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Liberty Reverse Mortgage

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Liberty Reverse Mortgage
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Liberty Reverse Mortgage

 4.3/5 (357 ratings)
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Liberty Reverse Mortgage

About Liberty Reverse Mortgage

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!

Overall Satisfaction Rating

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Pros

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

Cons

  • Rigid eligibility requirements

Bottom Line

Liberty Reverse Mortgage offers two types of reverse mortgages to eligible homeowners: HECM loans and HECM for Purchase loans. Unlike most home equity loan providers, Liberty is a direct lender and available in 49 states.

Top Liberty Reverse Mortgage Reviews

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Rated with 5 stars
Verified

The entire process took no more than six weeks... They were awesome people to work with. Everybody was really on-the-ball. They were very right on target with everything and there...

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Rated with 5 stars
Verified

Everything was good with the application process. However it took a while… But the service was really good. Everybody was on time and they kept me informed. It was also pretty eas...

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About Liberty Reverse Mortgage

Liberty Reverse Mortgage is a member of the National Reverse Mortgage Lenders Association and one of the biggest and most experienced home equity conversion mortgage (HECM) providers in the United States offering conforming and jumbo loan products. Liberty’s jumbo reverse mortgages, also known as propriety reverse mortgages, are available for amounts higher than the typical HECM limit. 

Dedicated and licensed loan professionals help deliver fast, efficient funding in 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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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Feb. 22, 2021

I talked to Wells Fargo that my husband has banked with for over 40 years and their reverse mortgage and the people were not nearly as willing to spend as much time with us as Eric and his team at Liberty. They explained that this is primarily what they do. They have never put me on hold for 20 minutes. When I've contacted them and I've got questions that I really need answered, usually the same day or within 24 hours working day, within the second working day, they've gotten back to me.

My husband and I don't have a budget for having a computer and an internet link in our home. Eric and his entire team understood that UPS would be the fastest, reliable, ground service. They chose the alternative that would be the most efficient even though it wasn't cheap to send those envelopes and to get me sending those envelopes back. Every time they needed original documents, they just had me put post-it notes on them saying, “These are my originals. Please return them as soon as possible.” They did that throughout. Eric, Peggy, and that team deserve congratulations on doing their jobs so well, and for them demonstrating throughout the entire process which took a long time. They were very consumer-friendly. Eric, in particular, is a very understanding and detailed person. Everybody who was shoring up the process and helping him out were very capable. It was a good experience working with them.

The application and underwriting process took five months. Delays and difficulties resulted because, for example, there was a lack of understanding of the way my insurance agent has very capably and carefully protected our family. Our homeowners insurance doesn't just insure for the amount that the house is valued at. It insures us over that amount. In other words, if our house is destroyed or totaled in any catastrophe that's insured, we’re covered not only for the amount the house is valued at, but about another $110,000 over that, so that if we need to completely replace our house, our insurance will take care of us, and somebody at Liberty didn't understand that.

The process was delayed almost a month because they required me to go back to my insurance agent and to have my insurance agent prove to them how much insurance we actually carry on the house. I find the process very daunting because of a lack of understanding of how carefully we take care of our primary asset, our home, and how carefully we have insured it. We actually pay quite a lot for homeowners because we value our primary asset over and above what they value it at.

We're using the equity in our home to our reverse mortgage primarily because my husband had five surgeries last year. $190,000 is not unusual for one of his medical bills and so, I have to deal with how to deal day by day with his illness, his pain, and his stress. I have to also deal with the financial reality of making sure that he's covered by his primary health insurance and Medicare. Now, I'm also using the reverse mortgage to pay bills for medicine.

I set about this process to do something that we didn't want to do under any circumstances. We had a free and clear home. He’s 72, I'm coming up on 70 years old. We're in the middle of a pandemic of universal or global stress and global reality. The whole thing of having to have people in the home to do our valuation and have people in our home to do essential repairs that we weren't exactly waiting on. But we decided that since we were requesting money on an intact and functioning home, that could be resold if necessary if my husband doesn't survive his cancer. The guys at Liberty were very human and they were willing to take an extra five minutes to hear the fact that we're great grandparents. They were very supportive and understanding that we were doing something we have worked throughout our lives.

I would recommend them very highly because the process is not their fault. The piles of paperwork at the last closing had more than 50 sheets of paper and we had to sign between 35 and 40 times. It's a process that every time takes an hour and a half. Their patience, their helpfulness, and the fact that when I had some questions about why the paperwork was so incredibly involved, they said that this is a major political and financial process, and I hadn't realized when I started it because I have held mortgages before.

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

happy with your experience working with Liberty.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 17, 2021

    In 2016, we started looking at finding a reverse mortgage vendor. We had a very close friend of ours that had been with Liberty and recommended them. So, we processed through that. And then, we got our counseling fee and everything taken care of and got our house appraised. April of 2017 we finally got the loan closed. So, we've been with Liberty since 2017.

    We're in our mid to late 70s. Approaching our 80s here rapidly skyrocket time in our life. We had a close friend pass away. Brad had gone through knowing full well that his passing would come within a year or two, so he started searching around to refinance his reverse. And I went to them, initially, because I figured Liberty had gone out of the business because we had been transferred from Liberty to some other company and then PHH eventually. Got Brad’s appraisal come back and it was way off bat.

    Somehow, I got a letter from Liberty saying that, “Hey, you know, you're a valued customer and if you'd be interested in refinancing, we might be able to help you.” So, we went to them and they beat everybody's price. Our closing cost was outstanding. In December we closed. We have been refinanced and our interest spread on our loan is down. We borrowed considerably against our reverse, too. We put a new roof, new cabinets, oak floor, windows, and gutters to spruce it up a bit. In refinancing now, we got some more assets that we can put in new carpets and build a garage and finish off the basement area, and maybe get that done before I turn 85. Hopefully, I'll get that done next year. We're just tickled pink. We got everything squared away.

    One question we do have is we had received several follow-ups with Liberty in our PHH statement and then separate letters that they sent. One of them that stuck out was, “Liberty Reverse Mortgage, Reward Card, $50, Randall B and Grace **. $50 is just a phone call away when you apply before 12/31/ 2020. Our records indicate that you benefit from refinancing your existing mortgage. Plus, as a valued customer, you will receive a $50 Visa card just for applying before 12/31/20.” We applied and nothing has happened. I presumed because they figured they gave us such a good deal that they don't have to do this card. So, that's kind of a tricky thing.

    Then today, I paid on house insurance. In order to close the loan, we had to pay an additional $115.90. I paid that with my credit card. We got a payment plan set up. I just paid another $211 on the house insurance. But they went ahead and paid it themselves and then tacked it on the loan. I don't know who to contact about that. And maybe I'm reading it wrong. But other than that, we are just thoroughly pleased. Top of the world. We have recommended already four other couples to delve into this matter. Unfortunately, there are some misconception out there, and I don't know who's putting it out. Like our daughter and son-in-law are very concerned that we would do this because it's not gonna be advantageous for us. But I looked at it.

    We started building our home in 1978. And in 1985, our daughter and our son-in-law were able to get married in our house. We took out a loan for $41,500. I had to go through five different banks and finally found my credit union, the one I've been with ever since ’65, agreed to give us 41,500. The other five banks though would not loan us the money unless we borrowed 85,000 because it was impossible to build a four-bedroom, 2,840 square foot house for less than 85,000. We built our house for 41,500. Out of that 41,500, we were able to make six trips to Honolulu, Hawaii and spent about two to three weeks atop with two of the three kids over a period of four years. Our house is now worth $430,000 because of what we got approved for on the refinance of the home. And that was closed out in December of 2020.

    Two weeks ago, I checked on our evaluation of a home, and it's now 460,000. That's not market. That's what Zillow Realtor and the other outfits that do real estate. Plus, I went back to the HECM guy that did our appraisal on our home. 57 pages of qualifications. They go through a lot to be able to get on the approved list to do HECM appraisal. And he comes back with the 465,000. That's pretty nice, huh? So, for us, this is a tremendous advantage because once we got up into our 65, retired, that we had no other source of income unless we were able to get a job or something, which we did. But essentially, our sole source of income was what we had put into our traditional IRAs and savings accounts, and then what we could pick up on the side.

    To be able to come out and refinance and drop our interest rate from like 4.5 or 5% down to 2.57 for another X number of years, it's really a good thing. Plus, to be able to come out with another $180,000 or so that we got a line of credit on. Somehow Liberty and these other outfits that do these reverse have to get on the street and let the public know what the advantage is of a reverse mortgage. And they got the information out there, but for whatever means, there's information that's not telling the truth of what the advantages are. And looking what I see from Liberty, they need to hire somebody that really know something about what the reverse does and put that in their advertisement. Because there's such an advantage of it.

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

    happy with your experience working with Liberty.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 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.

    Be the first one to find this review helpful
    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 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 3, 2021

    Liberty has been very good. I’m still there, but I'm scared to death that they're going to come along and try and kick me out. Basically, they're the owners. I pay the taxes and insurance, but I'm still scared that they may try and kick me out. And rent nowadays as well as the price of homes are way out of sight. I’d end up out on the street. Other than that, the reverse mortgage process was pretty smooth for me. I highly recommend Liberty to others if they'd like to get a reverse mortgage.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 2, 2021

    I checked on all of the companies and the others were difficult to deal with but Liberty seemed to know what they were doing and they were willing to help. Stephen was the rep I worked with and he was very thorough. He advised us constantly, let us know what was going on, and was willing to solve problems that came up. The application and the underwriting process was smooth and easily handled, although it seemed a little redundant at times.

    Liberty Reverse Mortgage response

    Leonard, 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 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 1, 2021

    Working with Liberty started off really good and then it got delayed quite a bit because a second appraisal was needed. It took forever to get the second appraisal done and it came in higher than the first appraisal so we ended up using the first, which I had to pay for out of pocket. I didn't really like that. We could have gotten this thing done a whole lot quicker if they accepted the first appraisal. But otherwise, it went pretty well. The rep I worked with kept in pretty good contact with me via email. Also, the interest rate helped me get more access to the equity that's there.

    Liberty Reverse Mortgage response

    Thank you, Marvin! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 30, 2021

    The rep, Elizabeth, did a very good job. She was the one that took me through the procedure. Liberty got me all the paperwork and all the things that I had to present to them. They explained how the reverse mortgage worked and asked me did I know this and that. They also told me it would cost $125 but when I looked it up and did it online, it was $25. I paid that then a couple of days later, I got a call from Liberty. They told me I still needed to do it and I told them I did it online. The rep asked what the charge was and I told her it was 25 bucks. She told me that was not the one that they do. I had to make another phone call and get together with these people. They made a phone appointment and I went through that.

    All in all, it took probably 60 days to get through the whole procedures and close. I haven't had a payment or a nonpayment with Liberty yet but everything that I know, right up to when I completed the whole transaction, is going to help me a lot. The interest rate was super - 2 point something to start it off with. I'd get some funds back from the mortgage company that I was working with and some escrow.

    Liberty Reverse Mortgage response
    Great feedback, Ronald! 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: June 29, 2021

    The two ladies I worked with, Peggy and Elizabeth, were both very informative and helped quite a bit. However, the application process was very complicated. We had several people that came and had to sign lots of papers. We had to pay for the appraisal which I didn't realize we would, and it was very expensive. Our reverse mortgage will not accrue as fast as it did so that's good but I wish that Liberty could cut out a lot of the paperwork that we had to have such as bank statements. I wish that we didn't have to go through all of the rigmarole that went with it.

    Liberty Reverse Mortgage response

    Nellie, 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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    Liberty Reverse Mortgage Company Information

    Company Name:
    Liberty Reverse Mortgage
    Website:
    libertyreversemortgage.com