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!
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I've looked into reverse mortgage for years and I wanted to get some income I can fall back on. A friend of mine called me about Liberty and he knew that they are a good company. The application process was wonderful and the application and underwriting took about 5 weeks. The representative named Eric was wonderful. He got back with me with any questions and then he would check if everything was going okay. He was right on top of everything and I was very comfortable working with him. I will also definitely refer people to him if I have the pleasure to do so. We’re happy with the rate and the terms too. Overall, Liberty is a good company and I’m glad I chose them. They are very professional, they helped us out and we have money to fall back on now in case we need it.
Pamela, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!
I thought that getting a reverse mortgage would have us more disposable cash so we could do what we’d like to do in our old age and Liberty seemed to have the answer that nobody else did. We spoke with three companies, and our loan officer at Liberty, Chris, was very positive about it. He kept in touch us with us all of the time and he nursed us along the whole thing. He was thorough and responsive. Anything that we asked, he was able to answer and we felt really comfortable with him. We did not want to go out of the area and we felt better dealing with someone locally, but it never worked out because we felt better with Chris all the way from Sacramento. We put the faith in Chris and it worked. Nobody else seemed to think that we could pull the equity out of this house.
Chris kept in touch with us quite often, but as the loan progressed and the step-by-step thing, one of the people got back to us at least every three days to catch us up and bring us up to date as to where they stood. Even if there was nothing to report, the person was still working. We were happy with the outcome even though it cost more money than we thought it would. Working with Liberty gave us less pressure and less stress as we age and face our future.
Russell, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!
I got my first reverse mortgage with Liberty two and a half years ago because I wanted to eliminate the moneys going out from my limited income that I had coming in. I could have had my mortgage increased each month but the debt increase was less than the value of the home increases. So the reverse mortgage was a real good thing and in doing that, I could eliminate my monthly mortgage payment. In addition to that, I had about $20,000 worth of credit card debt at that time and I thought that the reverse mortgage would be a good way to eliminate that. So I got the reverse mortgage and my financial situation increased wonderfully.
But about a year ago, Congress passed some legislation reducing the interest rate of the insurance that the federal government requires on reverse mortgages. It went from 5.25% to 4.75%. It turned out to be 0.5% depending on the amount of money that you are insuring. It can be a very small amount of money or it can be a big, significant amount of money. In my case, it turned out to be about $150 a month and I could use an extra $1,800 a year. A second reverse mortgage would cost about $800 to do the paperwork and I would have to go through all kinds of rigamarole again the second time around. But I figured I could get that money back in a little less than six months. After that, it’s all pure gravy and that was why I did the second reverse mortgage.
The Liberty staff has been there when I needed them and they have been excellent. They’ve been attentive, helpful, knowledgeable and courteous. Any time I had a question, I could call them and they would give me a helpful answer. They also stayed in touch with me and kept me aware of everything that was going on at all stages of the proceedings. I couldn’t have asked for a more responsive, more helpful situation so I’m very happy with everything. The rate is very good too. I get more moneys from my investments than what I would pay out on my interest.
Joseph, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
I had my house paid for and I just wanted to protect it in case something would happen to my wife or me. In having a reverse mortgage, somebody wouldn't come and take the house for a nursing home call or something like that. I got the name of Liberty Home Equity Solutions from AMAC and I gave them a call. They were the first ones who called since I called them. The process of getting the mortgage took longer than it should, on a house that was paid for. Also, not only was the rate a little high, the application and underwriting process took several months. Other than that, the loan officer I worked with always had answers when I had questions. He explained everything well, and since Liberty is in California, while I'm here in Ohio, we used a lot of local people that they located.
I had called AAG at first to check with them. The woman I spoke to, gave me bits and pieces, and was supposed to call me back the next day. I went online to check out information on reverse mortgages and an agent from Liberty, Chris, called me right away. But the woman that was supposed to call me back from AAG that day never called so I talked with Chris. He was warm and fuzzy. He was also very punctual, informative and knowledgeable. Any questions I had or anytime I called, he made a point of answering my questions or getting back to me if he couldn't answer it that moment.
I informed Chris that I don't sign anything that I haven't read so they sent me the documents the weekend before the notary was supposed to come, which gave me an opportunity to go through all of it, get back to Chris and ask questions if necessary. They emailed me the final documents on a Thursday and when I looked at it, one date was incorrect so that Friday morning I called and let the person handling it, know that there was an error in that date, which gave them the opportunity to correct it before notary came. The process went quicker than I thought it would, and I was very satisfied.
Thank you, Sondra! 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 experience with Liberty was fabulous. The application and underwriting for our reverse mortgage were done in a timely fashion, and Ron was delightful to work with. He was very professional and his follow-up was phenomenal. He was always on top of it. He didn't wait for us to call with the question, he would call and check on where we were at, what could he do for us, and had we considered this or that. I could really tell he is a good and honest individual. His whole entire team was excellent but definitely Ron is above anyone else in the field. Working with Liberty has made our life so much simpler. We were able to take care of financial things we would have not been able to do otherwise. It has given us security and relief, financially and emotionally.
Great feedback, Linda! We genuinely appreciate it and we’re glad to hear that you’re happy with your experience working with Liberty.
We did a reverse mortgage with Liberty after talking to Larry and seeing that it seemed like he had what we wanted. He was able to answer all of our questions, he was personable and we felt comfortable with him. He thought the reverse mortgage might help us out and I think it will. So, we did a little paperwork with him and then we had an interview over the phone with a lady for about an hour.
There was a bit of a pause after they got the information, and then finally, they said it was okay. They had a guy evaluate our house and the evaluation was good. Then, someone came and we did the closing papers, which took about an hour. The whole process went on for two months, that was a little longer than we thought, and the closing cost was a little higher than what we were hoping it would be. We were on a 3% rate with our mortgage, so this is a little more interest, and my wife was a bit concerned about that. But we liked the idea that we don't have to make the mortgage payment.
Paul, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
I had three different mortgages and some rentals. I owned the whole building. I was just planning on doing a reverse mortgage on my homestead, but then when I went to a counselling they said, "Well, you own a whole building. As long as you live in one of the units, you could do a reverse mortgage on the whole thing," then I could get rid of all my mortgages at one time. So my outlay every month out of my retirement was a lot less. It gave me chance to use that money for travelling. There was one bank in town which advertised the reverse mortgages and they referred everybody to Liberty. And then, I looked up Liberty on the internet and it said that the two biggest reverse mortgage companies were them and AIG.
I went through the whole process and it was complicated because I was combining titles on three properties that were all in one building. And then, I had to make it so there was just one parts of all. I was able to accomplish that and it worked out. It took months which was more than we expected, but of course, I had a much more complicated situation so it took a while to get through all of that. There were certain criteria and I just had to go through because I was making the changes as it went along and it went well. Liberty did an excellent job whenever I had a question.
The rates and terms were pretty much what I expected, but I was hoping for a better appraisal. But the area that I live in isn't by historical count the highest appraisal area. There are some areas where lesser buildings pay more money so that was a bit of a handicap, but when you do the numbers, it didn’t really matter because if you got a low appraisal and you don't get money above paying your mortgage off, and also if you sell it later, then you don't have to pay back the money either.
The loan was $109,000, which included the closing cost. But the amount that I could get was less than that. It didn't pay off all the mortgages, so I had to cover some money in order to make it work. There wasn't a negative balance. It wouldn't make any difference either way, except I didn't get money above my mortgage that I would on my mortgages. If I turned around and wanted to sell it in the future, then I have less to pay back. I would like to have the extra cash and getting rid of the payment was a big enough incentive.
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My brother and I talked about having a reverse mortgage a long time ago. We're still taking care of my mother, and then he had an accident and he passed away. And then, I had surgery just three days after that, and I was having a hard time trying to find people to take care of my mother. I finally got the state of Arizona, a hospice for older people so now I'm getting help. But her whole social security check was born for prescriptions and everything else, which we don't have to worry about now because she's not on all of medication and the hospice can take care of it. I was caught in a bind because I'm on social security, I just have enough to live on and I have to pay this mortgage every month.
I called AAG because my brother was gonna go through it. And then, their rep said she was gonna get back to me. However, three months went by and I didn't hear from her. Then I called back and I kept getting a recording because she wasn't in her office or whatever. They never got back to me. So then, I got online, called another company and told me my house was worth $125,000, which I know it wasn't. I was surprised in what it came out. I got online, and when I tried to find out more about reverse mortgages, I got a phone call and it was Ron from Liberty Home Equity and he said, "Well, I can explain it to you." He was very good.
I told him I had a solar panel and my house is not worth a $125,000. I was surprised it was worth a $107,000. I told him it was around $75,000 to $80,000, which I was surprised because the prices in Tucson have gone up a lot. He went through all of it and they wanted me to call right away and go through counselling and get an appraiser out. They wanted me to put the money out and pay for all these stuff. And I said, "Yeah, you're saying I qualified, but what happens if something happens and I don't? I'm out all this money for nothing."
And then, I got a call and that's when he started explaining. He said, "Well, before you spend any money, I could check things out for you." He was very helpful and very good, because then I explained about the solar panels. I said "I don't know them. They're on lease.” He said, "Well, you might have a problem with that." But he told me I would get the right thing by not spending money for counselling and for an appraisal until I find out for sure if I was even gonna qualify or not. He said, "Yeah, they can tell you you're gonna qualify, then you can go through all of this and spend this money out and say, 'Oh. By the way, we have this problem, so you don't qualify.' Now, you're throwing away $400-$500 for nothing." He told me that they can get me through this process and they can take care of all of it. If I wanted to go through the process, then they could get me set up for it.
Everybody that I spoke with throughout the process was great. They explained everything and it was wonderful. The process didn't take as long. The rep told me it was gonna take a little while because of the legalities I had here because my brother had died. I already got the house switched over to my name before I even applied for a reverse mortgage, but there was still a mortgage on the house and it was in my brother’s name. However, there was no way I can switch that. It was non-transferable.
We appreciate your feedback, Dolan! We aim to provide the best service for our customers!
I needed some cash. Liberty Home Equity Solutions seemed to offer the lowest interest rate and my kids don’t want my house anyway so I had requested for a reverse mortgage from them. Their process was very extensive. I've got more paperwork back there than the government and a lot of that paperwork was filled out two and three times. Some of it was part of the application. And then, there was this gentleman who came out and I had to go through all the same stuff again. And when everything was finalized and all the appraisals were in, I had to go through and sign all that paperwork again. I had a degree in accounting and all the paperwork and problems I solved in a year did not come up to the amount of paper I got from Liberty. This stack is about three and a half inches thick. The paperwork in itself took about an hour and a half to complete, and the whole process took a month and a half.
The people were extremely polite and nice. The loan officer that I worked with was very patient. If I had a question, I just need to call her and ask. When she wasn’t at her desk, she immediately called me back. I was very comfortable working with her. However, the terms are confusing because they say that it's 4 point something percent, but they didn’t specify that that’s for the first year. And after that, it goes up to 23% or 24%. Nobody said anything about it upfront. I noticed that when I was going over the paperwork. I got the same charge the second year and the interest goes up every year until it hits a point and then it starts going back down. Working with Liberty has let me pay the bill I was worried about. The people are marvelous. It's just the paperwork. 10 pages of it could be cut out real easy. If others are thinking about getting a reverse mortgage, they should go to Liberty.
I had to put my mother in a rest home for about a year and it was draining funds, so I decided to do a reverse mortgage. I called AAG first but their loan officer never called back when he said he was gonna call. So, I went with Liberty Home and obtaining my mortgage with them was kinda difficult. The title company kept throwing all kinds of roadblocks but with Liberty's team and the lady there who assisted me, we got it done. I had to adjust and do all kinds of stuff but Liberty was good in helping me figure out alternatives through that. They were real friendly, helpful, and concerned. The whole team was pretty good and the application and underwriting process took about three months.
Other than that, the loan amount could've been more but for some reason, all the homes in my area were selling for a lot more than what the appraiser appraised the house at. However, my house has twice the land that everybody else's house has. Plus, it is kept up a lot better and has a lot more features in the property than others have, though the yard is bare. Still, I was able to pay for a year for my mother because of the loan and I'd recommend Liberty if you have the patience to go through the process.
We appreciate your feedback, David! We aim to provide the best service for our customers!
There's an awful lot of information that you have to go through dealing with Liberty Home. The process is quite extensive but it went easily and smoothly. The rep I dealt with was professional. She knew what she was doing. The rates are high but the terms seem okay. My life is a little better because of the money we got from this loan. Liberty did a good job.
We appreciate your feedback, Robert! We aim to provide the best service for our customers!
My daughter used to work as a counselor for reverse mortgages and when it started getting pretty tight because everything was going up, except my social security, she suggested it. Everybody at Liberty was very kind and walked me through it. However, since all these has happened, for the last two weeks, everyday, in a different colored envelope, I am getting letters asking me to buy life insurance up to $310,000. I don't wanna buy life insurance. I've got my own thing that my family is aware of and I keep throwing these things on the trash, and I can just see the trees coming down between the fires in sending all these junk mail out. I thought about writing them not to send those letters anymore.
The first day I talked with my counselor, Dorothy, I made an appointment to have the counseling and she was very cordial. But the next day, she was rude. She kept saying she couldn't hear me and that I must be walking around my house, or going in and out. I said I was sitting in the same spot I sat on when I made the appointment. I also said I was sorry she wasn't hearing me and that maybe we should hang up and try again. But she said no and that she had too much to do and we just had to get it over with. She said it was going to take about an hour and a half and she could hardly hear me.
I said I would try to speak slowly and not move my head. The hour and a half turned out to be 20 minutes, which was fine with me. I think they do that just so if it doesn't take as long, you will be thrilled Other than Dorothy, everybody else was wonderful. I would adopt them into my family. They gave me a list of about 12 people to call for the counseling, I just called the first one on the list so I'm sure the other 11 are wonderful people. Dorothy might have been wonderful too. She might have just been having a bad day.
I've had to cut corners for the last several years since I retired and I'm only living on my social security so I'm used to being careful. With Liberty I'll be doing fine. I understood everything and why I'm getting this much instead of that much. I enjoyed working with them and I'm really looking forward to the experience for several years. They're very conscientious and helpful. My job was working with the elderly in hospital situations for 48 years and I know how difficult it is to work with the elderly sometimes. All the people were young and they could be my grandchildren but they were wonderful and very good kids. I would recommend Liberty to everybody.
Geraldine, We’re delighted to read your feedback about Liberty! Thank you for taking the time to share your positive experience.
I had a loan that I loaned to some people and it caught up with a lot of interest payments and they didn’t pay. My regular payment was $150 a month from that loan and the interest was $98. So, it would take me all the rest of my life to pay it off. I know some other people have reverse mortgage and they liked it. I called several numbers and Liberty got back to me and another company, and I just went with Liberty. Their application process was very thorough. The whole process took three months.
Their reps were all very good. Whatever they needed that they didn’t have, I usually had it, make a copy, put it in the envelope and send it to them. And they’d send me a UPS envelope to return it and it didn’t cost me a penny. I even got a “Thank you.” card from the loan officer who helped me. Everybody was very, very nice. My loan officer was very honest. He told me what reverse mortgage meant. When my wife and I pass away, the house would be sold, they're gonna get our money and I'm out of the $22,000 loan that I was making payments on, and my son would still get some money. The rate and the terms were very good. So far, I'm just happy to get out of the $22,000 loan. The house that I'm living in was appraised at $110,000. Since my son didn’t need it nor the money, I figured I'm gonna have a little extra money here. In fact, I can still get $12,000 if I want to. Overall, my experience working with Liberty was good.
Albert, Thank you for taking the time to share your experience with others. We’re happy that you enjoyed working with us!
I saw Liberty Home Equity advertised on TV and I liked the way they talked and what they said. I went through with the application for the reverse mortgage and the process took six weeks. At one point, it was difficult because I was cosigned on the house with my daughter and we had to get over that. The rep was great and if I needed to know anything, I called and asked him. He explained everything well and I felt really comfortable with him. The rates and terms were alright and they offered me a good deal. My old car was not worth rebuilding so I bought a new car and paid off my bills when I got the reverse mortgage and everything is going smoothly. I told all my children about Liberty and my son who is retired might do the same thing.
We’re delighted to read your feedback about Liberty! Thank you for taking the time to share your positive experience.
I got a call from an employee of Liberty who explained everything that would be taking place, what the reverse mortgage was, how it would work, then set me up to put through the application. I felt confident after speaking with someone I know who works for Liberty that I would be treated well and that it was the right move to make financially.
The process was very smooth and simple from beginning to end. They gave me choices on whether I wanted to pay upfront for certain things to the appraisal and counseling session or if I want it pulled from the actual mortgage at that point. I’m several hundred miles from Sacramento where the company resides, so everything was done electronically. I went ahead and had the counseling, then I had someone come to me with the paperwork to notarize and sign. The process took less than a month and it went very quickly. It worked out and I had an awesome interaction with my loan officer, Liza.
In terms of the rate and terms that I got, they were what I was looking for. The biggest issue was to get out of debt so I spent time with a friend of mine who’s an accountant and we talked through. Three quarters of my debt was at a higher interest rate and what the reverse mortgage could even possibly get up to, which would take about five years to get to a higher rate if it does go up. I felt that it was absolutely well worth it to get the strain of the debt off of me and to live within my financial means.
It’s only been a week since I’ve had this whole thing with Liberty so my brain is having to be reprogrammed because with the money available to me, I probably spend it all quickly but it would be unwise for me to do that. Every person that I mentioned that I was gonna do a reverse mortgage did not right out said to me not to do it but I could hear in their voice disbelief that comes from many years ago when reverse mortgage was new and didn’t have certain guidelines to them. But I want people to know that it really is a reasonable step to take and the benefit is remarkable.
If a friend comes and asks me about Liberty, I would absolutely give them full confidence in the company and I would recommend Liz and Peggy any time as loan processors. They both were just delightful, helpful and kind. They were dealing with people who are over a certain age and it was important that they need to be clear and concise, and they were all of that.
Great feedback, Jeanine! We genuinely appreciate it and we’re glad to hear that you’re happy with your experience working with Liberty.
I was disabled 17 years ago. I was working at that time and my job had a long-term disability plan, which supported me until I reached the retirement age of 66. After that, I only had my Social Security for income. So it seems like the best plan to use some of the equity in my house. I was looking out for reverse mortgages online and Liberty called me. I helped my dad get a reverse mortgage some years ago, so I’m pretty familiar with it, although some things have changed within the mortgage itself.
However, obtaining my mortgage was hell. It turned out my student loans were supposed to have been discharged 17 years ago when I became disabled because they gave me a disability discharge. Apparently, for some technical reason, the disability discharge hadn’t gone through and I didn’t know that. And so, I had to go through that process and that took a couple months. And then, the IRS suddenly said I owed them a thousand dollars and wouldn’t shut up until I gave it to them even though I proved to them I didn’t owe it. I just wanna get that back out of them. They wouldn’t let me get the reverse mortgage unless I pay them $1000. The experience was extremely long and frustrating, but it wasn’t Liberty's fault. It just dragged on and I had no income. Although my birthday was last July, so from July until this week, I have my Social Security, but that isn’t even enough to pay the utilities. So it was awful. But now, it’s all good.
The reps at Liberty were very nice, professional and hardworking people. My initial person doesn’t work there anymore, so that was kind of a hiccup. There were two people who I worked with. One went on maternity leave and so I had a new person there and she was fine. Part of the process was that I had to have an independent financial person come to talk to me and she said that she thought Liberty's rate was a very good offer. The rates on all mortgages were going up, so mine was just about right.
The one thing I didn’t like is when the appraiser came out, he said my hot water heater had to have two bands on it for earthquake reasons. He was supposed to come out and take a picture of it. He called and asked me if I would take a picture, which I did and sent it to him. Then he charged me $100 for that. He was the only person I thought was a little shady. They have me do his work, which I didn’t mind, but I did mind the charge. But other than that, my overall experience with Liberty has been fine. I would recommend Liberty to others. People should give them a call if they’re interested in a reverse mortgage.
We own a house that has a lot of equity in it and a reverse mortgage is an easy way to get money, and not make payments. Also, I'm in a unique situation because I live in a home that is very much more above what the HUD rate allows. So, Liberty tells me how much I can take, and I'll still have a lot of equity in my home. The application and underwriting took two months, but my loan officer, Stephen, was on top of it. He had all the information I needed and would readily answer questions through email and phone. Currently, things are going up a little bit and their rate is fine, for now. Liberty paid $15,000 in closing cost and everything went the way that it should have been, and I would recommend them.
Juanette, Thank you for taking the time to share your experience with others. We’re happy that you enjoyed working with us!
I have been searching on what to do for a loan from the bank and I went through so many people but I ended up calling Liberty. I liked the way they explained things. The application process was great but it took seven weeks. I started on the first of August but they kept finding roadblocks so I didn’t get through until the last of September. I had to keep calling to ask when they were gonna do this because I made promises for payoff and I kept getting kind of roundabout ways. I had to do the appraisal and it took forever.
I told the rep at the beginning that I would remodel my bathroom. When they got here, they were surprised and said that they couldn’t do the loan because I didn’t have a bathroom. The second bathroom I had there was just toilet and sink, but they didn’t even go and check that. They should have done a thorough evaluation. They had to come back and I got the bathroom finished. Christine was very nice, courteous and kind in trying to explain everything to the people over. She was trying to help me understand why the company was doing this. She was straightforward and I was very comfortable working with her.
I was very satisfied with the rates and terms of the mortgage but I wish I could have gotten a little bit more for the house. The first part that was allotted is just about gone because I have made so many promises and when I made the promise, I thought I was gonna get the lump sum in one year but they divided it into two. That threw me for a loop but I was too far in the loan and I just didn’t back out. I would have had to start all over with someone else and I was already late with my payments that I promised my contractors. Still, working with Liberty took a lot of stress off. They were very good but you should get all the facts you need upfront.
Willie, Thank you for taking the time to share your experience with others. We’re happy that you enjoyed working with us!
I’m almost 90 years old and I needed some work done in my home, but I didn’t want to take a loan and I didn’t wanna go bankrupt. I’ve been in my home for 30 years, so I have a lot of equity. Liberty's location is close to where I live, so I didn’t have to go to a lot of places. Their process was fairly simple and took about a month. Their rate was fair and this was in the current real estate market. I also have an option to buy the loan back. I’d recommend Liberty.
Thank you, Allen! 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 looking into a reverse mortgage to pay off some debt. I looked it up online and I called a lot of different people. Liberty’s application process was fine but it could have been faster. They should tell you everything you need at one time instead of having to call back and asking to get more information. I called them in June and closed in August. I had to get all the information that they wanted. I had no problem with doing all of that, so it was good. It was fair and reasonable.
I called my loan officer anytime I wanted to talk to her and I got in contact with them as much as I wanted to. I left my name and phone number, so she was happy about calling me back. She called me to make sure that I was satisfied and told me everything I needed to know. While I was doing the paperwork, she called to make sure that I was doing everything correctly. I called her back and she helped me with that. However, they told me they were gonna pay my insurance for me for the year, and they didn’t. So, I did it myself. The rates were good and it was more than my credit card so, that was reasonable. She told me that I could pay it back if I wanted to or I can just wait it out. She said my interest rate won't go over 9% so that was good but I didn’t like that they could transfer my loan to someone else. Still, Liberty helped me and people should try them.
We looked into reverse mortgage and thought it fit our needs. Liberty was great from the get-go and the process was easy. The application and underwriting took 28 days, which was fine. The lady named Mary helped us, made the process very comfortable, and walked us through step by step. She kept up with me once in a daily basis either by a phone call or a text or an email. She also answered every question I had and made it very understandable. Apparently, there's not much leeway on the terms and interest rates and fees in a reverse mortgage, but I liked the way Liberty presented itself and the way Mary presented it. Everything went great.
Great feedback, Deb! We genuinely appreciate it and we’re glad to hear that you’re happy with your experience working with Liberty.
I needed the reverse mortgage to make living more comfortable for me. I dealt with a different company at first but I ended up being unhappy with them. Then a friend of mine recommended Liberty Home Equity Solutions. The process went through smoothly. The people that I dealt with were very professional. They knew what they were talking about and they explained things to me thoroughly. Liberty was always available as well and they did what they could to make things comfortable for me while going through the transition. They went out of their way to come to my home because I don’t drive to their area. They also did everything to get me the best rate. The service was excellent and I had a good experience. Right now, I’m able to live a little better.
We appreciate your feedback, Carmen! We aim to provide the best service for our customers!
I had taken a reverse mortgage previously so I decided to do it again since we're not moving anywhere. My brother, Lar, researched the different lenders and he said Liberty Home sounded like a good one so I went with them. The process went quite smoothly. The rep was very helpful. He told me if I had any questions, he would answer them, and he did. He explained everything and made sure that I understood. So far everything has been quite good since we did what we need to do. The rep told me how long things would take, and it went like he said. I would recommend Liberty to everyone who wants to do a reverse mortgage.
I talked to several lending providers and Liberty was the best as far as communication. They didn't try to call me every week, but some of the others did. Liberty lets me make my own decision and that's the one thing I like about them. At first the process seemed like a no deal, but it was really nice. There was a lot of paperwork to read in a short period of time but the process didn't take very long. The application was a week and then the underwriting was another week.
The rep gave me some pointers and tried to answer my questions the best he could. Liberty helped me. I needed the money. I've got a pretty nice house but I'm coming short of a few hundred dollars every month. I didn't need a large loan, but the idea of having that line of credit was really what sold me. The reverse mortgage is a pretty good deal and I've already directed one party to Liberty Home.
Great feedback, Stephen! We genuinely appreciate it and we’re glad to hear that you’re happy with your experience working with Liberty.
My husband passed away and the heating system in the house went and some other things broke at the same time so, I needed my money. I went to my bank and they said I didn’t have any credit even though the house was paid. They suggested a reverse mortgage. I was browsing through the internet and the gentleman from Liberty Home Solutions was the first one that called me. I started the application process at the end of June and I got the loan in September. When they did the title search, they found that there was a possible lien on the property and they had to do the title search. We took out the initial home equity loan in 1990. It was taken out at a bank that another bank bought it out and then, these people bought the mortgage. The woman had to sign off on the note. The lady lives 20 miles from me here in Virginia, but they never indicated nor asked me the location.
Chris, the one who initially called me, got things going and then transferred everything to his associate. At first, the ladies I was working with were communicating. Towards the end, when they couldn’t come up with the woman’s signature on the document, I would call them but they wouldn’t return the call. We had no air conditioner and the heating system was gone. That was the purpose of the loan and we had to schedule these things and get them installed. The communication could have been better. After a while, I thought they were leading me on and that I wasn’t gonna get the loan. I did some investigation just to see if it was an actual company. I had a friend who was a reverse mortgage specialist and she guided me to what was acceptable and what wasn’t so I felt it took too long and it could have been expedited quite a bit.
The job that they did was adequate in the beginning and everything was brought right to me. That was really good. Once they got the signature, it was done but I told the rep that if I didn’t get it, I would transfer the loan to another company. The next day, I had a closing date. It took 21 days to dispute it and it was signed on the same day. I got a heat pump but the anticipation was frustrating and I hung around waiting for the phone to ring. I’m glad it’s over.
We needed money and we went with Liberty for a reverse mortgage. The process was difficult. There was a lot of paperwork and it took us three months to finish. Our interaction with the first guy, Morris, was fine. Johann took over and he was fine too. The rates and terms were acceptable but I wasn't happy with their take out of the repairs. They took 500 bucks from me for the repairs which I was gonna do anyway. I understand I have to pay the taxes and keep up the repairs but I didn't know they were gonna take out 500 bucks right off the bat. Now I have to pay $150 out of that to get a reinspection fee. All they did was a simple primer paint on the front and some gutters, and I almost had it done already. And then, the inspector just came out here in three seconds and said that it's done and that he'd take 150 bucks of my money that I could have had and it pisses me off. Otherwise, I was happy with the experience I had with Liberty.
Dear Martin, Thank you for providing candid feedback; we would like to understand your experience with Liberty better. Someone from our team will be contacting you directly. We appreciate the opportunity to improve our customer service.
I went online and tried to get some information on reverse mortgages and learn all about them. I happened to pull up Liberty at random and I was looking at it. Apparently, they know when someone’s looking at their website and they called me, which I thought was strange. The rep explained everything about the reverse mortgage and it sounded interesting. It all seemed okay, so I told him I would let him know my decision in a month. Then he called back a month later and I decided I was gonna go ahead and do it. It was quite a process, however. They had sent the materials out and it was a regular study program. I had to select somebody to take an oral exam with and then the Liberty rep had to certify that I was not an idiot. People that are my age and maybe even older, get confused and they don’t understand what they’re getting into.
Once I got the certification, Liberty sent me a bunch of papers to sign and the house was appraised. Then they came up with a number of which about 50% went to pay the existing mortgage that was left. The process took three months, although I didn’t want it to go through too quickly. But they wanted it to go through quicker because they thought the interest rates were gonna go up and then there would be less money for me. I forgot how many days it was that I could still reject their service if I wanted to, but I was convinced that that was the thing to do, and I still am.
The only thing that I didn’t like about the whole process was the limit on how much money I can take out of my equity account upfront. We were not hard up for money though. That was not the reason why I did it. Our problem was we had a lot of money in tax-exempt accounts. And if we took out more than $15,000 out of any or all of the accounts in a year’s time, then we would have to pay an exorbitant amount of income tax on it. What I didn’t know and what seemed to be a deep, dark secret was that we are only taxed on half of our Social Security. So once we get over the magic number where we have to pay tax, then we get taxed on 100% of our Social Security. The number, I think, is 13,500 and I get up over that. So it was not just a matter of paying an additional 7%. It was like 25%, so I jumped up by two tax brackets.
I talked to Liberty about the rate and terms and I asked them what would happen if I decided to pay the mortgage off. The rep said that only 1% of the people ever pay it off and that they just let the house go at the end. But I had my daughter involved in the process, so she understood what we were doing. She could still sell the house or we could or my wife could. I don’t ever wanna leave this place but if I croak, my wife is gonna have to go through all this mess of trying to sell everything. In this way, with the reverse mortgage, we really don’t have to. She can walk out of the house and just leave it, and let the bank take it or whatever she feels like doing. Or if she wants to sell it, then she can, and it’ll be a 150,000 or 200,000 profit after she pays off Liberty. She’s gonna have to make those decisions when the time comes. But in a year from now, we will have a nice equity account to draw on to do all the things that we wanted to do.
I was really happy with Liberty and I still am. However, when we had to sign the final papers, there were some numbers that I was not expecting to see. The papers had to be all signed in front of the lady notary who came out with the papers, but she could not explain anything. She was just there to make sure that we were who we said we were and that we got all the papers signed. I called Liberty three times during the process and they explained exactly what I was signing. The reps were wonderful and they still are.
We then got a letter in the mail saying that they had issued the checks and that a company was titling or putting names on the house. I did not recognize the name of the title company, so I called Liberty right away, and they said that was their parent company, the one that owns Liberty. The process that we went through with Liberty wasn't easy. But I can understand why it wouldn’t be because if somebody is not mentally sharp, then they probably should not be doing this. One has to completely understand that you’re getting the money now and if you spend it now, there’s gonna be nothing later.
I saw Liberty Home Equity Solutions on the internet. All the companies had good ratings but Liberty sounded the best to me. Obtaining a mortgage with them was very easy. Katie and Randy were very kind and very helpful. I felt very good about their guidance. They did everything and the application and underwriting were timely. It was a very good experience.
I was going through some periods of sickness and I had a recent valve replacement. In case it was gonna be more serious, I wanted to make sure that my wife was gonna be able to stay in the house without too much problems. So, I decided on doing a reverse mortgage and chose to work with Liberty Home Equity since, at the beginning, I found them to be better than other providers. However, I was upset because I asked for a certain amount of money to be returned and the person that I dealt with told me that it would be fine. That person evidently didn’t put down all the information on her record.
After almost two months of negotiations, I was either gonna cancel it or take a lesser amount of money because Liberty said they couldn’t give me what I was quoted because she was no longer with the company. I wanted to get the thing done quickly and I was tired of going back and forth with Liberty about this. So, I was upset about the way that I was treated at the last part of it. I originally wanted 30,000, we settled on 20, and then when it came to finally doing it, they said all I could get was 15,000 and change. The whole process took over two months and it was in the underwriting for a long time. They wanted to know certain things and it was totally ridiculous to what this was for. The reps weren’t authorized to do anything except follow what was told them.
I’m a real estate broker and I deal with a lot of mortgages. This wasn’t the greatest experience with a mortgage even though this was a reverse mortgage on mine. On other experiences that I had with people having mortgages, there was no problem and I didn’t have those questions asked of them. So, it was not what I wanted but I settled for it. I wouldn’t recommend them.
Dear Robert, Thank you for reaching out to us via Consumer Affairs. At Liberty, we strive to provide excellent customer service and regret that we may not have provided the optimal experience for you. We take feedback seriously; someone from our team will be contacting you directly. We appreciate the opportunity to improve our customer experience.
I got a phone call from an old employee of Liberty Home Equity who was soliciting but we weren’t ready to do anything at that time. All of a sudden, my husband and I talked it over and we decided we would do it. So, I called the guy that I normally dealt with and got Richard. He picked up the ball and took it from there. I liked the convenience of Liberty answering the phone, giving me good answers and the constant communication. They also let me take my time to decide if this was something I wanna do or not and they explained everything very well to me. The application and underwriting took a little over a month and they answered all my emails. It was an incredibly smooth process and I liked the rep’s availability and knowledge. Even the counseling service that we contacted answered all of my questions.
Everybody always wanted the rate lower but I found it to be a benchmark and it was okay. I’m going on 72 and I need a hip replacement. I’m still working full-time but working with Liberty is going to enable me to quit or go part-time within the next four months. Liberty went out of their way, made the closing excellent and got my cost down as low as they possibly could. I will recommend them.
Darlene, Thank you for taking the time to share your experience with others. We’re happy that you enjoyed working with us!
Mike was my loan officer with Liberty and he was really helpful. He was very good to work with. In fact, everybody was. I didn't have any trouble with anybody. There was an awful lot of paperwork but that was okay. Anytime you deal with the government, there would be a lot of paperwork. Besides, it was easy to do. The terms were excellent too.
Great feedback, Phillip! We genuinely appreciate it and we’re glad to hear that you’re happy with your experience working with Liberty.
I contacted two lending providers that were online and I dealt with one of them for a while. I liked the rates at Liberty. However, I didn't care for the persons handling the reverse mortgage at the other companies as well as I did with Eric who was from Liberty. Eric was very thorough, cordial and understanding. Though I would call him rarely, he was always there when I did. If he didn't answer the phone right then, he got right back to me. I liked that about him. The application process with Liberty took two months total and it was a little time consuming. Still, it went smoothly.
Liberty Home Equity Solutions expert review by Michele Lerner
Formerly known as Genworth Financial Home Equity Access, Inc., Liberty Home Equity Solutions, Inc. has been helping senior citizens gain financial independence and security through Home Equity Conversion Mortgages (HECMs) for almost a decade. They are a direct lender and are licensed in all 50 states. Liberty currently does not offer consumer-direct retail lending in Utah, but they do in every other state.
No up-front lender fees: Liberty does not charge any up-front lender fees. Any processing and loan fees are financed into the mortgage itself instead.
Homeowner resources: Liberty’s website has many resources for homeowners to review to help them decide if a reverse mortgage is right for them. Resources include: HUD counseling, reverse mortgage pros and cons and a checklist of eligibility and requirements for applicants.
Free 2-step calculator: Use Liberty’s free 2-step calculator on their website and within 30 seconds receive a free rate comparison, an available cash estimate and a downloadable handbook delivered to your email.
Iron Clad Guarantee: Liberty’s Iron Clad Guarantee promises to deliver fair and competitive pricing, loan closing within 60 days of the date they receive your loan application and HUD Counseling Certificate, live customer service between 9 am and 5 pm PST, an online loan application, protection of your personal information and the promise that you can always change your mind or stop the process any time before your loan is funded.
Pricing promise and closing commitment: Liberty guarantees they will match or beat a competitor’s pricing, and they will give you a $100 VISA gift card if they are unable to do so. They are also committed to closing quickly and efficiently and will give you a $500 credit toward your closing costs if they fail to close your loan within 60 days.
Best for: Seniors who want a fast reverse mortgage process.
Liberty Home Equity Solutions, Inc. Company Information
- Company Name:
- Liberty Home Equity Solutions