Liberty Reverse Mortgage

Liberty Reverse Mortgage

 4.2/5 (118 ratings)
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Liberty Reverse Mortgage

About Liberty Reverse Mortgage

Liberty Reverse Mortgage are direct reverse mortgage lenders that specialize in HECM, HECM for purchase, jumbo reverse mortgages and reverse mortgage refinancing. Established in 2004, Liberty Reserve has helped over 75,000 borrowers with their reverse mortgage needs. Currently, Liberty does not offer consumer-direct retail lending in Hawaii and New York.

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 48 states.

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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 48 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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Page 1 Reviews 0 - 5
Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: Jan. 11, 2023

We've had Liberty from our original reverse mortgage since 2014. Then we did a refi. Since we've tried other people and nobody had satisfactory conclusions for us, we went with Liberty. I'm pretty happy with it. As far as the application process, it was pretty easy. They walked us through it. We did it all through on the computer. There was just a lot of sending photocopies back and forth, and it took a while. There was a little bickering back and forth and misunderstanding, but we got it all straightened out. The HUD’s crazy rules make things a little difficult. We had all these different figures for our line of credit and every time it looked like we had a decent amount of line of credit that we're gonna get, it turned out it was not the case. They managed to at least meet us halfway with that one whereas no other company that we tried did.

We were supposed to get an $85,000 line of credit as opposed to the 70,000 that we already had originally on a previous reverse mortgage with Liberty. Other than that, everything was good, the house appraisal was nice, and by the time all's said and done, we ended up with barely 80,000. So, it was still 10,000 more than we originally had, but one goes through all that hassle. So, we decided to go ahead and go with it. The Liberty reps were pretty good. They worked with us hand in hand. If they didn't have an answer, they got somebody that did and they got back to us. I was satisfied. They were very professional and they were very nice to us. They understood our needs and what was going on and how we felt about certain things.

Working with Liberty helped us have a little security. We're both on fixed incomes and it's nice we have our house equity. That’s what we’d like to tap into in case of emergencies. Their process moved quickly. It's just a matter of getting the proper stuff the way it needed to be and what we were trying to accomplish. That was a little bit nerve-wracking because, after all that, we're just about ready to drop it all. There were a few things I got wrong. The deal was for them to pay the appraisal. We had the appraisal with another company before them and they paid for it, but they were willing to pay them. But they also put that in the closing cost. It was like $625.

Part of the deal, which we have in writing, was that they pay the closing cost. And they didn't take it out of. When the whole loan was finally done, they didn't take it out. So, it gave us $625 less in our line of credit. Because of that, they fixed it up. We also got free counseling services. With the interest rates being as high as they are, the line of credit is pretty good. It may not sound like a lot, but when you take $625 away from the initial line of credit, it’s all compounded on top of each other. So, that's the only thing we regretted.

Liberty Reverse Mortgage response
Great feedback, Bruce! 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: Nov. 20, 2022

    We sold our home in California to move to Oklahoma to help our daughter with a business that she and her husband had started. And we got here two hours after she passed away from a bicycle accident. We had started to remodel this home when we bought it and being that she passed away, we had to pay for the funeral. So, we put a lot of money out of pocket and then, we didn't have enough money to finish the house. It was an ongoing event, but we're recouping. And Liberty Mortgage was great. The guy told us upfront the process was gonna take a long time. And it did for the most part. It was all good. So, I would recommend them to help people if they're in a financial situation.

    I didn't understand reverse mortgage but I'm glad that I did it because it definitely bailed us out. In the very beginning, it seemed a little sketchy. I was a little curious. But all in all, they stayed on top of things. Now, we just have to figure out if we wanna stay in this home because we paid cash for it, so there's no mortgage. We're here at least for another year or two and after that, we're gonna have to make a decision. There's only one thing that I need to deal with the lender on. Our taxes and insurance are supposed to be taken out of their funds that they held back and the homeowners’ insurance policy was paid in full except for $80. I don't know why they didn't pay the $80 but I paid it and let the lender know. He said they would talk about it and see if they can get me reimbursed. But it's no big deal.

    I sold real estate back in the ‘80s and back then, my broker encouraged me to never ever talk about reverse mortgages to people. They were not good back in those days, which was why I was a little bit leery of it. But in the same token, everything seemed to be so honest and upfront. So, we did it. It's been a great experience. They were very good. When I needed a response, I would email and Sabrina, the rep, would get right back to me. Or if I called on the phone, the manager would call me back. Everything seemed to be smooth.

    Liberty Reverse Mortgage response

    Thank you, Sandy! 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: July 16, 2022

    The process with Liberty went all right. However, it was a little frustrating to try and explain to them that we wanted all of their requirements at one time and not piecemeal. We didn't wanna have to jump through this hoop and then wait and then jump through another hoop and wait. We wanted to know everything that was required so we could get it all done and not be sent down some trail that would cost us money all the way down and then find out at the end that there was something that would hold up the process or not allow the process to go through. The rate that they based their initial rate could also have been a little lower.

    It's a pain to get online with the servicing company to be able to monitor and request disbursement. We still haven't been able to complete that process. Was on the phone with them yesterday for an hour that their computer runs you through this process to do, put in information and then at the very end, they're supposed to send you a code. But the email hasn't appeared.

    My husband called and spoke to someone. They're supposed to call us back again today. But if that's how the servicing is going to go with lots of hiccups, that's gonna be very disappointing, ‘cause that's the whole reason for getting a reverse mortgage so that you have access to the cash when you wanted. Not have to wait to try to get through to them and have difficulty communicating with them to access your current loan information. ‘Cause that's the whole reason for having access to computer servicing ability so that you can track it online what's going on. But we were comfortable enough working with them. John, the closer, was very good. However, the person in charge of relaying the closing costs to us wasn't as experienced and didn't understand what we were asking her until she checked with John to find out what our question meant. I thought that was pretty inexperienced on her part.

    Liberty Reverse Mortgage response

    Thank you, Lorrie! 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: June 14, 2022

    Marie was our rep and she was great. Communication was top-notch. It is way easier to do this reverse mortgage with the company you're already with. There are technical things that they can overcome that would be really difficult if it was a refinance from the same company that we already had our mortgage with. With the appraisal process, they have to send notaries to do everything. They're in California and we're in Loveland, Colorado. An appraisal guy came down from Wyoming, which really surprised us. But that went pretty smoothly.

    I expected a monthly statement and it's supposed to go out on the 1st or the 3rd. The statement that I got yesterday was from the first mortgage and we really want a statement from the new mortgage. We closed in mid-May. I figured it would be in the loop and we would have something by now. We have a line of credit and we want to keep track of how much money is in that line of credit that is available.

    At one point, we weren't sure what we were gonna be able to get out of this deal. If it was a certain amount, we weren't going to do it. It cost over $9,000 to do the refi which goes into your next loan. We get that. Marie was able to go to bat for us and somehow, they got us a bunch more money than they were indicating we might get so we're happy with how that turned out. We ended up making just under $19,000 on the deal. That was well worth it for us. We might do this again in a couple of years. The appreciation of our home was just stupid. The was over $100,000 appreciation in the last two years. We want to take advantage of that because it may not continue that way. As far as the appreciation of our home, we maxed out at this point in this market.

    Liberty Reverse Mortgage response

    Thomas, 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 4 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 27, 2022

    I'm 78 years old and a lot about the reverse mortgage process was hard for me to understand. I just hope I did the right thing. I'm also concerned about the Doc-Solutions Incorporated papers that I got and I was going to call Chris, the rep I'm working with at Liberty, about it. I didn't like that there was no in person service and it was all over the phone. But they explained it and I understood when they explained it. They were very upfront to me. When I asked questions, they were very open about it and I felt comfortable with their answers. Still, there's so much paperwork. I'm getting it from PHH, from Liberty, from HECM, and all these different things that Chris said they're associated with. It's confusing and I just want one monthly statement that I have to deal with.

    For the finances, I got a statement and it didn't show what my credit was. So, I have to talk to Chris about my statement as well. It's a different arrangement than it was before and at my age, I'm the kind of person who likes to have them right there with me and going over each sheet. I also wish I could afford an attorney and a lawyer to help me go through all these stuff. But I can't afford it. Other than that, Liberty is a good company and I'm comfortable with what I got. I would have liked to have had more and for the interest to have been less. I felt the interest rate was too high but I went ahead with it anyway and I wanted to get it over with.

    Liberty Reverse Mortgage response

    Thank you, Mary! 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: Jan. 11, 2023

    I looked into reverse mortgages because I wanted to get a better deal. I did Liberty and everything went fine. Their rate and terms were proper. I would recommend Liberty to a friend.

    Liberty Reverse Mortgage response

    Joseph, 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 1 star
    Verified Reviewer
    Original review: Dec. 29, 2022

    I got my reverse mortgage with Liberty Reverse Mortgage, they did a very good job. Everything was fine until my home was destroyed with Hurricane Ian. I got my insurance check and called PHH Mortgage (same as Liberty Reverse Mortgage) for a payoff on 10/19/2022. After getting the run around and several calls on 11/3/2022 I get a payoff. They received the check on 11/7/2022 and put the money in escrow until 12/2/2022 when they paid off my loan.

    After calling and getting disconnected several time because when you call you get a person in the Philippines and they know nothing and when they try to connect to the US you get disconnected. I finally was told that it would take up to 90 days to get the overage money back to me. They are holding the money for almost 5 months and making money on the money that belong to me. So think of your love ones who may sell your house after you can live there anymore or you sell the house it will take up to 5 months to get the excess money.

    Liberty Reverse Mortgage response

    Douglas, We appreciate the time you took to tell us about your experience. Someone from our customer service team will be contacting you directly.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 28, 2022

    Eric, the person I spoke with, did a great job. Liberty Reverse Mortgage has a good asset there. I'm not a fan of a bunch of paperwork but I knew that I had to go through it. Eric explained it to me and I did what I needed to do. I was able to get what I wanted in terms of the rate and terms without paying a big upfront cost.

    Liberty Reverse Mortgage response
    Great feedback, David! 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: Dec. 18, 2022

    My experience with them went well. It was a little difficult for me but it was good. We're satisfied with the results.

    Liberty Reverse Mortgage response

    Thank you, Mineaver! 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: Dec. 6, 2022

    The people at Liberty Mortgage were very helpful. The communication was great and the application was easy. I liked working with these guys.

    Liberty Reverse Mortgage response

    Shirley, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.

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    Liberty Reverse Mortgage Company Information

    Company Name:
    Liberty Reverse Mortgage
    Website:
    libertyreversemortgage.com