Liberty Reverse Mortgage provides services to 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!
Liberty Reverse Mortgage offers two types of reverse mortgages to eligible homeowners: HECM loans and HECM for Purchase loans. Unlike most home equity loan providers, Liberty is a direct lender and available in 49 states.
- No monthly mortgage payments
- Free online resources for partners
- Liberty Iron Clad Guarantee
- Rigid eligibility requirements
The entire process took no more than six weeks... They were awesome people to work with. Everybody was really on-the-ball. They were very right on target with everything and there was no hesitation about anything. It was just an absolute joy to work with them…Read full review
Everything was good with the application process. However it took a while… But the service was really good. Everybody was on time and they kept me informed. It was also pretty easy to get a hold of them because when I either emailed or called, they called me back.Read full review
About Liberty Reverse Mortgage
Liberty Reverse Mortgage is a member of the National Reverse Mortgage Lenders Association and one of the biggest and most experienced home equity conversion mortgage (HECM) providers in the United States offering conforming and jumbo loan products. Liberty’s jumbo reverse mortgages, also known as propriety reverse mortgages, are available for amounts higher than the typical HECM limit.
Dedicated and licensed loan professionals help deliver fast, efficient funding in 49 states. Liberty Reverse Mortgage’s options have flexible terms and competitive pricing, plus the company doesn’t charge upfront fees — they bundle processing and loan fees into the loan. Qualified borrowers are not required to make monthly mortgage payments, but they must pay property taxes and homeowners insurance, as well as maintain their home.
Liberty Reverse Mortgage products
Liberty Reverse Mortgage only provides HECM loans and HECM for Purchase loans. Both types are reverse mortgage loans insured with the Federal Housing Administration (FHA) and are available to people 62 years or older.
- HECM loan: An HECM loan from Liberty can be used to pay off existing debts and supplement retirement savings to enhance retirement lifestyle. Like HECM loans from other providers, applicants meet basic requirements, like HUD financial eligibility criteria.
- HECM for Purchase loan: Liberty offers HECM for Purchase loans for single-family homes, FHA-approved condominiums and manufactured home that meet FHA guidelines. Note that the seller must finish all major home repairs before the loan can close.
How does Liberty Reverse Mortgage work?
The Liberty HECM or HECM for Purchase loan application processes may take 30 to 45 days. Liberty Reverse Mortgage loan amounts are based on the appraised value of the home and are subject to the FHA and Department of Housing and Urban Development (HUD) limits.
- Step 1. Complete a Liberty Reverse Mortgage application
- The official application allows Liberty to begin the application process. The company does not charge application fees, and the application can be canceled anytime before closing.
- Step 2. Attend mandatory reverse mortgage counseling
- If you’re applying for any HECM loans, you’re required to attend a reverse mortgage counseling session with a HUD-approved counseling agency. As proof you have completed the counseling session, you’ll need to submit a signed HECM Counseling Certificate to Liberty Reverse Mortgage.
- Step 3. Get an appraisal
- Your property will likely be re-appraised by an independent HUD-approved appraiser to determine the fair value of your property, even if you have a recent valuation of your property. Appraisal fees may be aggregated with the total mortgage amount.
- Step 4. Wait for underwriting
- Liberty Reverse Mortgage underwriters ensure all conditions are met and additional and missing items completed before establishing a final closing date. After meeting all the underwriting requirements, you and Liberty will then confirm the closing date.
- Step 5. Sign Liberty Reverse Mortgage closing documents
- On closing day, a Liberty Reverse Mortgage loan professional will request you sign the final closing documents in the presence of an attorney or notary. After signing the documents, you’ll be allowed a three-day rescission period within which you may cancel your application without penalty. If you don’t cancel, Liberty will issue a check or wire the applicable funds to your bank account. Keep in mind that the right to the three-day rescission period does not apply to HECM for Purchase loans.
Liberty reverse mortgage FAQ
- Who qualifies for a reverse mortgage with Liberty?
- Borrowers who are at least 62 years old and hold title to their home may be qualified for a reverse mortgage with Liberty. Applicants must also have sufficient equity in their home and meet financial eligibility requirements established by HUD.
- What is the Liberty Iron Clad Guarantee?
- The Liberty Iron Clad Guarantee is a commitment by Liberty to deliver exceptional customer service and value. Liberty promises fair and competitive pricing to all borrowers at all times, and if they can’t match a competitor’s offer, they will issue you a $100 Visa gift card. With the Liberty Iron Clad Guarantee, Liberty Reverse Mortgage commits to close your loan within 60 days. If they cannot fulfill this commitment, they will issue a $500 credit to your closing costs. This offer applies to borrowers who submit requirements on time. It is, however, not applicable for HECM for Purchase products, loan applications that do not meet FHA eligibility requirements, loan applications that are canceled before closing, HECM counseling costs and closing costs above $500.
- How long does it take to close a Liberty reverse mortgage?
- Liberty’s average processing time from start to finish is roughly 30 days but may take as long as 45 days. Processing time will depend on the circumstances of the loan, the speed of submission and requirements by the borrower.
- What is the Liberty Reverse mortgage wholesale program?
- With the expanding senior market, Liberty partners with wholesale lenders and brokers — from high-volume producers to one-person third-party originators. To help grow their businesses, Liberty provides them access to their products, marketing support and training at no cost.
- How does Liberty calculate total loan amounts?
- Liberty considers the type of reverse mortgage, age of the youngest borrower, current interest rates, the appraised value of your home, and FHA maximum lending limit or sale price when calculating total loan amounts. Liberty partners can access Liberty’s online Reverse Calculator, where the lowest rate and fee are automatically included.
Do we recommend Liberty Reverse Mortgage?
Liberty Reverse Mortgage could be a smart choice for qualified seniors who want to get rid of recurring mortgages or build cash buffers for unexpected expenses through a conforming or jumbo HECM or HECM for Purchase loan. A reverse mortgage is a big decision, but Liberty Reverse Mortgage has taken strides to extend exceptional service and value to its clients — for example, get $100 Visa Card Gift if they can’t match a competitor or a $500 credit to your closing costs through the Liberty Iron Clad Guarantee.
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I saw the commercial about Liberty on TV and getting the mortgage from them was very informative and thorough. The people were very friendly and they walked the talk. I enjoyed talking to them. Everybody was nice to me and everything worked out good. I couldn’t ask for anything better. Also, the rate was fair. I’m satisfied with Liberty and I feel at ease since I got them.
happy with your experience working with Liberty.
I took and did some research on reverse mortgage companies and I decided I would take and get a couple of quotes. Liberty was one of the companies that I came up with that I wanted to compare, and I felt like they were the best candidate. The loan process was quite enjoyable. It was quite easy and very informative. They were very forthcoming in giving me information. Any questions I had, they were always on call when I try to reach them. They responded by getting back to me very quickly, and it was quite smooth. It was straight to the point. Everything that they told me was truthful. The experience was very good.
My loan officer was really, really great. He was very professional but at the same time he came across as very personal. He made me feel very comfortable with the process. The packet that they sent me was quite informative, so it made it very easy for me to reference to. They made the process very easy for me to understand. It was not at all complicated and it was quick.
happy with your experience working with Liberty.
Liberty was very courteous and professional. They did an excellent job. They contacted us and convinced me that they were the best way. The application process wasn't difficult. They explained it and you didn't need a lawyer to understand what you were doing. Obtaining the mortgage wasn't difficult at all and I was very comfortable working through the process. It was straightforward and everything was clear. They were faster than I expected. Working with Liberty was a good thing, because things went as they said it would go.
happy with your experience working with Liberty.
I needed money and so I looked into a reverse mortgage. I went with Liberty and everything went fine. The process of obtaining the mortgage took too long though. It took almost four months to get the paperwork straightened out because they kept saying I needed this and then they'd send it to me and I'd send it back and, "Well, you need this too. Now, you need this. Now, you need this." They could've done all that one time instead of me having to fill out all this paperwork over a four-month period. I could've got it done in a month if they just did all the paperwork one time. It seems like nobody could make up their mind between whoever was handling it and the next person in line. They need to get a set policy on what's needed and stay with it instead of about four different people getting involved and everybody wanting something different.
It got to the point that I was about ready to say, "The heck with it," because one piece of paperwork took over a month to finally get so I could get it filled out so I could get the finalized paperwork done. And then, the person that came here to do the paperwork was snotty. I didn't really like her. It was like, "Well, you gotta do it my way or not at all." We didn't start it exactly the same. I don't know if anybody who signs stuff the same way every single time, especially when they get back a half-inch thick stack of papers they gotta do. They gotta be exact.
Then she got upset because the dates weren't exactly the same. I wrote them one way, and then I wrote them another way, but it's still the same date. She said, "No, the date's gotta be wrote exactly the same on every piece of paper." That was nuts. Just sign the stuff, date it, and quit worrying about does it all match. As long as the signature's there and the date's there, who cares if it's not identical every time. She wanted picture perfect. But nothing's picture perfect. She got upset as well because I don't use the kitchen table. We eat on coffee trays. We didn't have a kitchen table for her to sit at and do her paperwork. And she said, "Well, if I didn't know you didn't have a kitchen table, we could've just met at McDonald's or something and done all this." That was not very damn professional. It meant buying her lunch. It was ridiculous.
Other than that, I had no problem with Leda and May. They went out of their way to try to help me out. Now, I got one notification the other day that I'm supposed to have that fascia fixed by August 9th. I don't see that happening with what's going on here in the State of Illinois. They just extended the stay-at-home until the end of May now. I can't have people coming here because I have severe lung disease. Whoever is handling this other side of the paperwork needs to realize not to tell me that I'm gonna violate my agreement if I don't have this done by the 9th of August. As long as that stay-at-home order is in effect and we haven't got to stage three on the opening, I'm not having anybody over here to do anything because of my medical condition and my wife's medical conditions.
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My husband and I had talked about doing a reverse mortgage for some time. Our house was paid off and we were struggling. My husband is in his late 70s and really wants to retire. We did some dumping through our life, got ourselves into some debt. So we got ourselves into trouble and we needed a way out of that little bind that we were in and might looking at him semi-retiring here pretty soon. Getting a reverse mortgage was a road for us to take. I went online and looked and went to a couple of websites. Liberty Home Equity Solutions was the only one that I filled out with my phone number and age and they called right back. A man by the name of Mike called and was very personable and was on the up and up.
We knew when going in that there was gonna be a lot of paperwork. I had initially talked to two people from Liberty, and then other people started to come into the picture. Then somebody else came into the picture. Then, the little lady that was going to be the notary came into the picture and then she left and I got a phone call from another man saying he was so and so from such and such. I did not like so many fingers in the pie because a red flag went up when a young man called me. He called and had a lot of information about us and I never heard from him. I didn't know who he was nor who the company was and I got a little freaked out.
People that are our age, all we have is our house and we don't wanna make a mistake when doing something like this. And that ran through our minds. I did place the call to a lady by the name of Yvette who was the person who was working with us along with Mike. Mike got out of the picture when she stepped in. In the meantime, I had called my husband and he ran the company at work and knew it was under the umbrella of Liberty. He said that I didn't have to worry. Then Yvette called and said, "No, you don't need to worry."
HUD requires that any outstanding money that's owed has to be paid. Liberty wanted to pay them before they'd release the funds. Well, we had already paid the house taxes in full, so we didn't have to worry about that. But Liberty wanted to pay the homeowners association and they wanted me to give them a figure so they could do the payout, which I wasn't comfortable with. Where we live, the association is persnickety and if you don't pay, they come after you. I didn't want anything to get crossed up with our homeowners' association 'cause we've never been late on the payment ever. So I told their rep that we had not received our booklets for 2020 and I couldn't give them a figure. The rep said that they can get figures from last year and use them, but I said that it wouldn't be accurate and there would be other money owed.
Liberty held out $491 to pay for the association fees, which wouldn't have been enough but I didn't like that interference. I didn't want anybody else paying my bills. I was very uncomfortable with that. Liberty dragged their feet. It took a week to get ahold of somebody from Liberty and I left messages as to why I was calling. When I finally got ahold of somebody to talk to, it was like pulling teeth.
If somebody leaves you a message on your recorder, you call them back. Whether you have an answer for them or not, you call them back so they know that the message was received. That fell through the loops here with Liberty. I didn't get callbacks. I needed some answers and I wasn't getting them. They need to do some work on their communication skills. But once you got them on the phone, there were no problems talking to them
Finally, I just told my husband that I'd be paying the association fees as soon as the booklets come. I called our homeowners association to find out had they been paid but no, they hadn't. A day or two after I called the homeowners and found out that they hadn't been paid, I received all three of my booklets in the mail. I decided to call my homeowners that next day to find out had any money been given to them and they said nobody has paid any of them. I told them that I didn't want anybody else to pay it and I would bee sending them a check. I paid off three association fees and it was a done deal. We did get a refund from Liberty.
On the whole, Liberty did a good job. It's slews and slews of paperwork and trying to keep track of what you have to have. So anybody going into a reverse mortgage should be forewarned that this a drawn-out process. There's lots of paperwork, lots of stuff you have to get, bank statements and homeowners association statements and all of those kinds of things they need to have if you're going to do this. So if you're not into that, then this isn't for you.
Thank you, Barbara! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
My son initiated everything for me. He looked for a good reverse mortgage company and Liberty Home Equity Solutions, Inc.came highly recommended from what he could find on the internet. My house has been paid for and I have resisted doing reverse mortgage because I would lose ownership of my house. But I retired from work to take care of my elderly parents so they wouldn’t have to go into a nursing home. And so, I lived on social security while I took care of them in their own home, and it turned into a struggle. Going back to work at the age of 73 really didn't appeal to me that much. I worked since I was 15 years old, and so I didn't wanna go out and look for a job. I lived paycheck to paycheck because I hadn't had a really good quality of life. It was out the window while I was taking care of my family, and I don’t regret doing that. But I’m not gonna do that again. So, that reverse mortgage was just to supplement my income.
The application process was very easy and very simple. Michael, my loan officer, was excellent at explaining to me anything that I needed to know. I dealt with another gentleman, Richard, but Michael was the one that really took care of business for me. They were both great, but I dealt with Michael for the most part and even post-loan. The whole process from the time I started to the time I closed on it took three months. When I switched from Michael to Richard, there might’ve been an issue as far as the information transfer. What one understood to be the case, the other one didn't. So, we did a last-minute change on the paperwork the day of the closing, but that didn't stop the closing. Because it was so close to the end of the year and because they had my real estate taxes down as a lien for it, they were paying them. I talked to the Tulsa County and I didn’t know that they were paid on time because they closed my loan on the 26th.
So, that was a concern of mine because when I first paid my house off, it never occurred to me until a year later. And my brother said something about paying my parents’ property taxes. That was when I realized that I didn't have the house payment anymore, but I should’ve been squaring money away for property taxes. So, I was about 40 days late on it that year, paying and the mortgage company wanted to know why. And because I was dealing with my father’s death and I was clueless that I even owed anything, so that was the reason we worked that out.
Now that I’ve signed this and done this, would it show up as late payment again and I’m gonna look responsible for that? So, I did make several calls about that. Michael is the one that called me back about it and he was also going to check on it a week ago because I did call whoever was handling that. They said, “Ma’am, we don’t even have your loan yet.” And because they told me they were paying them, it’s like I got a raise. And so, I didn't have the money then on the 26th to go ahead and pay them.
That was just a little hassle, but they were bending over backwards to help me and I appreciated that very much. The closing time, it just fell that way. I don’t know that I would totally put that on Liberty because it was so close to the due date. Working with Liberty impacted my life very well. It has put me back into a position to not live paycheck to paycheck and that is priceless for me. Going through the little class that you needed to take for reverse mortgage, that was very easy. They made the application and closing very easy. Everyone came to me. So, if there were delays for the closing that pushed it so close to the end of the year, I would take more responsibility for the date than Liberty because they were really trying to get it taken care of as quickly as they could. I’m sure they wanted to close things out by the end of the year too. So, they made the process extremely easy easy for me.
happy with your experience working with Liberty.
I wanted to make money available. Also, we live in Arizona in a suburb of Phoenix and it gets hot in the summer. We're looking to establish a summer place up in Northwest Washington. I shopped around some and talked to some friends that had approached the same subject, and I picked Liberty. I have some money management experience but it was a little more difficult than I thought. It was the underwriting influence or involvement with it that made it difficult. I have a son who is an assistant director with USAA in the underwriting department. He is responsible for establishing underwriting standards and all of the IT work that goes along with that.
I can joke with some personal knowledge about what underwriting is and how they behave. An example is they asked for identification and they wanted to have both my wife and my driver's license along with the social security cards. I'm kind of a geeky guy, so I don't have any trouble. I can scan then attach them to the email. All that stuff is very easy for me to do. But an underwriting feedback on that request was that the signatures on my driver's license and social security card did not match. When I explained why, they went, "Oops. Uh."
I'm 75 years old. The driver's license signature was done a year or more or so ago so that we could upgrade it to the standards for airline travel with the little gold star up in the corner. It has a brand-new signature on it. On the other hand, I signed my social security card when I was 12 years old. Whose signature is gonna match between 12 and 74?
There were a couple of other things that came from underwriting that just delayed things. I would submit whatever was requested and the underwriting looks at it, how many ever days it takes for them to get to it and I understand. Everybody's got a workload and you can't respond to everything instantly. And it takes time to get back to the person who is doing the coordination who then gets back to me. Sometimes a week can go by and nothing is being accomplished until that gets answered.
Also, my wife and I have a revocable family trust. That's how we manage our estate. The trust was brand new and was created by qualified attorneys in a legal office in Arizona that specializes in that. But the underwriters objected that the trust that was submitted was not notarized, so it was not acceptable. These underwriters are in some place in Liberty's organization, but they are not in Arizona. Arizona does not require that a revocable family trust be notarized. There is no legal requirement for it here and that is where the property is. That's where we live and where all of our history is. The underwriting people were ignorant of the applicable law and it delayed the processing until we got that straightened out. I straightened that out by revoking it. Now, we don't have an issue with the trust. As soon as everything got done, I put it back in place. It was just a couple of other minor things but it took months to get this done.
I understand that a reverse mortgage has an entirely different set of rules on how it can be accomplished because of the law that allows it to start and to happen at all. But I did investment real estate for years and I have experience with mortgages. Also, there's my son's involvement with that kind of thing on a national basis. The positive parts with Liberty, though, were the two people who coordinated this out of Liberty's office in a suburb of Sacramento. They were fabulous in regard to their personality. Once we needed to talk, either exchange emails or talk on the phone, the service and their response were very good. But, with the underwriting thing, their hands were tied.
Another thing is, I'm really in touch with everything that I do. The requirements for the counseling was fabulous. I couldn't endorse that part of the process more, only because I have friends who aren't in touch with reality and I have seen things where, "Well, mom and dad, they got a few hundred thousand dollars in equity in the house and we're the kids and let's see if we can't do something to get the money." And the parents don't understand that the kids are gonna rip them off. That's absolutely the reason for the counseling. I couldn't support that aspect of it before. That happened very quickly and the person who did that was truly a professional and I understand that they go through training and they have to behave and perform at certain really tough standards.
I also haven't yet received all of the documentation that I thought I should, particularly, something that I'm gonna call an account statement and a contact method. I understand the rules that there are only a certain portion of the reverse mortgage that are available the first year. We did make a draw on that because we had some needs for it. But the balance of it is due in the second year and that remains in the credit line. It stays there and earns somewhat of a return like a savings account. I feel like I don't have all the documentation that's official that explains all of that.
Thank you, Jeffery! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
I was on Facebook and I was in a mild panic when I was realizing that if I didn’t do something really quick, I was gonna be getting to be very good friends with my car very shortly. I couldn’t take and pack everything I own in my car with that. I just got done sending a message to my stepdaughter and I was scrolling down Facebook. I saw this blurb on there that I had seen several times before about how, especially seniors, were able to take and get this and this, all because of doing a reverse mortgage and essentially getting rid of their mortgage payment.
I clicked on the “Click here to learn more information” button and I read about it. I said I was gonna go ahead. I don’t have anything to lose essentially. It had one of these short questionnaires to fill out. I filled it out and clicked "send". I did this about 8 o’clock in the morning, Mountain Time. Within about 10, 15 seconds, I got a call from Randy from Liberty Equity out in Sacramento, California. I kinda chuckled when I answered the phone and I don’t even know why I answered it because usually when I get these type of phone calls, I just look at it and if it’s not a number I recognize, I essentially, in my mind, tell them to go get bent and just not even answer it.
But I did answer it and we talked. I told Randy what my situation was and that my credit was lousy. In 2006, 2007 my late wife and I had lost our house because we got caught up in that mortgage fiasco. I told him that I didn't trust mortgage companies at all any further than I can throw them upwind in a hurricane. Also, I inherited a house when my dad passed away in 2018. I've been living there since 2008. I checked with that mortgage company that held the mortgage about a reverse mortgage or a refinance. They said that because my name was not on the loan, I would not be able to do that kind of stuff unless I actually apply for the loan and so on. That was my understanding. I said that was not a problem and I went on my merry way with that.
But I didn’t have anything to lose and Randy asked for a little bit more information. I gave him the information that he was asking about and he told me that he was gonna talk to his underwriters and to give him a couple of hours. He said it was not gonna hurt so I said okay. Within two hours, he called me back and told me that the underwriters had said to go ahead. After picking myself up off the floor, I said, “Okay,” and that was what started it all. He called me back several times just to make sure I had gotten things that he said that I needed to do and the paperwork that he had. He was very supportive all the way.
Liberty couldn't have done anything better with the fact that everything was handled, they were very polite, they were very professional, they were very supportive, and they weren’t condemning of the fact that I had lost my house. In fact, they said that I wasn’t the only one. It was in 2019 when I was doing this and it was in 2006, 2007 that my wife and I lost the house. That shouldn’t really affect anything too much.
Basically, they made sure that I had what I needed. They gave me all the stepping blocks and stuff like that. They were right there the entire time. It wasn’t one of these things, “Don’t call me. I’ll call you.” Both Randy and Peggy were calling me all the time to make sure that I knew where things stood and that kind of stuff. They didn’t leave me hanging.
People should not be embarrassed about it if they find themselves in a situation like I did. They should not hesitate in taking and seeking out a reverse mortgage. If for nothing else, they can help and get rid of a doggone mortgage payment that was bothering them. My mom and my dad went through a reverse mortgage years ago. My dad kinda chuckled when he said they were taking and spending his kids’ inheritance. But they have lived in a house for something like 35, 40 years and they were getting up there at that age.
My dad didn’t want something to happen to him and have mom be left with a mortgage payment right off the bat. He said he’s not gonna totally erase it for mom. But if something were to happen to him, it would give everybody enough time to get mom settled in someplace then put the house up for sale, so that it wouldn’t have to be something where we’re scrambling around right away to get it taken care of.
That’s when mom and the rest of us found out that when dad took out and refinanced the house a number of years ago, he did it without having the extra cost of having death insurance, to where when he died, that the house would be totally paid off. He said he couldn’t afford to take and have that extra cost on the monthly mortgage with that. It wasn’t totally something alien to me because having seen my dad go through it.
Thank you, Larry! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
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My sister owned the house and paid all the bills, and I did all the work. However, she passed away last June 22nd. and I felt I might not have enough to keep up the house as it stands right now. A whole year went by and I paid my mortgage from Bank of America and I pay my bills. But down the road, whatever I have in the bank will be gone. It'll kinda help me if I don't have to pay my mortgage, which was the main reason I decided to get a reverse mortgage with Liberty. The people I always dealt with were nice. The application and underwriting was a long process. It started around July and it only ended last month. The loan officer was was okay, but although I know what the loan is, I don't feel like I got that much information from him. Hopefully, I made the right decision.
Thank you, Margaret! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
When I called my regular mortgage, nobody responded but Liberty answered when I called, which was why I chose them. The application and underwriting process took a little more than a month. When they did the inspection, they found something very petty that had to be fixed and they held the money because of it. I had to paint a very small portion of my foundation. I thought it was very ridiculous. You don’t have to paint the foundation of your house. They also said that there was some peeling. Other than that, the rep was very pleasant. They seemed to be very professional and knew what they were doing. I’m pleased with the rate and terms I received.
Carol, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!
After talking with a couple of people, the person I spoke at Liberty with seemed somewhat straightforward, rather than a hassle. The process went pretty good. The paperwork comes through and they kept me informed. I was dealing with somebody in the West Coast, and I'm on the East Coast. I'm used to going face-to-face. It wasn't a hiccup, but what was disconcerting was when we signed all the paperwork. There were 119 pages to go through. We had seen most of the pages before, but 119? It's probably only 80 but that's such an awful lot of trees to get killed. Also, there were three different people and that was a strange operation. There was one guy in the West Coast, his superior, then a woman in Florida that I mostly went through go between.
Application and underwriting probably took 45 days. It was so much paperwork and so many different rates. I'm not so sure where the hell I was. Every time we got one of these good faith estimates, the rate changed. It was like changing your socks and it wasn't usual in getting a mortgage. The last one I got was sometime ago, it was locked in at one time, period. With Liberty, the process bounced all over the place. I didn't have my control over it.
I've got a notice that says they've taken my first monthly installment. However, I've yet to receive a final final accounting for the money that they have for me, not an estimate of how and what the charges were, and how they were distributed or was some money double-dipped. Because on the good faith estimate, some of these charges that were given, I paid myself. But overall, Liberty was the only one that seemed to be legitimate. They weren't a bunch of hucksters.
We appreciate your feedback, Robert! We aim to provide the best service for our customers!
The application and underwriting process took 30 days or less. We had to wait until I did the counseling, which delayed it a for couple of weeks. They also had to wait for an appraiser. I told Chris that I wasn't happy with their appraiser. He was two or 300,000 low, but it didn't make any difference. I was a little surprised that they quoted me the rate and then a week or so later, they quoted me a rate just a hair lower because something had changed. Then when the bottom fell out of things, the rates went to zero and my rates didn't change any and stayed up at 4.7. It should have dropped to a 4. If it tied partly to the fed interest and it dropped to zero, how come a quarter-point drop before had affected me? But I'll live with 4.7. I knew what it was going in.
I was supposed to pay the taxes. I mailed it in, but my check was sent back. The title company paid my taxes and now, I'm paying 4.7 interest on that for as long as I live. Chris told me to call whoever handled it and I've tried three times. I went through their whole rigamarole, got put on hold, and after about 10 minutes, I hang up. I tried it again but never can get through to them to see who I'm supposed to mail the money to so that it's not on my draw interest. Overall, I was happy with everything. Everything is set up and I'm gonna work really big.
Thank you, Harvy! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
I shopped and talked to several other companies about a loan for cash out or a reverse mortgage. I reviewed about a dozen of them and based on what we had discussed and what was better for me, I decided that Liberty would probably be the best choice. The application and underwriting process was a very difficult situation. I've been in the business for 64 years and it was the most difficult one I've ever had for all the different things. There were four-inch-thick sheets of paper and I ended up having to do about 14. However, the loan officer was excellent, very helpful, knowledgeable, and has been in the business for a long time. I could've done better on the rates by waiting a little longer. There was an up and down in the interest rates. But in order to go ahead and do the things I'm trying to do, it was better to go ahead and take care of it. I'm running out of time because of health issues and other items.
Thank you, Donald! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
Liberty Reverse Mortgage Company Information
- Company Name:
- Liberty Reverse Mortgage