperwork than I had to sign. But Liberty's process was very easy for me to complete. So I signed all of those and understood everything that was on them. I asked a couple of questions and he adequately answered those for me.
When he went back, I got another call from the loan officer who kept me informed on the progress reports on how everything was going which I appreciated. If I had a question, it would take him at least one day to get back to me. And sometimes, it would be within the same day I contacted him which happened a couple of times already. He did the extra mile and was very dedicated to helping me in every way. I had a fire detector upstairs which came with the house. But I had to have one downstairs as well and I couldn’t afford one. So he brought one out and just gave it to me. He said he had some extras and so I was able to put that up before the inspector came by to take pictures of those detectors.
He also told me that the reverse mortgage closed on February the 9th this year and so I checked with my mortgage lender which was Mr. Cooper. Liberty checked with them to see if they had been paid and they did receive a check. And so that mortgage was paid off and now the first mortgage is in with the reverse mortgage now. This reverse mortgage has helped me to put away a lot of money. I'd recommend the loan officer to anybody that asked me about Liberty and who to contact. I felt very comfortable working with him. And I would say to my friends who are 62 or older to check out Liberty.
I like the way Liberty Home's personnel talk and the way they considered me as a person and not a client. They were personally interested in me, explained everything and were able to answer any questions I had. They didn't have to go to someone else to find the answer, they knew it. So, I felt comfortable with them. When I run into a problem they were always there to try to help me and I appreciated that. Getting a reverse mortgage is not for everybody. If you have people to leave your house to you might want to look into something else. But, if you're alone and you might as well get some good out of your house, I highly recommend Liberty Home. They stayed with me every step of the way.
I was looking at an annuity because I recently retired. I looked at an option of paying down my mortgage to get a reverse mortgage and get the same net cash flow. The process was actually kind of difficult because the FHA has a lot of requirements. Like my well share agreement that I have had to be rewritten because it didn’t include the language that the FHA requires. I did a lot of research on the different options that were non-FHA but they just weren’t as good financially.
But the loan officer, Chris, from Liberty Home was very helpful. And in a couple occasions where he had to go to the underwriters to get a decision on something, they generally got back within a day or two. I had started another reverse mortgage with another company and because Chris helped me with my well share agreement and getting kind of closure on what I had to do on that, once I got the final quote from the other reverse mortgage company, I gave it to Chris and he came back and he was able to beat it so I was very happy with him.
The loan officer from Liberty lied to me several times. Only after we had started the process, we went through the HUD counseling, and then there was the preliminary signing, and that was when he finally told me that in order to get the loan closed, I had to get a doctor's letter. So I had to search all over to find someone who would work with me, and we finally got that done. We started in October and we just closed it by the end of February. He also told me that I can get a check at the time of closing, but that was incorrect. The only person who showed up for the closing was the notary to get my signature and she said that there was a three-day waiting period for the check.
The loan officer and the contact I had for them in California no longer works there, so it was hard to get in touch with anybody. When I tried to call them, nobody answers the phone and the only thing I could do was to leave a message. That's a very poor way of doing business. I had calls from the fellow in California a couple of times but then it was just email. There was a lady who finally called me from there and told me that they had received the doctor's letter I faxed, but that was the only person I had talked to since. It was like they don't exist and I had no confidence in them. But I went ahead with the signing with real investors, spent much time in this, and then we started all over again. Then because the rules changed by the end of October, we had lost about 30% of what we could get.
I've had very little counseling on the rates and terms from Liberty. They just handed the papers over and told us to sign them. And on the closing, there was a stack of paper that was an inch and a half thick that I had to sign. And I still have no idea how much we were gonna get. Then I kept getting mails from people who wanted me to buy mortgage insurance. I wouldn't recommend Liberty to anybody. But in their defense, I talked to Quicken Loans and I felt like I was being rushed.
Liberty Home is a very good company. And Paul, their rep, was an excellent person to work with. I consider him like a son. Getting the mortgage was easy, and I was surprised that the application and underwriting process were really fast. It went very smoothly and all the people who came that I worked and talked with were very courteous and helpful. And while the rates were really high, everything went great. I’d recommend Liberty Home anytime to anybody.
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I found Liberty online when I was going through mortgages. I reached out to them and I liked the information I got. I also liked working with Greg. He was very informative and he explained everything thoroughly. He was very helpful and patient with me ‘cause there were a couple times I didn’t know where we were going to go through, and I put him on hold but he always followed up. He wasn’t pushy. He was there to answer my questions and he was great to work with.
I handled everything up to the signing with my uncle and then he signed all the papers. It was a long process, but they were very thorough so that didn’t bother me. Liberty made it convenient so I could be there with him during the time so they worked around my work schedule and his schedule so we could be there together. Working with them is going to be good for him ‘cause he’s going to feel more self-sufficient than depending on me to help him pay his bills. He’s going to like the fact that he can do it himself. We’re also very happy with the rate.
The only hiccup we had was the day we were going to sign because we had an ice storm. We had to put it off to later in the afternoon. Other than that, everybody fell into place. When they told us they were going to do something, they did it. And when they weren’t able to meet the deadline, they gave me a callback. So, they kept us abreast of everything going on. I've already recommended Liberty and I’ve also given others Greg’s number.
I was selling a house and already owned one house which was in a trust. I didn’t intend to take it back, but the young man couldn’t make the payment for the house I was selling. So in order for me to afford both houses, I thought a home equity on the paid off house would be a quick solution since that was where I was moving to until I could get the other house sold. Liberty's application process was way too long and complicated. There were too many papers to fill out which was exhausting. It needs to be simplified for older people. And although their rate's better than going to a bank, I wish it was lower. But their loan officer was extremely nice and helpful. I felt very comfortable working with him. He called me regularly, instructed me on papers that were coming and what to do about them, and answered my questions.
My husband and I have the same mindset where we want to look into people's eyes and see if they're lying to me or they're telling the truth. The Liberty rep Steve was forthright, honest and explained everything. He was very detail-oriented. He left us with a lot of information to digest and to look through before we made an initial decision. It was really nice. He was very personal and very professional. He was very good and he made the journey pleasurable. His customer service skills were topnotch and I was really impressed.
The process was relatively easy considering there was a couple of snafu because we were shopping. However, it took us a while to get the counseling because there was a run-on last year of everybody trying to get grandfathered in on the system prior to this year. It put a delay on things but that was okay. We contacted Liberty and they told us all of the steps that were needed. We had our information-gathering session where we had to get all of the papers - Our ID’s, our home insurance, policies and everything that they needed. We got those together and found a counselor, and we did our counseling class. We also got a certificate. Steve ran us through all the pit falls, certain delays and anything that we needed clarification for. I answered them and gave them clarification on whatever they had any concerns about until they were satisfied. It was a very smooth process.
I called New American Funding and they told me they could do a better deal. We wouldn’t have to pay for our own appraisal, they could credit that money back and they could minimize the closing cost. Once they told me all of the things that they could do, it superseded what was offered to me by Liberty. I called Steve from Liberty out of professional courtesy, and I wanted to see if they could meet it or beat it. He said, “Give me the information that they sent you or what they could do for you.” I sent it to him and they came back with an offer that was far superior and I got more money in that closing. My closing was going to be about 13,000 and it ended up about 8,000. Overall, I would tell others to make sure they shop around because not everything is clearly black and white. You want to make sure that the company you’re going with is reputable, they stand behind their words, and they live up to the expectations.
We had been interested in a reverse mortgage and Liberty Home called us. We finally got started with them and we just held on. The process took four months, which was long. We had to get things done here and then send it to them and they’d need something else which we’d have to send to them. It took time on both ends, so we just had to be patient. And they got things here when they could in the best time and they gave us a little time to get things together. The loan officers we worked with, Nelva and Felicia, were very nice and helpful, and they explained everything they were doing. And so, we were comfortable knowing what was going on. I’m very happy with Liberty Home.
We had our mortgage with Wells Fargo and when my daughter called them, they gave her a list of companies she could call. My daughter was talking to Liberty Home and she felt comfortable with them. They were very friendly as well. My daughter helped us out with all the calling and things that we had to do, but we knew who was coming over and going to talk with us. We talked and then at one time we had a discussion over the phone with someone, too. And it went through okay. When we needed to ask a question, we would call Liberty and they left us a name and number to call if we needed to ask a question. And everything went smoothly.
There was a lady who gave us her name and number, but she was a little hard to get a hold of. We kept trying every day and then finally, she told us she wasn't in the office for a few days. And then we talked to her and everything was fine. We signed the docs at the beginning of February but we started the process in October and we finished at the end of February. It should’ve gone faster. There were some weeks when it just dragged. So we called the lady and asked what was going on and she explained.
And at the end, there was another lady who called us and told us what was going on. And I like that because at least we knew they were doing something. The lady kept calling and kept saying what they were up to, when the end will be, and when we were going to sign the doc, which would be the last thing we'd be doing. Working with Liberty has helped me get a little bit of fund that is helping me out. The only thing is, we just got our first check and we got a letter at the end stating that they gave our loan to another company in Florida. Still, I would recommend Liberty.
Our certified financial planner said he needed to give our IRAs a break for a while and recommended a reverse mortgage. I was looking for a certain amount in dollars for a specific amount in years. I determined where I was gonna liquidate first by doing an old T-account where the IRAs were on the right side and the house on the left side, and the house was gonna appreciate about 2 to 3% per year and IRA should be 68% per year. So I thought I would not draw on our IRAs for a certain amount of years to give him time to recover and build up.
Getting a reverse mortgage through Liberty Home Equity Solutions was alright, but their appraiser sucked. She walked the ground like she owned the place, had an attitude and lacked the knowledge of the area. She was from Appraisals by Casey at Greenwood, Indiana. Greenwood people don't know anything about the plain field area and it's a whole different county. I was told that the appraisers just call up and get a referral, but I would remove her from the list and I would prefer Liberty to use somebody in Hendricks County, where we are in, next time. But our loan officer, Ron, was friendly and knowledgeable, from the same area as ours and was a lot better than the appraiser.
I had a house that didn't sell and I had paid cash for it so I was short of money and was panicking. On the other hand, I had my house rented out and the renters trashed it. I put thousands into repairs so the reverse mortgage made things a lot easier. I looked Liberty up and it was a reputable company plus the people were very nice to deal with. The loan officers were wonderful to me. The first one was originally from Guam and I had lived in Guam for a couple of years so we chatted a little bit about that. But both were so nice, patient and helpful, and they couldn't have done better. There were lots of drawn up paperwork, which is the same any time you deal with this type of thing. It just seems to go on and on. Then somebody came to inspect and assess the house. The enrollment and underwriting process took four months total and Liberty was reliable and honest. I would tell others to go ahead and use them.
We were poverty-stricken and the house was worth something. We are making a living but the last 10 years we've got a 10% increase and then we got 2% this last year, which was the first time in 10 years. Three out of the last 10 years, we got no government checks. Then, I found a bill from PG&E for our household. It's $159 for the month and if we had everything on, it was $371 and if we had all of our 9 heaters on, it would be $650 a month for the heat.
I can either sell the house and have no place to live or move somewhere where it's less expensive, but my wife was having a problem with her sister's death and all of this. So with a reverse mortgage, we don't have to worry about it. They'll sell the house when we both die or we can give it to one of our kids that could afford to make the payment for what was left at 5% interest. The house was appraised for $330,000 and the cost came out $165,000 and minus the cost of $15,000.
The application process with Liberty was very good. A lady came out and we signed all the stuff and it took about an hour and we did it. There was a couple of mistakes made and we got it by UPS, and we signed and done that correctly and that was it. I also talked to the loan officer many times and she was great. She told me what to do and that there was gonna be an appraiser coming out and that was gonna cost $500.
The appraiser was a nice guy. He called me first when and he told me what he was looking for. I spent less than $2,000 to bring the house up the code and where he wanted it to be. Then when he came out, he was here for an hour and a half looking for everything, unlike other appraisers that I had who just walked through the house for five minutes and gave me an appraisal according to all of the other houses sold around. He appraised it for $330,000 and we were good to go. So I was pleased with everybody. Liberty has changed our lives and we have hope now. I didn't know that Social Security would take our check back and if we didn't have it, then they would come after us and take us to court. We lost a third of our income, but Liberty literally saved our lives.
I was not happy with the Liberty Home Equity rep that I dealt with. He promised me a certain amount of cash at closing and he lied to me. I didn't find him very trustworthy. So someone superior from California had to intervene. The process took a while after the little dust up with the rep. But after that was squared away, it went okay. I was very happy with the rate and terms that I got.
I inherited an old farmhouse and I took a mortgage on it. I did all the repairs that I was able to and they were very expensive. So, eventually, I ran out of money and still had a lot of work that I needed to do on the house. And I decided that a reverse mortgage would be a good idea because it would give me more money, plus it would cancel out the mortgage. So, I would be able to save more of my income and use it for what I needed.
I chose an independent agent closer to home and we tried to work through Liberty but they really perseverated on one issue that we couldn't give them an answer to satisfy them. And so finally, I just gave up after about five months because it just went on too long and it seemed irreconcilable. So then I tried a completely different firm. But they found something in the title so they chose not to refinance. So then I decided after a while to go back to Liberty and used a broker who works more directly with them. The first time I spoke with him was the end of April in 2017 and the reverse mortgage was just approved by the end of January, so it took all that time. And there were a whole lot of issues in between.
There were several things that I strongly opposed. One of them was that I have to have three appraisals. They couldn't use any of the ones that I had done previously for the other applications. When the first appraisals came in, they were not very satisfactory. One of them actually was picturing the wrong house. It was also very difficult for them to find comparison houses because these old hundred-year houses are unique. They said some of the stuff was just because it was an old farmhouse with not the usual "put-a-subdivision" issues.
One that I was very upset about, it involved a hole in a plaster ceiling and they insisted us a man come over. He came over and took a picture and walked out. And it cost $150. And it was the same picture that I had already sent them. So the work added up to the cost. So my closing cost was pretty high and it was a lot higher than I expected. But partly, it was the delay that caused the rate increased. But the final appraisal that they used was a little higher than the ones that I had started out with, so that was a good thing.
The interesting thing to me was, the one that really sank the whole first application, which was more than two years ago, it didn't even come up in this application process this second time with Liberty. But we got through it but there were a lot of errors and misinformation and they jumped to a lot of conclusions. The biggest problem was that I live in an old farmhouse in the east in Maine and it just didn't fit with a lot of their usual application process that we had to go through a lot more.
A lot of the problems I had were peculiar to my situation and they delayed a long time before they started acting on it. When I got a little irritated that's when they really started to pay attention to me and realized what was holding it up. They were slow to respond to some of the issues and dragged their feet. When they finally got working on it, it didn't take them that long. But they already had received the information. I sent it to them from the beginning. I wish they had put somebody on it earlier that could've answered some of the questions. It would've saved me a lot of grief and maybe money, too.
But they were always courteous. And the agent and I became friends over the summer. And once he got started on the process, he was pretty dogged in about getting it through for me. I also spoke with some more senior members of the staff. I also actually complained to FHA - the consumer division there. I also complained to some of my congresspeople, my senators and one of my representatives. By the time it got rolling and all these people took an interest, they had a big meeting about the whole thing and they finally approved it.
They've just paid off the things they were going to pay off and sent me my first check. I'm a life tenant and my daughter is a remainder person. I don't really exactly own the house but I have life tenancy until I die and then it goes directly to her. But the effect of that is that we both share the title to the house and she had adapted that. We didn't have the money to fight this debt at the time because I didn't get the reverse mortgage in time. So, that had to be paid off and now, with this sizable chunk of money, it has been a great relief for her to be able to do that.
Liberty Home Equity Solutions was very good. We had a woman who was the most helpful to us, and she was wonderful and prompt right on everything. It was comfortable working with her. However, once the initial things were done from our adviser Kent, when we called, she never called us back to find out what it was. No one seemed to know. My friend who has been helping me with this and I have been wondering why. She worked with us all the way up to the end, so I would still like to be able to make some kind of contact with her and let her know how much we appreciated the help that she gave us. She deserved four stars.
Everything is difficult for me because I have some medical problems right now and I get confused very easily. We were very unhappy with the surveyor who came out here as he made lots of mistakes and undervalued things. I was in Southside when he came. He reported that things were not there that worked. I could have lost about several thousand dollars in what I could have had just because of his negligence. He said that there was a leak in the roof and although there was none, and I took off a lot of points for that. So, I have to follow that from my friend who is a bit of a financial wizard and who took over. I would have been absolutely overwhelmed even though it was not so hard. He also researched outright to the very letter and has caught quite a few snafus, and changes that needed to take place on the farm, and he reported everything.
There were other mistakes saying there were no vents in the house. If there were snakes, they would have bitten them. They were so apparent. In fact, my friend went through and took more photographs, and sent them in, and shared close-ups of things. So, it was a very inadequate and a poor job in doing the appraisal. They should take very careful account of the person who does auditing because it makes a big difference in the loan that they would give me when they gave a lower rating when I have the nicest condominiums here. But, for the most part, things seemed to have gone well and now I’m ready to deposit the money and act on it now.
They did come through with everything so far and there's a lot of work to be done, a lot of questions. One of the gals came out and went over everything with just the paperwork at home. Kent was also nice and he came out twice and we went over things very thoroughly. But then he just stopped calling too. We would email and call him but I guess he got occupied with what he is doing. They need to follow through as the woman did. Still, I would certainly recommend it.
Going for a reverse mortgage as part of my retirement plan sounded good. Obtaining the mortgage entailed some paperwork, and we went through counseling and then signed some papers, and then finally closed and signed the rest of the papers. The application and underwriting took a couple of months, but the loan officer was fine. As regards the rate, some of it is a little stiff, but that's the way it is.
Liberty Home Equity Solutions seemed like a less aggressive company. I tried one other company and they called me all the time. Whereas with Liberty, they didn't bother me and they let me got back to them. That was more low-key which I appreciated. During application, I was able to do most of it online. They also sent paperwork back and forth and sent return complete postage for any form I had to sign directly. And then the notary even came to the house at the end to notarize everything. It was very smooth.
Their staff was very helpful especially the first lady that I had most of the dealings with. Plus, their support people seemed to be available almost any time or they got back to me if they weren’t. They were concerned that I understood all parts of paperwork and answered questions too. Liberty did excellent, smooth job without pushing me or rushing me. I appreciated everything that they did and it has put me in a better position financially now. It was very relieving to have worked with them and have them be so successful at assisting me. If you are in the same position and you're shopping around, Liberty is good. I would recommend them.
My dad is 93 so we had to do something. He leaves his money and he needs care taking. Right now, he's on hospice and we wanted to do something to keep him there until he expires. I wasn’t so keen on reverse mortgages. I was really against it and everybody talked to me about it that it’s a good thing for my dad. I thought about it but then afterwards, if we lose our property, I’m stuck with three options. If we can’t meet those options, then we lose our inheritance for that property. But I went with it anyway because I have to take care of my dad first. It’s something we had to do and something I have to deal with after my dad passes. I don’t want to owe anybody anything. We are first timers and we have no idea who and what to talk to because of my negativity of it so my sister-in-law, who's more familiar with a lot of financial situation and reverse mortgages, recommended Liberty.
We had a lot to go through. There’s the outrageously paperwork that I had to go through and I really got upset with them since they wanted my dad to sign. He can’t sign, that’s why I got the power of attorney to sign it for him. Then they said, “It’s for the documents” and I said he can't. I watched my dad struggle signing these papers and I said, “That’s not right.” So we tried to get the right documents for them and this and that and then they’d be like, “We need this too” and I go “Why didn’t you tell me that in the first place?” They should tell us what’s exactly and everything that they need to start the process so I can at least try and get what I can get for them. I’m the oldest, still working, taking care of my wife who’s battling brain cancer and got a special need child so I can’t be doing all of these. And my brothers have issues so everything is dumped on me.
But I’m glad it’s over. From beginning to end, it took about three to four months I think. We got what we need right now and the funds. I want to put it where my brothers have access to in case something happens because I told my brothers, “This is strictly for dad’s care, nothing else.” I asked Liberty to do direct deposit but they’re sending a check. But I would recommend this company. The people were very nice. The lady that we worked with was pleasant and knew her stuff. We had a couple of meetings and I like her knowledge. She always told me “Hey, I’m here for you.” There were some times it took a little bit to get back but she did. We like her.
I had to fix my house but couldn’t get reverse mortgage anywhere else. I called Liberty and told them what I needed. They had to get the title, the abstract and checked everything out. The loan officer then told me what they could loan me and that the interest would be five percent. He explained everything very well and I understood that that was the only amount I could get. He also said that my family could live in the house until the last one dies without us having to pay it back. But they didn’t tell me they were going to take the house when everybody passed away. They paid out taxes and insurance on the house for the rest of the time. He even called back and checked up if I was doing all right and if I found somebody to fix the house.
I got my house fixed but when I got my paperwork, it said I owed Liberty $134,000 when I only got $23,000. So when I’m gone and if they decide to sell it, they could pay the loan back with whatever they say we owed and they would get the remaining balance of what we didn’t owe. I'd tell my friends to always check what it’s going to cost them in the end so they'd know what they're getting into.
We dealt with Thomas at Liberty and he was great. But they need a form that tells you exactly what you're going to need and they should give that whole list right upfront. Every time I dealt with somebody else, they would say they needed something else. And they would ask for bizarre stuff like the records of my taxes on our previously owned house. Why did they need that? What did that have to do with what I was doing right that minute and what my situation was? Besides, we've already sold the house so obviously, everything was okay. We also had to call our insurance company six times. Luckily, it's a cousin of ours so we could say they needed something again. They would also come and say they need something else that we've already sent them. I've had to pull my stuff my back out and we duplicated several times. It was really not a fun experience.
But Thomas was very sensitive about it and apologetic about the situation. He would call us and check on us too. He even gave us his cell phone number so we could contact him with any questions that we had and was always willing to answer them. He was very good with it. Also, the original stuff that we filled out for the application was easy. It was just getting the loan itself that was ridiculous. The process was a nightmare. We started it back in August and we got our check the end of January. It took a long time.
We had signed the papers on a Friday and the guy came out and got everything done. But we got the voided check so they could put it into our account and they were supposed to do that on the Wednesday. But it didn't show up in the account then so I called them and they said my name was not on the check. That was something they could have told us on Friday. I was on the account but it was my husband's business thing so he doesn't have my name on this check. They said they would send me the check overnight because they had already printed it. I told them not to FedEx it without a signature because I was not having a check for $58,000 left on my front porch so I sat in my house all day Thursday waiting.
Finally, at 3:15 on Thursday afternoon, I called and asked where the check was, and they said they were overnighting it that day. So on Friday, I was having to wait all day again except I checked on the tracking number and saw that they put the check out on 3:25 on Thursday. I was talking to them when they sent that out. Working with them wasted a whole heck of a lot of time. But I don't think it was Liberty though. It was that bank. In the end, it was nice to get the money. We thought a reverse mortgage would be a good way to get some extra money and not have to pay a monthly payment. Now, we have paid off two cars and we've got some money left in the bank.
I needed more income and I got lucky and got a hold of Liberty. I felt comfortable about the rate and terms, and I got good service. I liked the application process too. Frank was here in the house and was fantastic. It was easy. The girl who had made the close in here at the house also did a good job. She explained everything and was very helpful. The overall experience was good and I would refer somebody to Liberty.
We realized we weren't going to be able to pay off our house and still have some freedom as far as bills and payments. We needed to live off of our social security and the reverse mortgage was the only way we could do it. Otherwise, we would have had to work forever. However, there's a $14,000 upfront private mortgage insurance fee on a reverse mortgage and had we had to pay that, I would never have done it. That was not our intention.
I checked a lot of reverse mortgage companies and Liberty was the only one that would credit all that back to us. Even so, we spent six months talking about it before we finally reached out to them and decided to do it. We listened to the good, the bad and the ugly about them. We ended up only paying $3,000 in closing cost. And although we realize that it's digging into our equity, that was okay for us because we're not making payments. Plus it wasn't a huge fee and if the time comes that we even decide we want to sell it, we can still do it.
The process was the same as in a normal loan. Had we just been on social security, the process would have been a whole lot easier. But we have income coming in now and they had to do all the checking as far as everything is in a normal loan. Also, I'm used to looking at all my fees ahead of time but when you do a refinance on FHA, you have three days after the loan to look at it. So they didn't have the figures ready until an hour before we closed. It was down to the wire and I did not care for that. Part of that was my fault though. We had to come up with cash because our house didn't appraise as much as it should have and I postponed the process quite a bit to make the decision whether we wanted to do it that way or not. I could also have waited another week to close but I wanted to get it done before we had another payment due.
They changed processors a couple of times. But my loan officer was wonderful. I could still call him now if I wanted to and ask him questions. My loan originator, Paul, was wonderful too. He was very patient with me. Every time I got a little nervous, wasn't sure about something or I couldn't remember something quite right, I would email or call him and he was right there to answer them or text me back.
The rate was higher than what I could have gotten if I had gone with a conventional mortgage and I still had to pay the PMI. But the interest rate went up a little bit also because we waited so long to do it. Besides, nobody hid anything. I went in it open-eyed and I made that decision based on the information I was given. The guidance they provided us was very clear and informed. They wanted to make sure I really understood what we were doing. In the end, the mortgage has given us some financial freedom we would not had otherwise. Without it, we would have worked until the day we die or had to sell our home. I wouldn't think twice about recommending Liberty.
We had reverse mortgages before. I had one in New Hampshire and when we got rid of our house there and came down here, we decided to buy a house after being here a few years. We bought it with a reverse mortgage. We used to be in real estate too so I have a pretty good knowledge of these things. When we needed to get our roof done, we opted to do a refinance. I'm paying so much for insurance on the house because the roof is 26 years old. Being on a fixed income, we figured a reverse mortgage would help with everything out and wer were comfortable with that.
I bought the house through Wells Fargo in 2010. When we went for the refinance, Wells Fargo wasn't handling such things anymore. Plus all the problems they were having didn't help. We looked around and we saw AIG but I really didn't like them. They just didn't bend, there was nothing that they would do to make it better. They had a guy come out to do the appraisal and he did a terrible job. I put a call and I checked online and found Liberty Home Equity Solutions.
With every reverse mortgage, you have to have a company that you deal with that tells you everything about it. You pay the fee of about $150 to be told about it and that's ridiculous to me because you should be able to be told about it and not have to pay a fee. The company then contacts you and gets all the information. But you have to be diligent yourself and you have to follow everything and be aware of everything. That's what I do.
We would not have had this mortgage if it wasn't for me because when the appraisal came through, the person at the other end kept telling me, "I don't think you're gonna have enough money. And obviously, we can't do it if you're not gonna get money." But I said to go through every single figure, correct everything and finalize the figures before they tell me what it was gonna be. And they went from 500 to $10,000. I ended up getting 10,773 when they were originally telling me that I might only get $500.
The man that was originally with us, Roger, was very good. He came over to the house several times. I would question things and he'd get back to me and he was very good. I had another guy who was in California and he would call, text and email me. But in the middle of it, he was gone so I dealt with four people until the end. Everybody did the best they could and they were polite and they were nice. But I did a lot of work on my end.
The problem with reverse mortgages is that the people selling them don't really know as much about the process as they should. In October, there was a change in the government policy on reverse mortgages and people were getting less money now from it than they used to. Roger was smart enough to have us do the application prior to that so he got us in under the wire and I thank him for that. He knew enough about it and he was an intelligent man. But there were times when I would ask why they didn't have or why they needed certain things from me and Roger didn't know. These were things within the company. They got things then someone lost it and I was left to wonder why I was being asked again.
I signed paperwork and I kept copies of everything. When they told me they didn't have a copy of a document I signed I just re-signed it and sent it back because I knew it was the same thing. But it was very tiring for me to do it all and I should be getting the commission. Their people should have one person on the case who would follow it all the way through. And they should have someone who knows and watches this stuff. It's fine with me because I'm flexible enough to work at it and my business background makes it simpler for me to handle most of it myself. I knew the process and I knew what was going on with it. But other people that don't know would get scared by things like that.
Other than those, everything is the way it should be. It is what it is rate-wise and I can't change that. I got more than I thought I was going to get and my husband was shocked when I told him about it. We were glad about that. And the closing cost went from $16,000 to $3900. Liberty seems to be a good company and I would recommend them to the right people. Their staff were also polite. I tell friends to use Liberty if they need to and I'd help them in any way I could. But I'd also tell Liberty to train their people better and they have to listen because that's what people don't do, they don't listen to what you're saying.
My wife passed away in October and left me with one income which wasn’t big enough to cover everything that I’m responsible for. My son went online, checked a whole lot of lending providers, and.found Liberty for me. The reverse mortgage process was a headache. I’ve never had to sign so many papers and send in death certificates. Then I went to a counseling over the phone. It was a lot more than I thought it would be but it was fine. The application and underwriting process took almost three months to complete and everybody was really nice, respectful, helpful, and good to me. I felt really comfortable working with them. They were in California while I’m in Virginia and whenever I called and they were busy, I left a message and they called me right back. I’m satisfied with everything and the loan has done a whole lot for me because with my mortgage, I save a little over $700 a month.
The rate and terms of the reverse mortgage that we got from Liberty Home were kind of what we expected. Our loan person when we started was Kelly. She did a lot of work to find somebody who will do the counselling which we were required to have and she pretty much stayed on top of things. Then, Liberty let go of all of their field people which included our agent. Then we had three people at least that called and said they were going to take over and that they were going to contact us. But they didn’t call back when they said they would. Finally, the last person sent me a thing and said she'd be in touch with me every four days for the rest of the process. Then, the next time I heard from her was in about two weeks,
The only thing that kept us going was that FHA changed the rules and we really couldn’t do anything different. We started back on April 26th of 2017 and it was about October when that rule changed. It became imminent and we started to push it ahead at that point. But the problem was when they let the field people go, they weren’t prepared to have somebody in place that could take over. The ball got dropped several times and if weren’t for the change in the rules, we wouldn’t have been there anymore.
Other than that, Kelly kept it going even though she wasn’t working for them anymore because she still had a commission coming. We originally signed some disclosure papers on September 26th but we didn’t really push that hard until the rules changed. Everybody else didn’t follow through with what they said. When there was a problem, or if they needed something else, or if they thought they needed something else, we didn’t hear about it. Then, down the road we’d hear something about it so communication was poor after they let our loan processor go. All in all, I’d tell others to be hesitant in going with Liberty and to shop around. I would tell them that if they could get somebody that’s going to follow it all the way through, it'd be fine. But if it’s just going to be somebody in the office and out of state, I would do something else.
Another thing is, we got a hello letter weeks ago from the new company that said they had purchased our loan. But we never received a goodbye letter from Liberty so technically it has not transferred. And whether Liberty thinks it has or not, under federal law, it hasn't. I was an escrow agent before and we always explained it to people that if they sell your loan to somebody else, you're entitled to two things. One is a goodbye letter from the company that you signed up with and one is a hello letter from the new company. Until you get both of those, you don't change any of the things you do.
My husband is wanting to retire and we were in construction. He then had to go to bus driving because we didn’t make enough money. We found out about reverse mortgage and decided on it. This is the second time we've done it. Everyone at Liberty did a great job and everything was very smooth. We were very pleased. Katherine helped us the very most and we love her. She did an awesome job. It also didn't take very long for the application and underwriting process. Working with Liberty has made our life easier and we're hoping that by next year, my husband will be able to retire.
I needed to eliminate house payment. Liberty was recommended to us by a party we know in California so we filled out an application for a reverse mortgage. I've done it before and their process was pretty standard. In the very beginning, it was going along fine. My loan processor, Peter, was a nice guy and I was impressed with his follow through. I really liked him personally and he was recommended by our financial advisers. He was very thorough and he explained the process to us so we had an idea what the process was going in. If I called him and said I couldn't get an answer again, he made sure I got an answer.
In the middle of it, they were telling me that it was going to close on a Monday. But that Monday was Martin Luther King’s Day and I didn’t even think about it. Both their office and the title company were both closed so there was no way it could have closed on that date. We signed the papers at 8 o’clock in the morning on that Friday which is the 19th of January and it took until 4:30 that day for it to close. Again, I was making phone calls and trying to follow through to make sure they got everything. I was again not getting phone calls back. Then, Pete handed our account to somebody else at that point without notifying us. It’d be nice if somebody said he was going to take a vacation day and it would have been courteous per se.
Also, I would make a phone call to the underwriters and I wouldn’t get a phone call back. I eventually had to call my representative and he made a phone call. I finally got a phone call back to find out where we were because I sent them documents and they turned around and requested the same document again. They also kept requiring something different everyday which they could have asked for ahead of time. But it was not a problem. We’re the type of people that follow through immediately and if we were asked for something, they had it within about four hours.
The very last thing that drove me crazy was we pulled funds out of our Simple IRA to finalize the whole thing. The first amount I was given was wrong and they told me I could go ahead and get a cashier’s check. But if I had, I would have gotten a wrong amount. So they shouldn't supply me with an amount if they didn't know that it was going to be true.
Then, I had to prove where the funds came from so I sent them a copy of our bank transactions. Our bank received it from Schwab and it was setup right on there. I know that they were worried about money laundering and they came back telling me that they needed to have the monthly statement from Schwab showing that it came from Schwab. But this was in the middle of January and Schwab was not going to issue a monthly statement until the end of the month. At one point, I even had to go to my bank and get a print out of my January monthly transactions from my own account which I had already sent them. But I wasn't allowed to, so it was very frustrating until the very end. The whole process was completed in about six weeks and working with Liberty cost me a lot of stress. But now things are working out fine. I would recommend them and our agent.
I wanted to retire with no bills and I opted for a reverse mortgage. Liberty's application process was time-consuming and there was a lot of paperwork, but their people walked me through it step by step. Casey was the first rep I had and he was great. He was personable which was part of the bringing me in process. He was also so helpful. He then handed me over to someone else who was okay but I hardly talked to him. I left a few messages before he would call me back. I still have a few questions about the home equity loan that I have. I got something in the mail from them but I’m not quite sure about it so I’m waiting until I have time to call or I get some more information on it.
From the application to the underwriting that took at least two months and I wish it could have been done faster. Near the end, I got tired of it. I'm also not crazy about the rates and terms of the mortgage, but I know that I have to make sacrifices if I'm doing a reverse mortgage. Right now, I put away the same amount as my mortgage payment as a travel fund when I retire. It’s not impacting me immediately except for knowing that I have that money coming up for when I quit my job and to have some fun.
I'm a widow and I need some extra money here and there and I was in a little financial problem so I got a reverse mortgage and I'm very pleased with it. There was an ad that came to me in the mail from Liberty and I called and then they sent the accountant out here to interview me. The application and underwriting process took 3 weeks. There was a lot of paperwork. But the process was very fast and was done in a hurry.
Kelly, who helped me, is excellent. She explained stuff. Until finally she walked in and she looked at me and she said, "You are approved." She just had a way with people. She has a way of talking. And I had a friend that was here with me said, "I can't get over this lady." I felt very comfortable with her. Liberty Home improved my life. I have some money when I need it. I'm very pleased and happy that I was able to get this because my home is paid for. The value of the home here in Arizona just keeps going up and up right now. I already recommended them to my neighbor. In fact I'm going to talk to my sister about this.
Liberty Home Equity Solutions, Inc. Company Information
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