Liberty Reverse Mortgage
AUTHORIZED PARTNER

Liberty Reverse Mortgage

 4.2/5 (190 ratings)
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Liberty Reverse Mortgage

About Liberty Reverse Mortgage

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!

Overall Satisfaction Rating

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Pros

  • No monthly mortgage payments
  • Free online resources for partners
  • Liberty Iron Clad Guarantee

Cons

  • Rigid eligibility requirements

Bottom Line

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.

Top Liberty Reverse Mortgage Reviews

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Rated with 5 stars
Verified

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...

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Rated with 5 stars
Verified

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 eas...

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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.

Liberty Reverse Mortgage Reviews

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How do I know I can trust these reviews about Liberty Reverse Mortgage?
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Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: July 14, 2021

I talked to a couple of companies and was told that due to the pandemic, the process may take up to six months. That was back in the first part of November. I went with Liberty instead. But it took from then until just a few weeks ago to close. It dragged out for a long time because we would get one thing done then it would be about a week or two before I'd hear from Liberty about what else I was supposed to do. They checked with a different department and I had to have something else done or signed. Another time, I had to go get my deferred taxes in order to get the loan. Other than that, everybody seemed like they were really busy and they were trying to do the best they could. They were nice, courteous, and understanding.

I had to sign 250 pages that night that the notary came here to close and that was scary. It was going so fast and I didn't have time to look at what I was signing. I just hoped it was what Liberty told me. Every once in a while, I asked the notary and she tried to explain what the things meant on the papers that I signed. But I just thought it would be more in a title office where everything is out in the open and they would explain things to me one more time before I signed the papers.

I was told the rate and terms would change from day to day. They charged me about $20 something for the first month of this loan already. That was what I understood according to what I read when they sent me this paper the other day. The longer I have the loan, the less it will come down. If I just have the loan for a year and decide to sell it, the rate would be higher than if I had it for six years. Their interest rate would come down.

On the whole, I'm happy that I got the loan. I'm satisfied with doing what I'm doing with the cash that I got and I'm hoping I'll be able to get some more in a year's time. I had the trim on my house painted already. I'm going to check with my stepson to see about getting a sprinkler system put in the front yard and some St. Augustine grass. There are also more things I have to do medically. I want to pay my daughter back for what she did for me and the loan helped me to do that.

Liberty Reverse Mortgage response
Great feedback, Norma! We genuinely appreciate it and we’re glad to hear that you’re

happy with your experience working with Liberty.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 10, 2021

    I was so impressed with Liberty's rep. His name was Robert and when he talked to me, he seemed to be very honest. I told him that I have an account with Raymond James and that there's somebody at Raymond James who's keeping an eye out for me and told me that I should try for a reverse mortgage. I asked him if he would talk to that person if I gave them permission to talk to each other about me and he agreed. So, they talked and they were impressed with each other. But during the process, I almost started crying and dropped my application a couple of times. It was not Liberty's fault though, it was that the FHA and HUD had demanded so many things. At the time, I had trouble with my printer, then I finally got everything printed. I had to send pictures and email them. Then they said I had to do it again because the corners of the papers weren't in the picture. But I told them that there was nothing on the corners. And it went on and on.

    Things did not happen quickly and a lot of the problem was on me. There were things that I couldn't do that I had to find ways to do. For example, I had the will made out for my children and that if anything should happen to me, my kids would have this property. My lawyer printed it up in such a way that we got a brand new HOA company in January. I’ve been living here for over seven years and I've always made the HOA payments. But this new company that came in January started sending the bills to my children, and my name wasn’t on it. So I explained it all and they said that my name had to be on it. But I didn't know how to change that. Thank God that Robert made the phone calls and got somebody to put my name on it.

    All in all, I would recommend Liberty to my friends and I would recommend Robert, especially. He told me to call him anytime and not to worry about what time it was. He said he was there for me and that he would answer any questions. And if he didn't have the answer, he would find them all for me and he would call right back. And he did.

    Liberty Reverse Mortgage response
    Great feedback, Kathleen! We genuinely appreciate it and we’re glad to hear that you’re

    happy with your experience working with Liberty.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 18, 2021

    Liberty was very thorough and concerned that I understood everything and that I knew where they were in the process. The rep was very personable. I’m a jokester, and he laughed at some of my jokes. That made me happy. And there were different people that I talked to at different points in the whole process. There was the guy that I initiated the process with, and then someone else in his office did other parts, and then someone else called from back East somewhere and they were doing other parts. And it seemed to all go well together. They were all handling different things, yet, you would think there would be a lack of communication and some discrepancies, but they were very well in tune of what each other was doing and keeping me informed with what everybody was doing. It was one of the better experiences I've had in dealing with mortgage companies.

    I'm happy with the rates and terms. At first, the loan officer that I talked with did some research and said that I wouldn't be able to redo my reverse mortgage and take any funds out until I've had it for a year. But then something changed and he contacted me and said, “We don't have to wait the year, we can go ahead and do it now.” And I said, “Okay. Then let's go with it.” So then we went with it. Once that happened, it was less than a month. Once we set the closing date, Liberty lined up a notary to do all the paperwork. And then, the day that they said the funds would be in my bank, because I did the automatic deposit, the funds were there. And I was very happy about that. The only thing I wasn't happy with was I wanted 50K out, but I could only take 33. And then the 17K isn't available for a year. That's fine, but I just want to see the statement.

    Liberty Reverse Mortgage response
    Great feedback, Daniel! We genuinely appreciate it and we’re glad to hear that you’re

    happy with your experience working with Liberty.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 12, 2021

    I liked that I didn't have to pay a mortgage every month if I had a reverse mortgage and the first time I did it with Liberty, things went well. But the second time, which was a year later, there was a little bit more to it. Even though it was supposed to mirror the first one, the process was different. During my first time, I dealt with one person and this was right in the middle of COVID, but she came to the house and we wore our masks. We went through the paperwork and the money was enrolled into my account. The process was pretty simple and fast.

    During the second process, I dealt with one person first and her name was Leslie. She was explaining and mirrored the same thing. Then I had to deal with a second person for information, and I had to deal with a third person who was the last person I dealt with. She kept coming back and asking me for paperwork. I didn't need all that paperwork that she asked for the first time and I didn't know if it was because some things had changed within my status. Then, they wouldn't allow me to enroll all the money that I was getting into my account. It was like I could borrow when I need it and I got less than I had the first time.

    The process also took a lot longer this time because I went through different people for different sections of the process. Plus, I still had the reverse mortgage from the first time and they had to calculate, so it could be paid off then come back to deal with this particular reverse mortgage, which was fine. But I don't think that was explained to me at first, so I didn't understand. And they whoever was supposed to do what they needed to do within that window span didn't do it within that a period of time, so they had to go back and get permission to extend that window.

    At that time, I would always call Leslie because I wasn't understanding why I had to deal with all these different people. She said they sometimes change up and see what works and what doesn't. But if you're dealing with the one person all the way through, you're a little bit more comfortable than having to deal with three people. Other than that, Leslie was always happy to answer my questions and there was nothing wrong with the service I received from Liberty. The problem was with the process and all in all, if the reverse mortgage is something that a person has to do, I would still recommend Liberty to them.

    Liberty Reverse Mortgage response

    Thank you, Michelle! 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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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: June 10, 2021

    I was with Liberty and I decided to refinance the reverse mortgage that I had. When I initially did it, it was financially advantageous for me to do it. I've liked it and it works for me. For the refinance, I had to go through four different people and they were good. But towards the end, they would tell me that they needed something, then I’d wait a few days, and they'd tell me again that they needed something. And I'd wait a few days, then they would ask me for more stuff. And then I'd have to find it and send it to them. The whole process took a couple of months because of that and it would have been better to get all the information that were needed at once instead of asking me for them one at a time.

    Aside from that, I didn't know that signing a mortgage would take an hour and a half. There was a stack of papers and I should have had a lawyer look at it. It would have been nice if that was conveyed to me or if they got the papers to me ahead of time so I could get my lawyer to look at it. I just got everything all at once. The guy sat there and he just expected me to sign it. At one point, he asked if I was going to read everything and I told him that I was. So that was a little annoying. Then he said that I had three days and I could get my lawyer to look at it. But that was not happening. Other than that, I would tell others to go with Liberty but with a caveat that they should tell the reps to ask for everything at once.

    Liberty Reverse Mortgage response

    Thank you, Carolee! 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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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 4, 2022

    I dealt with three people and all of them were fantastic. They were really helpful and very professional during the process.

    Liberty Reverse Mortgage response
    Great feedback, Gaspar! We genuinely appreciate it and we’re glad to hear that you’re

    happy with your experience working with Liberty.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 28, 2022

    The rep explained everything in simple terms, so it was easy to understand what he was telling me. I didn't feel pressured. He explained things to me about what would be going on. The only thing that I wasn't expecting was I wouldn't get everything now. I would get part of the funds in a year. But it was okay.

    Liberty Reverse Mortgage response
    Great feedback, Ruby! We genuinely appreciate it and we’re glad to hear that you’re

    happy with your experience working with Liberty.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: April 27, 2022

    The application and underwriting process was a little bit of a headache. They would ask me for one thing, which I would send to them, and instead of asking me for everything they need upfront, they would call me back a little bit later and say they need something else. Also, they didn't always get back to me right away. Then, once I did the closing, I didn't hear from them again. I kept requesting a payout and they finally told me it was another company I had to go to for my payout. They should have told me that and who to deal with upfront. But they were okay and I felt comfortable working with them. My experience was good for the most part.

    Liberty Reverse Mortgage response

    Thank you, Lorraine! 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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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: April 26, 2022

    Working with Liberty was great. Communication was very good. They were polite, kind and caring. However, it took way too long. There was too much paperwork. But the outcome was good.

    Liberty Reverse Mortgage response

    Carolyn, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 25, 2022

    Working with them was pretty confusing. They told me one thing and then everything changed. Then they sent papers and then those got lost. It was a lot of hassle. Other than that, everything was okay. There were no mistakes at the end. They were patient enough to put up with my crying.

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    Liberty Reverse Mortgage Company Information

    Company Name:
    Liberty Reverse Mortgage
    Website:
    libertyreversemortgage.com