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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.
Pros & Cons
- No monthly mortgage payments
- Free online resources for partners
- Liberty Iron Clad Guarantee
- Rigid eligibility requirements
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.
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...Read full review
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...Read full review
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.
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Reviewed March 5, 2023
Every time I called, they answered or called me back. The process went really smoothly and I liked it. They helped me and told me what was going on and the reason why it was going on. It was done in three days. My rep Sabrina was very knowledgeable. If I had questions, I call her and she would either answer or call me back. She even called me late in the afternoon when she got the time. She was well-versed in reverse mortgages. Everything worked out. I was comfortable going through the process. They have very good customer relations.
Don, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!
Reviewed March 4, 2023
The loan processor who worked with me was one of the best I've ever seen. She was on top of everything at all times. She waited until she had the whole package to submit it to underwriting. Each piece I sent in, she got approved or asked for more depending on what it was. She was very clear about what she needed. When I sent the last piece in, we were ready to close right away.
happy with your experience working with Liberty.
Reviewed April 10, 2023
I appreciated how Liberty Reverse listened to me, and they responded. Their rep helped me find my way, because he dropped information to me which resulted in my 200,000 debt being paid. He sent me detailed emails about what they would need to see and what the process was. I was well informed. He kept me up front. He sent me correspondence as to what would be done and what was needed. The rep was really good. He was very personable, upfront and helped me a lot. I was under an enormous amount of stress, and he was calm enough to listen to my story of how I arrived at needing help.
This house was mine forever. I grew up in this house. It was given to me by my mother after my father passed, and I have had it for eight years. I had some medical issues and I didn't get any support from my wife at the time. She wasn't wifely. The end result was I got the annulment, but I owed her 200 grand, so I needed to find somebody that would go ahead and drop coinage to get the lien off the house. I'm a 74 years old Vietnam vet who got exposed to Agent Orange. I was K-9 in Nam and for Strategic Air Command, walking around fence lines all night long, and my knees have been replaced because I had arthritic knees. I'm on borrowed time, and I have no family. My mother and father died, and I have no children. I got some cousins, but they don't give a crap.
So here I am, and I'm happy. I got my reverse mortgage, and I got $6,000 above that so I could go ahead and do whatever I wanted around the house. I just went and put it right back into the house. I have no intention of leaving. I don't know when the next time I'll leave, forever, will happen, but I got into this and my mindset is, it's a one way street and it could end today. I'm not thinking about wall street or the federal interest rate. Everything was explained to me. If I drop today, Liberty Reverse gets the house or they're in the mix. I don't have a will. So good luck to them.
Jacob, 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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Reviewed April 5, 2023
I could connect with Liberty the best and they were more aggressive in getting new clients. As soon as I made the first inquiry about reverse mortgage companies, I got a call from a person and not a computer. That person was personable and presented the company benefits well. I followed up, checked them out, and decided that it was good. I already had a reverse mortgage before. It wasn't a learning curve for me but was just a matter of finding out whether or not Liberty was a reputable company.
Liberty's application process was organized and not as bad as it could have been. It took about a week for everything to get completed from beginning to end. They didn’t have to drag their feet. With the current conditions, the rate I got was reasonable. My house is paid for and I only withdrew $5,000 in funding on a line of credit.
There was only one thing about the process. Since I had a reverse mortgage before, I knew about the onerous upfront fees. I also thought I knew about the number of documents that it took to close. I've been a real estate broker for 50 years, so I know closings and signings. But I had to sign 55 times and that was ridiculous. I have written over 200 pages of paper. Not a single person who has ever lived can understand those documents. If they had maybe a year to go over them, they might have some understanding but never a full understanding. And there’s no way that that’s helping the consumer on what it's supposed to be all about.
I would like to speak to Congress about this. It’s not just for Liberty. The world is getting this way to where the company thinks they’re protected. The fun thing is the guy gets there. I told him before he came, “I guess it’s about a ream of paper." But it turned out to be 220 pages. That included the appraisal. The thing is the things I wanted to see before closing, I really didn’t get ahold of like the title commitment.
The bottom line is the process of actually closing is something that I shouldn't have done. Nobody should sign that many papers. I counseled some of my friends about being able to do a reverse mortgage. I believe in the concept of it for some of us who've lived our lives the way we've had and ended up with nothing. Only desperate people would do it. Liberty did their job but it’s absolutely ridiculous to have the customer sign that many times. It was redundant but it was just protecting the different aspects of the transaction. It just really made me very angry. But I was very nice to the closer. He didn't know any better.
That aside, everybody in the process did their job well but the company itself needs to take another look at what they're asking people to do. It puts the company in the position of clearly not being willing to take a risk anywhere and that should be clear to people. If you listened to and read everything they gave you upfront, you would have no excuse. But nobody in this world is going to read all that stuff. Liberty can also actually give people the information they need without covering their own ** every word. But they do it because it is the process and it’s risky. It’s just actually being able to foreclose ultimately. It's one of those things that goes against the grain and people that are survivors and inheritors don't understand it.
Reviewed March 24, 2023
I worked with Elizabeth at Liberty and she seemed caring and truthful. She took the time and answered any questions that I had. Every time I called out there, she wasn't always there. But she always called me back, usually on the same day, and she didn't ignore me once the process started. She was knowledgeable and she tried to make sure that I understood them before she got off the subject. But I had some problems with the process itself, not her or any of the people that worked for her. They tried to hurry the process too fast and I wasn't sure that I'd answered all her questions on the written proposal. And I didn't sleep that night thinking if I'd done the wrong thing.
I also did not care for the people that came to my house representing Washington. They had to have a printed Social Security card and I, to this day, don't understand that. I sent them my tax papers with my and my wife's Social Security on them. And that wasn't good enough. My driver's license wasn't good enough either. But those are government-ran programs and they were not good enough for them, what is? It was very disturbing to me. We started in October and that was the main ingredient that slowed everything down. We then went to the Social Security office and took out new cards. That really threw me into a tizzy. They told me my mother wasn't my mother and they told me that she had a different name. I told them that I didn't want to argue with anybody because I needed that program but they shouldn't tell me what my mother's name was. Then he came back with the card and printed on it was another's name.
They also told me that I was born in 1943 but I told them that I know for a fact that I was born in 1944. It's on a passport I used to have as well as on my driver's license and my birth certificate. It opened my eyes up to some of those things. It was nothing really big but it was just an accumulation of a bunch of little stuff like that. Aside from that, I've had local people tell me my house is worth $320,000. But Liberty's guy came out and said it was worth 265,000. I would have been happy with that had the other people not told me it was worth more. They went on the calculations of the 265,000, which was all right with me. But I didn't get near as much money as I thought I should have. We wound up getting what we’d get next year if we decided to take that out. I got 162,000 this time and next year, I get 22,000. That's $184,000 on a house that's worth $265,000. I have no idea where $80,000 will be and that's a lot of money to me.
Then, in getting the money, Liberty's rep said asked if both my and wife's names were my checking and savings account. I told her that I didn't have a savings account, only checking account. However, the checks should be in her and my name only. When we went to the bank, we had all that switched around. So, now, both of us have it and we still don't have a check that has both our names on it. So, they mailed the check to me and when took it to the bank, it was going to be eight days before I could get the money for it. Which made me question if I have done somewhere online I didn't know about because I called the bank and then I called the number they gave me to something federal and asked if they could relax the rules so I could get the money the next day. They said no.
So, I called the number again the next day and I asked why I had the check, it was in my bank, and yet I couldn't get the money. They they checked and California hadn't released it yet. California said their bank was holding it up. On the second day, we talked to a guy and he was very considerate. He said he would do some more checking. I told him that they did check the day before but there was a time difference. They were checking out there at 5 o'clock in the morning and I seriously doubt if anybody was there to okay it. So, he did it in the afternoon and 20 minutes later, the bank called me and said I had my money.
happy with your experience working with Liberty.
Reviewed Feb. 20, 2023
My husband and I wanted to look into a reverse mortgage. I started doing research online and I found out that Liberty was the largest provider in the country and was actually very good for people with good credit. I originally called in November and the person that I spoke with said that we did not have enough equity to do the deal and to call back in a few months. But someone in their customer service called me in February and I said, "I have already spoken to a loan officer and here's the scoop." She said, "We actually have another loan officer available if you'd like to hold on." I did and she told me that the first person was no longer with the company and that what he had told me wasn't true. Her name was Marie and she was excellent.
We went with the variable rate because it can go down and I believe it will go down. Our home appraised much higher than we thought so it worked out very well. We closed within two weeks. We started on February 9th and closed on February 20th. They were very quick. Leticia was my closer and she was excellent. She was very on top of things and reached out to me all the time. I could email her at any time and she was very responsive.
happy with your experience working with Liberty.
Reviewed 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.
happy with your experience working with Liberty.
Reviewed Nov. 20, 2023
I was looking to get some repairs done. I did a loan Liberty and was very simple. I had to get the home appraised and then go through counseling. Waiting for people to talk to and setting up appointments can be a pain but the process was fairly easy. My rep was Brian and he was pretty cheerful and easy to deal with. He turned it over to his secretary and then I dealt with her. It was easy to talk to her. They gave me all the information I needed. The interest rates are pretty high but that's normal right now. I would let friends know what my process was, what I had to do, inform them what I had to go through and whether they could afford it. You have to come up with your appraisal money and counseling. Be sure that they have the money to get started.
Reviewed Nov. 19, 2023
Liberty has very nice people and were there for any questions, always returned calls. I like them very much. It was a good experience.
Reviewed Nov. 19, 2023
The process with Liberty was very trying. They knew that I was planning a trip. It was my bucket list trip. They also knew that I was planning this for October. They told me at the beginning that they could close by then. But they didn't. We made the bucket list trip when it closed. This was up to Yosemite and the Black Hills and Cody up in Wyoming and South Dakota and a lot of things were just closed by then. We missed a lot of things we would have liked to do on the trip because they closed on the 10th. We didn't have the money to go by then.
I kept getting different reasons for the delay. I got a message that it was because Oklahoma county clerks were known to keep it for a month and they had to allow them that time. I called the Oklahoma county clerk and she didn't even have it. So it was just a blatant story. They tried to tell me it was a miscommunication, but it wasn't. We still wanted to make the bucket list trip. But we were very anxious to do it. So when we did close, the amount that we were gonna receive just out of the blue went down to $19,000. We were quoted more than that that I would probably get. They never told me they were gonna do that.
My loan officer was Leah and she knew I was unhappy. She was very nice. But I felt like I got taken on down the road. For $19,000, they charged me around 7,000 plus. Then they told me, "Well, we might can do more next year.” But I told them, "I probably don't want to do next year. I well might not be alive next year." I would like to have been better appraised on what was going on. I was almost left out of the loop. I would certainly wish to be told the fact, and not something to soothe me. I would have liked it to have been above board.
I did appreciate some things that Liberty did. Since it took so much longer, I had to make two months of the home insurance, which they took out of my deal. I got on the phone with my agent and he straightened it out this week and it finally was paid. But I would tell other family members not to go that route. The charge was too high for what you get, and they don't let you know that until the last minute. That was the straw that broke the camel's back.
Reviewed Nov. 19, 2023
I called Liberty to inquire how reverse mortgages worked because I wasn't aware. The representative that I dealt with, Liz, was excellent and I could trust her. She had a positive attitude and helped me along the way. She had an upbeat personality and explained things to me. The only depressing part about the procedure with Liberty was I couldn't believe all the stuff that they required. I was asking, "What do you need this for? And this one?" I was getting frustrated and I almost stopped it. Liz was really patient and she was telling me, "Okay. We just need this and that and we're almost done." I did one at a time slowly. The process took two and a half months. On the whole, I'm happy to have a whole new payment on the money that I owe so I can catch up on the other small credit cards and then go from there.
Reviewed April 29, 2023
The reps at Liberty were very nice, patient and understanding. I asked a lot of questions and they were polite and answered them all very well. It was a little pricey, but I agreed to it, so everything's fine.
Liberty Reverse Mortgage Company Information
- Company Name:
- Liberty Reverse Mortgage