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Liberty Reverse Mortgage

Liberty Reverse Mortgage
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(866) 268-5369
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Overall Satisfaction Rating 4.39/5
  • 5 stars
    170
  • 4 stars
    64
  • 3 stars
    26
  • 2 stars
    9
  • 1 stars
    6
Based on 275 ratings submitted in the last year

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!

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.

PROS

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

CONS

  • Rigid eligibility requirements

Top Liberty Reverse Mortgage Reviews We Found

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Rated with 5 stars
Verified Reviewer Verified Buyer

The entire process took no more than six weeks... They were awesome people to work with. Everybody was really on-the-ball. They were very right on target with everything and there was no hesitation about anything. It was just an absolute joy to work with them…

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Rated with 5 stars
Verified Reviewer Verified Buyer

Everything was good with the application process. However it took a while… But the service was really good. Everybody was on time and they kept me informed. It was also pretty easy to get a hold of them because when I either emailed or called, they called me back.

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Liberty Reverse Mortgage Call Now Toll Free (866) 268-5369 Learn More 
Liberty Reverse Mortgage
Call Now Toll Free
(866) 268-5369

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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2 featured 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 - 10
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Nov. 4, 2020

I wanted to refinance the reverse mortgage and put my partner on it. That's why I decided to refinance. I called the people that I had the mortgage with, to ask them about refinancing, how it would go, and was it possible what I wanted to do. They said that I could do that. And it was a good time to refinance because interest rates were lower than what I had three years ago, property values were up, and you could get more money out when you did a reverse mortgage.

Originally, I decided to sell a big house I had out in the country. I had a four bedroom, three bath house and a half an acre. It was just essentially me and one other person. I looked at doing a reverse mortgage of that house. I felt I will use up all of my retirement before I die. One big part of that was I was still paying the house. Rather than doing a reverse mortgage on that house, which was getting older, I knew I was going to have to put money in that house within the next 5 to 10 years. It would need a new roof. It would need to be painted. And I had already done that on the house. I knew how much it would cost me.

I decided to just sell that house, buy a smaller one, and buy it with the reverse mortgage purchase. That way, I had plenty of money to use to buy the house with the reverse mortgage. But I didn't have to use up all of my proceeds from the house. I had a bit of a nest egg to put with what I still had. And by not having a house payment on the new house, I would be able to live on my social security, and I wouldn't have to dip in every month to my retirement savings.

I got the original reverse mortgage purchase with somebody else. They sold it to Liberty. So, when I decided that I wanted to refinance, I went to Liberty because they already had all my stuff. It took a little longer than it should have because of the pandemic and because people weren't always working in the office. But overall, I'm really happy with what I accomplished. I was able to put my partner on the house. So if I should pass away before he does, he still will have a place to live until he dies.

I gave to them material that all that they needed. Somehow, and I figure it was probably a copying error, they lost the last page of the bank statement that I sent them. I sent it to them twice and somehow, they couldn't keep track of what I sent them. Because there weren't always people in the office to receive those things, they got put into stacks. Somehow, they got mishandled. I had to send information to them more than once. That was all probably due to people not being in the office and on top of things all the time because of COVID.

I don't hold that against them. Everybody's doing the best they can at this time. And stuff like that happens. It would have been nice to have settled it a bit faster. I probably would have gotten more money because of the time it took between when we started it and when it ended, the payoff on the old reverse mortgage had gotten higher. I got less money back out of the whole process. But since that was not my goal in doing this, it was not that big a deal.

Liberty Reverse Mortgage response
Great feedback, Janet! 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: Oct. 5, 2020

    I didn't have a mortgage on the house. It was paid for in cash. But I lived overseas for a long time so my Social Security check was really small. I found out that I really wasn't going to have the money to continue living here if I didn't have something to supplement my Social Security. I could see that in maybe five years, all my savings would be used up. I didn't know anything about a reverse mortgage and how they worked so I spent a bit of time in December checking on it. In January, I decided that that would be the thing I wanted to do. I talked to a couple of people but the person I liked the best and that I clicked with was Liz from Liberty.

    At that time, the house was still in my former partner's name and my name. At the beginning of the year, he decided that he would sign the house over to me because he didn't think he was ever gonna come back. But somebody told him that he might be liable for taxes so he and his sister went to a lawyer that she had to find out. Because it's American law, they don't know anything about that in England. That law firm had some working relationship with a law firm in New York. They asked them and they answered they don't know. They put out a request for a proposal for a law firm in Florida to answer the question and that guy didn't do anything. He sat on it for six weeks. It was all delayed till March but Liz was very patient. She would ask me about once a month if I had heard anything.

    The work with Liz was fine. When it first got turned over, the first couple of people I talked to were very nice. Then I got one who was not nice at all and was very curt. The underwriters were jerks. I had turned in all the documents that I was supposed to turn in. One of the documents is a letter from the homeowners association. It's proof that you're up to date with the homeowners association. It turns out that we thought we had a homeowner's association and its fee was $25 a year. But then in 2019, the person who was the property manager absconded with the money. When they went to press charges, they found out that the homeowners association that had been going on for about 20 years was never properly registered with the state so it never existed. They disbanded it and had consulted a lawyer when the police said that they didn't have any recourse because they weren't properly registered as a homeowner's association.

    These people had raised the fee from $25 to $75 just before they disbanded. I sent him the receipt I had that showed I paid the 25. I sent the copy of my bank statements that showed that I sent this other check for 50 and there was the official receipt from the one for 2019. But I didn't have a receipt for the one for 2020 because that was when all the turmoil was and the property manager refused to turn over any of the records of the homeowners association.

    Those underwriters then sent me a letter that I had to get a letter from the homeowners association which I told them didn't exist. It had to be on the letterhead of the homeowners association saying that I didn't owe anything for 2020 which of course I didn't since they didn't exist. I was very pissed off and I'm still pissed off. Until I had the quitclaim, we couldn't begin the formal process. I was ready to do that. But then they had me going through this DocuSign thing without even saying, “Can we do it tomorrow or we can we do it this afternoon?” It was, “We do it right now.” Liz was on the other line and because I trusted her, I just said okay. But that was really poor. I was trying to reread and refresh my memory on the documents as we went through and make sure that I had seen them all. Afterwards, I went through it more carefully and two of them had to be changed.

    Then they sent me another letter to sign about two days later. Doing some kind of background search, they found somehow that my name was on a property that I had rented. They were asking me if I owned it and I said no. They said I had to do a letter. It was Liz that did a letter for me and I signed it. They also had done a credit check. I told them I wanted to compare the interest rate with other companies because I didn't want to sign something and be stuck with it before I knew what I was signing into. I was told I could get it online.

    All of a sudden the underwriting people were again asking for something unreasonable like the homeowners association business. That was stupid. They obviously didn't even read it. They also asked why I contacted other people. I was really pissed off because I thought that was an invasion of my privacy, number one, and two, I thought if they wanted to be sure that somebody doesn't already have an application in place with another company, they should have a form letter that you sign saying that you are not in the process of negotiating or applying.

    I did send a rather lengthy survey back and a very nice man who was the vice president of something called me. His name is Garrett. It seemed like he was very sincere that he was going to sort of take into the fact that I felt like I was being treated like a criminal rather than a partner in something that was gonna benefit both of us. That's a very stupid way of doing it. Liz was straight all the way. She was very upfront and polite. But some of the people that I had talked to were like used car salesman who will say anything to get you to sign. They're very demanding and aren't even polite in the way they demand things. I had some problems with them even though all my documentation was in order. But in the end, it was a very satisfactory experience. The rates were competitive, it's all very well controlled by HUD and they seem to be operating very straightforwardly.

    Liberty Reverse Mortgage response

    Dear Lisa, We appreciate the time you took to tell us about your experience with Liberty. We take feedback seriously and someone from our customer service team will be contacting you directly.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 3, 2020

    I went online looking for companies that do reverse mortgages that were in the area where I live. There weren't any but Liberty was one of the ones that they listed that I could contact. As far as the process, getting everything started was great. I worked with Christopher and he was fantastic. He was really kind and explained things very clearly. He sent me on to Patricia and she helped me to get all of my documents together. She helped me to understand what I needed. She turned it over to another lady and she was the one that sent me to a processor. His name was Richard and he was absolutely worthless. He was horrible. He didn't help me with anything. I would go days without hearing where things were at. When I'd call, he wouldn't answer. From what I understand, he is no longer with the company which is really good because he was really a hindrance.

    When he was no longer doing mine, they sent me to Yvette and she was super. She had got a lot of extra that was put on her so she was kind of overwhelmed but she was great. She got everything put together. She was very efficient and she checked back with me. She didn't check her text messages as much as she did her emails. I learned that quickly that when I needed to contact her, it was best to do an email. The supervisor, Tina, was very conscientious to check with me and make sure that things were going smoothly.

    I started it in May, and it took longer than it I needed to. Part of that was due to Richard. But even if it hadn't been him there, I felt like it took a little bit longer than it needed to. That's something that when you're doing it online and through the mail, it is a little tougher to be right on it on a daily basis. They've also got a lot of people that you go through. When you go from one person to another, you feel like you kinda get jostled and there's not as much of a personal connection. That was kinda tough. Having to go from one person to another was a little bit disconcerting. If you're going to refinance a house, you go to one company, work with one person, and they carry you through till signing. That is where it could be more efficient if you worked with just one person.

    But I really had a good experience with Liberty. The people were very helpful and informative. They answered my questions and I felt very comfortable with them. Other than Richard, everything else was great. Rates can go up like next year or over the next five years and I kinda wish that it wouldn't, but that's the way that's set up because it is a reverse mortgage. Other companies that I've seen do the same. But the lender rate at the time was great and the terms are good. I've looked over everything and it's straightforward. You don't have to make these payments. When you pass or if you decide to move away, you can sell it or there are different things that you can do. They can help you kinda get that going.

    Liberty Reverse Mortgage response

    Joan, 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: June 25, 2020

    I read about the reverse mortgage and it seemed to fit my needs really well. I’m really pleased with it. I had an existing reverse mortgage with Liberty that I took out about five years ago. My house has gone up in value, so I had more equity available plus the interest rates are down right now. So, I decided to refinance with Liberty because they’ve been fine for me, so far.

    The application process was okay. They sent a lady out with all the forms, and we went through them, we signed them, and that part was fine. I thought the process took too long, though. From the time I started, it was at least four months before it finally closed. I would get an occasional call from someone at Liberty talking about how they’re working on it and how it’s going. He’d also ask for certain documentation. So, I complied with all of their requests immediately like the next day. But it got to a point where it seemed like nothing was happening. It was during the coronavirus thing as well. However, it seems to me that we were just dealing with paperwork.

    I called them repeatedly and I was getting upset with the response I was getting. It was always, “Well, we’re working on it,” and, “You need to talk to so and so,” and there were four different names of different people. I’m not sure what their function was. But, eventually, they did things like, “We have to schedule an inspection.” I said, “Okay. Well, let’s do that.” So then, they sent me a list of people. They said, “Here. You have to do this.” I called the people on the list. I got somebody and that person responded fairly quickly. It was four days later. And after all of this, at the time, it sounded more like an excuse. We had to have this appraisal thing. It turned out that he did and is not exactly true. But according to those people, because of the coronavirus, he just did a drive by. It was 500 bucks, and the guy never even really examined the house.

    Why it took four days for them to get the so-called inspection done is still a mystery to me. But it’s done. It’s all been signed, completed and sealed. I got my first monthly statement for a month and I did it as a line of credit, and it’s in there and available and I’m back to where I was, only with a larger mortgage and then more money available. I’m pleased with the outcome, but there was a while there when I was seriously thinking about contacting another lender because they acted like these guys weren’t really interested.

    The terms of the reverse mortgage were pretty much what I expected. I had to go to some training with an outside company which costs me some more money. They talked about the different types of loans which are available and if this reverse mortgage is really right for you. The thing was I was an existing customer. So, making me go through a class to tell me what I already knew wasn’t necessary. Plus, it costs money. It wasn’t, “We will give you this free information to protect you.” It’s “You’re gonna pay this company who is gonna give you some information that you may or may not need.”

    I’ve been with the company for at least five years, and I’ve always been really happy with them. I was just unhappy with the way they handled this transaction. It was like, "I’m trying to give you $10,000 to do some paperwork for me, and your guy gave me a fee of what’s going on. But overall, they’re a good company. They’ve handled my account just fine.

    Liberty Reverse Mortgage response

    Thank you, Rick! 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 25, 2020

    I needed money and so I looked into a reverse mortgage. I went with Liberty and everything went fine. The process of obtaining the mortgage took too long though. It took almost four months to get the paperwork straightened out because they kept saying I needed this and then they'd send it to me and I'd send it back and, "Well, you need this too. Now, you need this. Now, you need this." They could've done all that one time instead of me having to fill out all this paperwork over a four-month period. I could've got it done in a month if they just did all the paperwork one time. It seems like nobody could make up their mind between whoever was handling it and the next person in line. They need to get a set policy on what's needed and stay with it instead of about four different people getting involved and everybody wanting something different.

    It got to the point that I was about ready to say, "The heck with it," because one piece of paperwork took over a month to finally get so I could get it filled out so I could get the finalized paperwork done. And then, the person that came here to do the paperwork was snotty. I didn't really like her. It was like, "Well, you gotta do it my way or not at all." We didn't start it exactly the same. I don't know if anybody who signs stuff the same way every single time, especially when they get back a half-inch thick stack of papers they gotta do. They gotta be exact.

    Then she got upset because the dates weren't exactly the same. I wrote them one way, and then I wrote them another way, but it's still the same date. She said, "No, the date's gotta be wrote exactly the same on every piece of paper." That was nuts. Just sign the stuff, date it, and quit worrying about does it all match. As long as the signature's there and the date's there, who cares if it's not identical every time. She wanted picture perfect. But nothing's picture perfect. She got upset as well because I don't use the kitchen table. We eat on coffee trays. We didn't have a kitchen table for her to sit at and do her paperwork. And she said, "Well, if I didn't know you didn't have a kitchen table, we could've just met at McDonald's or something and done all this." That was not very damn professional. It meant buying her lunch. It was ridiculous.

    Other than that, I had no problem with Leda and May. They went out of their way to try to help me out. Now, I got one notification the other day that I'm supposed to have that fascia fixed by August 9th. I don't see that happening with what's going on here in the State of Illinois. They just extended the stay-at-home until the end of May now. I can't have people coming here because I have severe lung disease. Whoever is handling this other side of the paperwork needs to realize not to tell me that I'm gonna violate my agreement if I don't have this done by the 9th of August. As long as that stay-at-home order is in effect and we haven't got to stage three on the opening, I'm not having anybody over here to do anything because of my medical condition and my wife's medical conditions.

    Liberty Reverse Mortgage response
    Hi Dennis,

    All feedback is important to us and we thank you for reaching out to us. A member from our team will reach out to you directly to discuss your experience.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 13, 2021

    Liberty was great, so nice and so eager to help us accomplish our goal. The application process wasn't difficult at all. It was all in our terms. We understood everything that we were doing. It was a very good experience. It wasn't challenging or frustrating. If they set a time to call, they were Johnny-on-the spot. They would call us at the exact time. We were very surprised with how well it did go.

    David was the agent and he was fantastic. I was impressed with his concern that everything would work out the way we wanted. We discussed our goal and what we were wanting to achieve. He was never negative. Whatever he was doing, it was always unstressful. There was never pressure from the very beginning. Everything was unstressful. It’s the first time we'd ever done a reverse mortgage, but we'd had other mortgages, did refinances when we'd get a cheaper interest on other properties and stuff. This was the simplest. David made us feel like he really cared about us. Everything was so easy to follow. He kept us right up to date. If he said he was calling, whatever time he said, he would call right on that time. He was very eager to please us to make it a very pleasurable process.

    Liberty Reverse Mortgage response

    Dorothy, 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: Jan. 12, 2021

    The concept of a reverse mortgage is very fresh. It was something I needed and Liberty was willing to work with me. Once it was established, I have not had to worry about it. Todd, the gentleman with whom I have worked with for many years that acted as my spokesperson, had the most direct interaction with Liberty and he has said nothing but good things.

    Liberty Reverse Mortgage response

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

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 11, 2021

    We refied this last time. We refied our first one. Liberty did good. They helped us out a lot. All the people I talked to there were great. Also, the interest rate was a lot better. It took a long time for them to get back to us a couple of times. Other than that, it was great. We don't have to worry about it at all money-wise, so that makes it a lot easier.

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

    happy with your experience working with Liberty.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 10, 2021

    The loan officer was real helpful. It took three months for the whole thing to go through. A reverse mortgage is a more involved loan. The paperwork is twice as much so it takes longer. But I’m really happy with it as it worked out really good. The only thing is that the appraisal on the house was a little low.

    Liberty Reverse Mortgage response

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

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 9, 2021

    I was doing some shopping around and I liked their plan. But the process sucked. It took three months and it seemed like it was one thing after another. It was delayed and delayed and delayed and then they needed this and that. Then they needed the statement from the IRS, and they had my wife's tax returns. My wife has the mineral rights to some property but she didn’t own the property. But they went through around and around and around, and wanted her to prove that she didn’t own the property. I spent years in the mortgage business and this is just a simple case of underwriting cannot get their stuff together. But Liberty was helpful when I could get ahold of them. They were just awful slow with communication. Everything else has been okay once you got it all straightened out.

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    Liberty Reverse Mortgage Company Information

    Company Name:
    Liberty Reverse Mortgage
    Website:
    libertyreversemortgage.com