Liberty Home Equity Solutions, Inc.ConsumerAffairs Accredited Brand
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!
We have been living pretty tight all these years and I had thought it was time for us to relax and not have to worry about what I got to do. We contacted Liberty and a gentleman came out and gave us a presentation. And then, he came out again later when we decided we would do it. I had my son from Arizona who was there and he gave me an approval and we went and signed everything with Liberty.
First of all, at our age, things need to get a little bit simpler. Some of the things were a little bit hard to understand. I re-read them but, I had a guide to everything that's going on. The application took about two months. Also, my husband and I understood about the rates and the terms of the mortgage. There was only one hiccup that made me a little nervous.
Apparently, the gentleman we were working with at Liberty went with another company. We had made friends and so I felt comfortable calling him. I had talked to one of the girls that was underwriting. That made me nervous because someone had sold this area and I don't know then who was this person. I didn’t understand his name and he wasn’t on the phone that long. I wasn’t even sure what he was doing. I was not happy that he had all my information without me understanding it. So, when I told them, that's when we found out that the gentleman we had been working with was no longer with them, but the rep said it was okay.
Even so, the interaction with Katie, the loan officer, was great. She was friendly and willing to help. I was very comfortable working with her. We worried a lot about whether we were doing the right thing or the wrong thing. And it amounted down to about $25,000 that we owed. I was impressed with the way Liberty handled the evaluation. There is one thing that I do not like as well. We have been getting multiple offers of that life insurance thing. One day we got four and the day before we got one, all for the same thing. And with our loan, it was up to $300 plus and that was not right. Nevertheless, I have been convincing my best friend to do a mortgage with Liberty.
I had pay off a couple of bills and I did a reverse mortgage with Liberty after looking into a couple different lending providers. Liberty seemed to know what they were talking about and the application and the underwriting process took over three months. I had to get an engineer’s certificate on the foundation and they charged me $125 extra just to go through escrow, and I could have paid that upfront and paid the $125. But they gave me $500 credit, so it more than offset it. The process went smooth and I was pleased overall. My loan officer was Thomas and he did a lot of call-backs to stay in touch, which was always good. I would recommend Liberty and tell others to call Thomas.
Getting a reverse mortgage was going to be a relatively easy way for me to have a backup system in case my primary retirement plan didn't work. I hope that I don’t use into it very much but it’s there if I want to. Liberty had a good salesman so I went with them. My particular application process was a little bit complicated. My appraiser was disagreeing with whoever was in charge of my account at Liberty and I felt like I had to patch things up between them to get the process rolling. The application and underwriting took quite a while which was about four months because I was obligated to do certain repairs that I had been planning on doing anyway. I’m kind of a do-it-yourselfer, so it took me a while to get some remodelling done. They were waiting on me and they were patient about it.
Initially, it was difficult for me to decide if this was a very good idea or not because I’m very unknowledgeable about mortgages. So, I was a little leery. But they explained things as well as they could. I had a pretty good communication with my loan officer, too. Her name was Peggy and she called me often enough to keep check on how I was doing on my end of things. But she was from California where they did things a little different there so, it took us a little bit to figure out what she needed from me and what I needed from her. She wanted to move forward with the loan process at all times but I was held up as well as the appraiser, so things kept getting delayed. And on the phone, it seemed like the hold-ups were granting on Peggy a little bit.
All in all, the reverse mortgage gives me security in knowing that if my planning failed or I didn’t plan well enough, then I've got something to fall back on. Liberty's service was good and I would tell my friends to check them out. But I'd tell them to be smart about getting a reverse mortgage. They should do a little bit of shopping around, understand what they’re getting into, and compare a couple of things as best as they can.
The worse thing about the process of obtaining a mortgage at Liberty Home Equity Solutions was that what I had to send them, the Internal Revenue or the government had to have approved of it every time. They want to know your wages, what you owe, and how much you make. They don't take your word for anything. Like my wife works at the school board office so we sent them a W-2 form. Before the deal was over, I had to give them a number to call and verify that she was still working. They wouldn't take my name that she was still working. And it would drag on for a long time. I started in December and I got the application and underwriting process done in April 13. In fact, I'm just about ready to just tell them to forget it. I was getting tired of everything.
But, Howard was good. I started out with him and could explain stuff to me. He would tell me exactly what went on. In fact, he had been sitting right there at the end. He sent a sheet that said all in a bucket and told me how everything works. While I trusted him, I questioned the lady above him sometimes. Her name was Peggy. Overall, the five percent rate I received from Liberty was good and they stayed with me and got it to go through, unlike with others that just turned me down. But when it comes to impacting my life, working with them didn’t leave a good taste for the government. However, they're protecting me by making sure everything in the future is right.
I figured I would annuitize my house with a reverse mortgage because I don’t have any plans to leave money to anybody. The process was long and laborious, which was really the government's fault. It was all paperwork and I had to chase down a lot of things. That aside, I was satisfied working with Liberty Home. It was too much trouble for the little money though, and I probably wouldn't do it if I had to do it over again.
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Right now, I couldn’t pay my taxes and I would have had to get rid of my house. I don't make a lot of money and someone told me to try Liberty. This way, I could stay in my house. I don't want to go into assisted living. I'm still okay. I can take care of myself as long as I can stay in my house and I have my son here to help me. I also had to put my father in a nursing home after my mother died and the house is not just a pleasant place to be. He had Alzheimer's really bad and I could not handle him. He would wander in the streets and that was not a place I would wanna be unless I really have to. At first, I had some doubts if this would work out, but it did. And I have talked to other people and they said they were very happy with Liberty and it was working.
The first time I talked to Mark from Liberty, he was very helpful and very nice. I can work with him. He was just wonderful. However, the application process had a lot of signing, about 50 pages. But I took it one step at a time so it was okay. And then, they sent me a pre-paid envelope that I had to send back and that was nice. The application process took about three months. There were things I had to get from the bank so it took a little bit. But it was okay and it was good. Any time I had a problem, I could call and Liberty would refer me to somebody else that was in charge. Every question I had was answered and it was easier for me to go on to the next step of the process. The guidance I got from Liberty was very good indeed.
Katie is in-charge now and she is very helpful as well. All the reps from Liberty would explain things to me because it was scary to give up your house, but it's just what I had to do. Also, I was satisfied with the rates. I don’t have to worry about losing my house and having to go to a facility as well. Lastly, if others ask me about Liberty, I'd recommend it to them.
I needed a reverse mortgage due to some unexpected medical bills I needed to take care of. When I first started, I called two companies. I went with the first company but every time I thought we were finished, they wanted something else. They also just kept telling me, "No, we can't do it this way. No, no, no." So, the very nice gentleman who I was working with finally told me to forget about the company and that I needed to try somebody else. Liberty was the second one. Initially, Mary sent me their information and I kept it even after I went with this other company. Then, I found it and I contacted her. Mary said they could get it done.
The application process was alright. Liberty was able to get me what I needed where the other company could not. My loan officer was on top of everything too. She was also very honest and helpful, and if I had a question, she answered it for me. I'm fine with the rates as well. Whatever's left from my medical bills is just like a bonus. It's there in case I have an emergency.
A reverse mortgage seemed to fit my retirement plan. It would also keep me out of having to make a large payment for the monthly mortgage, so I decided to get one. I was referred to Liberty by my credit union and Katie, the loan processor, was fantastic. But the process itself was horrid. I was selling my house and two days before I was supposed to close in the new house, I found out that the buyer had not pursued financing even though she said she was going to put down 70 percent. So, I scratched and scraped to try to put together the money for closing on the new house.
I had money that had been in my account for two years but Liberty decided at the time that I couldn’t use those funds. They said I had to pay it all back into a home equity line of credit that I had borrowed from two years before. I was literally three seconds from writing a letter that told them to take the loan and shove it, when I got a phone call from Katie who told me that senior management decided to waive that requirement. But the stress that I went through was monumental. Not only was I enduring the fact that the buyer of my house had not pursued her funds and I didn’t have anything to close with, I also had to account for every single penny, no matter how old it was, with document after document after document. I probably gave the same information five times and still they required more documents.
Katie was very pleasant the whole way and was very understanding. She was there to be the insulation for the people that made the decisions but had no contact with human beings. It was almost as frustrating as drug companies deciding what drugs a doctor could prescribe. I was very dissatisfied with my experience and I would tell my friends not take a HUD loan no matter where they go.
Our financial counselor convinced us that we should have a reverse mortgage. If my wife is not able to work, we couldn't stay here unless we sold a rental property. Then, she recommended a guy who works for Liberty. The application process took about a month and a half and was really good and positive. My loan officer was professional and very helpful and instructive as well. Her knowledge of her position and the whole process impressed me the most. I also appreciate all the paperwork. I keep it in one place, so if I have to refer to it, I have it in one place. The rate and the terms are pretty good too. Liberty got the job done to get the reverse mortgage offered and active, and if people would ask me about them, I would have them contact somebody at Liberty and get the process started.
I needed to eliminate my mortgage payments, so my retirement plan would work. My first contact with Liberty Home Equity Solutions was my loan officer Patrick and I appreciated his candor and knowledge. We just had conversations at first until I actually committed to do the reverse mortgage. I was quite pleased with the whole process and I don't see any way that they could streamline it any more than they have. From the first contact, it took two and a half months to complete the application. Then from the time the application was submitted to the time that the money was made available to us, it was just over a month. I was pleased with the rate and the terms too.
However, I'm not thrilled with who they broker the mortgage to. The people who purchased the mortgage don't have a really high customer satisfaction rating, and I'm not satisfied that my mortgage ended up with them. Still, I would recommend Liberty. Working with them has made things so that I might be able to retire. They were very knowledgeable and they did what they said they would do.
I had lost a lot of money in the stock market. I'm doing pretty good and I have a fair amount of money in the bank but I don't have a big retirement, but I'm doing pretty good just off of I don't owe anybody anything. Everything is paid off and so, I'm doing quite well with my social security. But I just thought I'd do a reverse mortgage as a nest egg.
Christine from Liberty was so much easier to deal with and so much nicer to talk to. She was so friendly and understanding. And also, I could understand what she was saying. I'm a long-time construction worker and sometimes, I don't understand these people's phone voices so well, and she was really easy to understand and to talk to. She was very patient with me when I asked her to repeat herself. On the other hand, I contacted three different companies and they refused to send the information packet to my post office box. They wanted to deliver it straight to my door. I said the mail doesn't come to my door. I live out in the country and I said it's so much easier, and they refused to do it. They they'll send a UPS and leave a package out in my front steps but they never did. And they never would put anything in writing.
I just make a call and tell how Liberty much I want and it will be direct deposited into my bank account. They came right to my door with a lot of the paperwork, so that was nice that I didn't have to go into Anchorage or somewhere. I'm happy with the rate and terms. When it was all said and done, it was a month. Liberty has given me peace of mind. This house I bought didn't have a garage. I'm gonna build a garage this spring and that's gonna drain my bank account when I build it. But I don't want to owe anybody a penny so I'm not gonna borrow any money. And so, it would be nice to have this nest egg there.
We wanted to get enough money to get our house repaired and finish the remodel. My wife decided to go with Liberty and their application process was long and tedious. Together with the underwriting, it took a few weeks to complete. But their loan officers were good and we never had any problem with them. Their names were Howard and Peggy. Both of them were great and upfront about everything. I’d tell my friends to give Liberty a try.
We wanted to get some of our money from our equity so that we could enjoy before we die. And we don’t have any kids to leave anything to so we got a reverse mortgage. The loan officer at Liberty was very good and professional. He was very honest about everything. He didn’t try to sugarcoat it. He told us about all the pros and cons of it. And he told us all the facts and everything that we needed to know. Plus he answered all our questions. And whenever we needed to talk to him, he was available. The rate was lower when we started out. As interest rates went up, it went up a little bit. But overall it’s been a very good experience. And we look forward to working with them until everything's done.
I wanted to take advantage of my friend’s money to take care for her and went with a reverse mortgage. I looked for someone who would just make easy contact and I got in touch with Liberty. Their application process was fine. It was done appropriately and was reasonable. Although it took a couple of months because it was more complicated since I was her power of attorney. I dealt with three of Liberty’s loan officers and they were all fine. The staff was also kind people. The rate I received was fair. The process was done fairly and timely.
Liberty Home Equity Solutions was the one who responded and called back in a timely manner among all the others providers. When I compared figures they were about the same so I went with Liberty. The loan officer I started with had to have some surgery and another one picked it up and they were excellent. However, it was a nightmare with the title company.
The house that we were looking to do the reverse mortgage on was given to my wife through a personal service contract from her 96-year-old mother. That deed had been recorded and filed as lien-free and I have the release of liens from people who've done some work on it. The title company now wants her doctor to give a statement that her mother was in her right mind,” which broke the camel’s back. I told Peggy, “Please pass on to them. I'm not doing that. First of all, her doctor is a general internist. He's not gonna give a psychiatric statement. I'm not going to go to the attorney.” In fact, we were at the attorney for a different reason. I told the attorney and the attorney says, “We'll sue them. What that is implying is that we let her sign a personal service contract when she wasn’t in her right mind. We are her attorneys.”
So I told Peggy, “We're not doing it. Just forget it. We'll go to someplace else.” Then she called back either later that day or the next day and said, “I talked to the title company and they said, ‘Okay. Don’t bother. Forget it. Everything is approved.’” The title company wanted to see a copy of the trust fund that my mother-in-law has set up or owned and my wife is one of the executors or administrators of the trust fund. The attorney was livid about that and he said that personal service contract was none of their business. That is done for Medicaid purposes.
The title company said that they needed to go further than that and that they wouldn't accept that because of the personal service. It was one thing after another. We had to get affidavits done and then other things as well. It had been dragging the loan up for almost two months. Finally, we got everything they wanted. The day the woman from Liberty, Peggy, was due to letting me know when the closing would be, she said that the title company now wants her doctor to give a statement that she was in her right mind, which broke the camel’s back. I told Peggy to pass on to them that I'm not doing that.
First of all, her doctor is a general internist. He's not gonna give a psychiatric statement. I'm not going to go to the attorney. In fact, we were at the attorney for a different reason. I told the attorney, and the attorney says that they would sue them since they are implying that they let her sign a personal service contract when she wasn’t in her right mind. So I told Peggy that we're not doing it and that we'll go to someplace else. Then she called back the next day and said that she talked to the title company, and they said to not bother as everything is approved.
I told Peggy and Carol that the title company came within a hair’s width of me just canning the whole deal. Every time I talked to them, they were rude. I'm not the sharpest knife in the dishwasher, but I can cut butter. They treated me like I was an idiot for not doing that. Liberty needs to take a look at that title company. They are miserable to work with. I think Liberty was just as frustrated as my wife and I were, but they won't sign off on it, so we do this and we do that. The whole thing ended up taking us about three months to do as I recall. It was simply because of screwing around with the title company. We got all of our stuff done within a week or so, interviews with HUD and all our paperwork. If I had known I was going to have to go through what I did with the title company, I would never have gone to Liberty. I would have gone to somebody else.
There were a couple of times where some callbacks were a little tardy in coming, but Liberty did well. The application process was a little tedious. Fortunately, it was mostly signing. Their rate was fair. It was a chunk of change, but from what I understand, that's what industry charges. The reverse mortgage seems to set what we need quite well. The results of getting the reverse mortgage had been significant. We are in this house that we have been basically given and that was a very real blessing. But it also required about $50,000 worth of upgrade and repairs. It's an older home that older in-laws have not necessarily taken care of. I did not have the resources that could be used for such thing, so having the cash had been very helpful. We've gotten that work done and the house is now up to code.
Thank you for providing feedback about your experience working with Liberty! We appreciate the opportunity to improve our customer experience.
We already have had a reverse mortgage. We decided that we needed a car and because that money was gone, we went for another reverse mortgage. My husband ended up calling someone who works for Liberty and we decided to use them. The process was very good. I had other things holding up the mortgage. My roof wasn’t finished and we couldn’t get them to release the lien, the roofer. It took months and when that was done, it went through. I dealt with very nice people who kept following up and talking to me. I knew it had to be frustrating to them too that this was going on for so long.
Liberty helped us get through. The thing that bothered me was I kept having to send the same information over and over again because they said they didn’t have it. And part of that was because they had this man that we had started with that was sending them the information. He was taking pictures of it and sending it to them. But it took them a long time to say that that wasn’t legible. So it had to be done again and then again, it wasn’t legible. But other than that, they were super nice. I would definitely recommend them to a friend because of the people I worked with.
Thank you, Susan! We appreciate the time you spent to share your feedback. We’re happy to hear we were able to provide the service you needed.
We had talked to another outfit and the guy kept telling me he was not a high pressure salesman, but it was one of the highest pressures I’ve ever seen. That was a bad experience. But Steve, Liberty's salesman, was a very personable and knowledgeable individual. He came to the house three times and he was always there when I had a question. It was a long-drawn-out process which took almost two months. It's a government entity and there were so many pieces of paper to fill out and different organizations for it to be sent to. It just takes time and I understand that. We’ve talked to several different people in the process and getting finalized then closed. And it seems like once it’s closed, it’s right there.
Great feedback Jim! We genuinely appreciate it and we’re glad to hear that you’re happy with your experience working with Liberty.
I have a neighbor who had a very good experience, did a lot of research and was very satisfied with doing a reverse mortgage. She recommended Liberty Home Equity so I went into it since I have been thinking about reverse mortgage. We had to have a discussion on the phone with a representative that explained what it was and what our responsibilities would be so that they were sure that we understood. And at the end, they asked questions to make sure that we really understood what we just heard. Then, they had someone come out and appraise the house and give an account of what he found and some things that had to be done.
We started the process at the end of September. There was a time limit for us because of our situation. For this particular home, if we didn’t get an account number before October 4, we had to make sure that everything was recorded and that the application was dated and given a special number. After that, it didn’t require any speed anymore. Whatever we had to do, we did and we closed on March 7th. It took a while and some of it was because people came out and they said that we had to have a landing at the top of some stairs, and that we had to have railings and handrails. They couldn’t know ahead of time what they were gonna run into, so we couldn't have smoothed it out.
Eric, my loan officer, was superb and he smoothed everything. He was the one that was there through the whole thing with me and it was really great. It didn’t sound like all business and there was a personal touch to it. He cared about who you were and what you were doing and how things were going. I went to AAG because I wanted to have comparisons. The seller was pleasant but nothing that you could feel like you could lean on, unlike Eric. It was what he was really good at. He was also recommended by my neighbor who had the same experience. It was almost as though it wasn’t even in California because they were just a phone call away so it was nice. When we didn't like the price that the appraiser gave, Eric went to great lengths to try to get that corrected. He took as much time as he possibly could to get us as much as we could get.
He was very honest about everything and he wasn’t in a hurry to get on and off the phone. If there were any questions and he didn’t know the answers, he would find them out. This was the first time I had bought a house by myself and I found it to be very stressful to begin with. But, there was no hesitation and no impatience with a person not understanding everything. The fact that it took so long was not a detriment. If things happen too fast, that's not always a good thing either. It felt more like everything was handled right and nothing was being ran through quickly. Everything was examined very thoroughly and carefully. Peggy was also good but that's near the tail end.
I had a good and comfortable feeling working with Liberty. And without that mortgage payment, it's a whole lot easier paying the bills. We didn't pay for a month and this first of May would be the second month that we wouldn't pay the mortgage. That's not a lot to have to go by, but it sure was a whole lot better without that payment. I would definitely recommend them.
We appreciate your feedback, Gail! We aim to provide the best service for our customers!
The application and underwriting process with Liberty took about a month. The loan officer acted professional, got the job done, and helped me through the process. Everything went fine and I'm satisfied.
A guy from Liberty Home Equity Solutions contacted me about doing a reverse mortgage on my own house, but when I mentioned I was looking to move, he told me that there was a better program. It wasn't a normal reverse mortgage, rather than using my own home that I live in now, we would purchase the new home using the reverse mortgage. I would pay in cash for the home but instead of having to come in and spend $120,000, I only have to come in with $80,000 and the reverse mortgage would take up the rest. It was an awesome thing. I got a reverse mortgage starting at $40,000.
My loan officer Ron explained the whole process to me. All the dealings I had with him were easy and if it wasn't for him I wouldn't have done this whole thing. The length of time the application and underwriting took was also fine. As with the paperwork gathering, however, it was frustrating because instead of dealing with the paperwork once for the week, I had to deal with it every day as they were coming up with another piece of paper the next day that I needed to get. They should have just given me a list and say, "This is everything that we need." They could have done it more efficiently.
The rate and terms were fair as well and these were part of the reason we accepted to do the program, but Liberty is charging a very high PMI every year. It's $2,400 dollars a year on top of my loan. They also did a very bad miscalculation on how much money I needed to bring to closing where I had to pull up another $2500. That got totally off the wall and ticked me off pretty bad. I wrote them an email telling them, "Nobody can explain to me where this clause variance is. How was this happening?" They assumed it was coming from the same account that they already had verification there was money in, but that's not where it came from. So now I had to get it somewhere else. Still, I'm glad that I did the loan. I recommended them to my friend and told her it was a great program. She called me yesterday about her mother who's looking to move to Florida and I gave her Liberty Home Equity Solutions' phone number.
Kim, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
I was in an automobile accident in 1967. I was doing fine, but my legs were not that good. My left leg is different from my right leg because after so many surgeries and being in a cast and a brace and just having to maneuver on my left leg, I had to have my knee replaced and the leg straightened completely. I went through therapy and I was supposed to be in therapy for a whole year. But I did it three months and I was out. I was self-employed and the ones that I had been working for where I made over $600 - $700 a month from, said that because of the time, they hired somebody else. I'm trying to get a job someplace else. I even went to Burger King and I was gonna work for minimum wage. Plus, my social security, I needed extra money or income and I didn't want to sell the house.
I have been watching on TV about the reverse mortgage and I had my attorney check it out for me. We figured that it would be better for me to stay in the house and take the reverse mortgage on the house. Then, after I go belly up as the saying goes, the kids could sell the house and then pay the reverse mortgage company off. I got a notice in the mail in the middle of September telling that if I want to take it and work out the process, I'd better do it before October 1st. Because as of October 1st, the rules were gonna change. And then, I would still be able to get money off the house, but not as much.
By the time everything was finished, and I signed the papers, it went into March 19th of this year. I went the first time to Lansing, Michigan and I talked to everybody there. The thing is, for some reason, they shifted me to Liberty Group in California. And by the time California got through horsing around, it was into January and then I had to have an extension according to them. There was $5000 several hundred left in the account from the ones from Lansing, Michigan. I thought, "Well, I'm going to take it out 'cause it's mine." And California told me, "Don't you dare touch it! You can't have it." I still don't understand that at all. But it's gone.
If somebody suggests, "We'll do it for you," and to take it from California. Don't do it. If you're gonna take it from California, take it from AAG. Don't take it from the same company like I did. That was a mistake on my part. I believed them and I thought they were gonna do it from here. And the next thing I knew, it was past the due date and it was coming from California.
Also, I've been getting a lot of mail from different insurance companies telling me that I have to insure my mortgage. They're not saying the reverse mortgage and they're saying mortgage on the $375,000 that I supposedly got, which I know is not true. Its beginning to annoy me. It never happened to me the first time I did this, just the second time around. What bothers me is they've got my loan number and they know that I live in Cook County.
Dear Nancy, 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 researched your loan and wanted to express that the change to the Principal Limit Factor was set by HUD (U.S. Department of Housing and Urban Development) and not Liberty. We are required to follow HUD guidelines and cannot control the initial amount of proceeds available to our borrowers. If you have specific concerns or issues with your servicing experience, you may contact firstname.lastname@example.org.
As it relates to the customer service issues you encountered, we will use this as a learning opportunity to implement more efficient processes. We will work directly with our Operations staff to ensure that providing an exceptional borrower experience continues to be our top priority. Thank you again for your candid response. We appreciate the opportunity to make improvements. We hope you have a good day!
Liberty Home was definitely a two-for-one deal. My husband started the process but he didn’t know much about a reverse mortgage and at first, he rejected the idea. I told him not to believe all this stuff on TV. I volunteer for work at a senior center and I had been to a talk last year. And I told my husband some things that companies don’t mention and he was the one who made the actual choice. He talked to several people but when he talked to Eric at Liberty Home, he seemed to be very encouraged and I think a lot of it had to do with Eric. He was the first person that we contacted and we talked back and forth on the phone. Eric spent a lot of time even on a Saturday going through what we needed to gather up and what we could expect and letting us know the other people that were involved along the way to give us some names of the people that we’re going to get phone calls from.
The mortgage process took about two and a half months and it was worse than buying a house. The information that they needed was really a lot. When we sat down with the notary, it was a big stack of papers. It took us over an hour to sign our initial. We had to do both on all the paperwork. Luckily, we were able to gather up the information with some help from Peggy. She was a big help besides getting some paperwork that I couldn’t get. The process actually worked very smoothly and we were very pleased. It just took time because they had to go through so much government stuff. My husband and I had to have a counseling which we got over the phone. We were both okay with everything and Peggy was very pleased. That all worked out really good and being able to email things back and forth was always a big help.
I was kind of surprised at some of the things that they requested though. We have an HOA and I knew that we had paid it. They would have been on our backs for the last couple of years, but I could not find 2016. I found the copy for last year, but I couldn’t find the paperwork and the check. We don’t have a management company to call. And Peggy came in and called probably everybody on the board, trying to find out where she could get a copy. That was a minor bump and other than that, everything really went very smoothly. Peggy and a couple of other people basically do all that kind of work that Eric also does. I was very impressed.
As far as Liberty Home's rate and terms, everything was fine. My husband was under the impression that you never pay the mortgage back. And I told him that’s what they say on TV and that is true. You don’t ever have to pay it back if you don’t want to but you can. And when we do that, then inevitably, we don’t have to leave a big chunk of something that our son who would inherit everything after both of us take the big jump to have to pay off. That was the big part that Tom didn’t grasp. You can pay $50 or $500 a month, or you don’t have to pay every month. It’s just whatever you get and we did not take anything out right now. We’re basically doing it for the future. I’m 70 and my husband just turned 68 and stuff happens. The house is 19 years old and we have already replaced both air conditioners and one furnace. We don’t want to leave our son with some kind of a big debt, so my husband has to deal with something.
We had a great experience with Liberty Home. And I hope other people who use them all have the same experience. I will recommend Liberty Home if anybody should ask and I had actually talked to people in natural conversation. It happened to come up especially when it was finally done and we’re signing the last papers. Liberty Home was very accommodating.
Sandra, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
My mother’s primary caretaker passed away and once I started looking into her affairs, I saw how far behind she was. I was told that a reverse mortgage was a good option. To get the reverse mortgage from Liberty Home Equity, I mostly had to do all the title searching, then my mother had to fill out some papers and I assisted her with everything else. We had to get our own lawyer to do a title search and then we had to pay them. I was also told that I also had to pay the company that worked with Liberty Home Equity. I didn’t think that was fair because they didn’t resolve the matter. The other company that I hired resolved the matter. I don’t think I should have to pay two title search companies especially when one didn’t do the job.
Their rep was very helpful and acceptable. He was always a phone call away which made things a little easier. He kept in contact with us to make sure everything was running smoothly and that we were getting all the paperwork needed to be done to close out the reverse mortgage. He was always calling me to update me on the process and what was going on. The guidance we received from Liberty Home Equity was cool. They gave us a little phone tutorial in the beginning and asked us whatever question we weren’t completely clear with. They were thorough in making sure that we understood what was going on. The rates were fair and competitive so my mother and I were pleased. But they could shorten the time it takes for the money to be deposited into my mother’s account.
I wanted to get rid of my mortgage payment and I’m getting up in age. I needed a little bit more independence and a little stability. I had several calls from lenders so I just started with one and it happened to work quite well. The application process with Liberty went really well and fairly easy. It was easier than getting a regular mortgage. I attempted to get a reverse mortgage earlier before they change the regulations. Then I just put it off and then I started it up again and it went faster than I thought. It took not more than 3 weeks and I was satisfied with the rates I got.
However, Liberty could do away with some of the paperwork. There was a ton of riffraff. Unfortunately, you should try to read it all which doesn’t always work out. The guy that worked with me was Erick over at Rancho Cordova, California. He was really good. He came by so I didn’t have to run around down to the office and he made it really convenient. He seemed to care and interested. He wanted to get it done and he covered everything. He followed it up and even came by after the loan insurance was secured to make sure it was straight. The loan officer answered all my questions as well. I started going through the process before, so I was pretty familiar with what was up. He really didn’t have to explain too much but he did a good job explaining what my concerns were. I’d recommend them.
I did reverse mortgage considering that I could save money and pay off lots of the bills and do a lot of other things like traveling. And I'm grateful for Liberty that they put in all the work to get the solution follow. They're better than other companies. They were straight up with me and they thought of every solution to work with me. They are a company one could really trust.
I worked with Greg and Erica and the experience was good. It was like a 5-star performance and the process was complete in about 30 days. Erica really sat down with me and talked to me. She let me know what was going on, what to do, and how she is gonna work with me. She really built my trust for her and once she got my trust then everything fell in right. If something takes too long, they call me up and tell me what they're doing. And if any problem comes up, they also let me know. And so if anybody comes to me who actually has to do a reverse mortgage, I'll recommend Liberty because I know they'll give A1 service.
There wasn’t any way to make mortgage payments while living on social security, and my spouse passed away so I lost her social security income. I was trying to survive day-to-day. A reverse mortgage was a way to tap into the equity of the house without taking on another monthly payment. I contacted a couple of companies and Liberty responded a little more quickly than anyone else and they had more information. The application process itself started back in October, and it was very easy and very smooth. They helped me out and not just went right through.
Paul was the loan representative that I dealt with and he was very good. He was in touch with me constantly and was consistent through the entire process. There were about three different people but the others were very difficult getting answers from. Also, there were problems and as things went wrong, it got rather upsetting. It took them awhile to find an appraiser. The appraiser came out the Friday after Thanksgiving and then he never filed the report. That went on and on and then finally, a second appraisal was ordered in January and the appraiser came out, did the appraisal but he didn’t file a report as well. Again, this went on and on.
But the guidance I received from Liberty was very good. The only thing that I wasn’t informed about was that there was a time limit on the state laws. If I had known when it was going to expire, I could have urged them to move faster because there really was a window of opportunity in which they could have closed the loan before that expired. I don’t think they noticed and they just dropped the ball. They did help me out by $6,000 that made up for some of the principal I lost but that still owes about $5,000 short of what I had expected.
Also, the rate was a little higher than I thought it would be. It was over 4.5 but my credit is not really good because I had to file a bankruptcy back in 2010. Liberty is a good company and Paul certainly was excellent to work with, but the whole process was so stressful. I applied in October and it was at the end of March before we closed. It became very difficult because it went on much longer than I had planned and then I was basically running out of money to pay bills and to buy food. It could have been done more timely and that would have been absolutely wonderful. Everything would have been okay.
I had some debt we needed to retire so we had to cash out the equity. We did some Google searches and Liberty Home Equity Solutions came up. The application and underwriting process took a month and a half. There was an application, conversation, and appraisal and that was it. It was fairly simple. They transferred documents via FedEx so I didn’t have to go to meetings and sit down in a lawyer's office and all of that kind of thing. They basically came to us.
The loan officers notified us when they could come and we agreed to the schedule. They came on time, went through the process, seemed knowledgeable and did what needed to be done. They explained what the options were, what the steps were in the process, and what the schedule would be. The rates appeared to be competitive and it was a rate I was comfortable with after doing the research on what was out there. Working with Liberty has relieved the stress getting rid of the debt and I'd recommend them. Liberty knows what they're doing. They work with you and they keep you informed.
I was looking to get money that I didn't have and I looked up reverse mortgages on the internet. There were several ones that I contacted and Randy from Liberty Home got with me. I started the process with him and he got all the stuff to me. I was most impressed with how sincere he was in trying to help me and I was very well comfortable working with him. He told me what was going to go out and he knew what the interest rate would be including what they’re going to take out. Liberty Home's application process was very easy. Everything went well and the application process took three weeks from start to finish.
However, I thought that the charges for the mortgage insurance were outrageous. We paid $8,000 for mortgage insurance and then, they're to charge 0.5% per month and I don't like that. I had a home equity loan before with PNC and I never got charged any insurance. But this is a reverse mortgage and some of them are making money off of me. But I got to do what I got to do when I'm strapped for money. I'm 77 years old who sold his business partially on a contract that went bankrupt and I lost $800,000 so that’s what we had to do. Other than that, the experience with Liberty was absolutely perfect and I don’t have to worry about paying bills.
We wanted to get rid of the bills that we had on our credit cards that we built up over the years. We checked on a regular mortgage, but we were at a point where we had credit cards built up too much and if we got a regular mortgage, we wouldn’t save any money. We’d seen an advertisement for reverse mortgages come on, and we applied for it. I checked with our family and some of them had gone through it and they had used Liberty. Liberty was local, so there's somebody you could get and talk to face-to-face, and that’s why we went with them.
The fellow we talked to was Ron and he was a very helpful man. We got along just fine and he answered any questions we had and gave us information, told us what was what. He was very congenial and we really liked him. From the time we started till we got the loan, the process took 30 days. He told us it could take 60 to 90 possibly, but we started in late February and by the 23rd of March, we signed the paper. Working with their team made us very comfortable. The ones we talked to couldn’t have been any nicer. They were really pleasant people to work with.
Their rates are too high, but it’s typical. From what we could’ve gotten a regular mortgage for, the rate was close to the same. The amount of percentage you have is high, but as years go by, it drops and averages out. There was probably a $2,000 or $3,000 difference in the closing costs on a regular mortgage and what this was. But the first few years of it surprised me with what I figured the average would be.
It took just about all we could get on the minimum to pay our bills. I still have a car payment, but there wasn’t enough for that. With Liberty, we got through all the rest of our bills and we’ve got a few dollars left, so I’m real pleased with it. I feel so much better about the process. If something were to happen to me, my wife will be able to stay here. It’s really eased both of us tremendously. I feel so much at peace because I know that she’s gonna be able to stay here in the home and be able to live here without having any problems. I’m very satisfied with Liberty.
Larry, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!
The Liberty Home Equity rep estimated the price for me and it came pretty close to what we had figured. The application process wasn’t too complicated and, initially, it took 30 days to get things rolling. We had to wait for stuff, so it was 90 days altogether. I started with Scott as he was the regulator, then they switched me over to a couple of people which I wasn’t really happy with. I’m not pretty good with people. But they were all good people. I just didn’t understand why they kept switching me to anyone of them.
The guidance that I received was good with what they had to work with. I’m not really sharp. If I asked the right questions I get the right answers but if I didn’t ask the right questions, it’s not good. For example, I got the initial payout and I know that we got some more to draw from but I didn't understand when or how it works. They should explain the payout processes better. They sent me a bunch of paperwork which I couldn’t understand. Also, I was a little disappointed with the rate of the reverse mortgage. But overall, I’ve been blessed working with Liberty.
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