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!
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I've looked into reverse mortgage for years and I wanted to get some income I can fall back on. A friend of mine called me about Liberty and he knew that they are a good company. The application process was wonderful and the application and underwriting took about 5 weeks. The representative named Eric was wonderful. He got back with me with any questions and then he would check if everything was going okay. He was right on top of everything and I was very comfortable working with him. I will also definitely refer people to him if I have the pleasure to do so. We’re happy with the rate and the terms too. Overall, Liberty is a good company and I’m glad I chose them. They are very professional, they helped us out and we have money to fall back on now in case we need it.
Pamela, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!
I thought that getting a reverse mortgage would have us more disposable cash so we could do what we’d like to do in our old age and Liberty seemed to have the answer that nobody else did. We spoke with three companies, and our loan officer at Liberty, Chris, was very positive about it. He kept in touch us with us all of the time and he nursed us along the whole thing. He was thorough and responsive. Anything that we asked, he was able to answer and we felt really comfortable with him. We did not want to go out of the area and we felt better dealing with someone locally, but it never worked out because we felt better with Chris all the way from Sacramento. We put the faith in Chris and it worked. Nobody else seemed to think that we could pull the equity out of this house.
Chris kept in touch with us quite often, but as the loan progressed and the step-by-step thing, one of the people got back to us at least every three days to catch us up and bring us up to date as to where they stood. Even if there was nothing to report, the person was still working. We were happy with the outcome even though it cost more money than we thought it would. Working with Liberty gave us less pressure and less stress as we age and face our future.
Russell, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!
I got my first reverse mortgage with Liberty two and a half years ago because I wanted to eliminate the moneys going out from my limited income that I had coming in. I could have had my mortgage increased each month but the debt increase was less than the value of the home increases. So the reverse mortgage was a real good thing and in doing that, I could eliminate my monthly mortgage payment. In addition to that, I had about $20,000 worth of credit card debt at that time and I thought that the reverse mortgage would be a good way to eliminate that. So I got the reverse mortgage and my financial situation increased wonderfully.
But about a year ago, Congress passed some legislation reducing the interest rate of the insurance that the federal government requires on reverse mortgages. It went from 5.25% to 4.75%. It turned out to be 0.5% depending on the amount of money that you are insuring. It can be a very small amount of money or it can be a big, significant amount of money. In my case, it turned out to be about $150 a month and I could use an extra $1,800 a year. A second reverse mortgage would cost about $800 to do the paperwork and I would have to go through all kinds of rigamarole again the second time around. But I figured I could get that money back in a little less than six months. After that, it’s all pure gravy and that was why I did the second reverse mortgage.
The Liberty staff has been there when I needed them and they have been excellent. They’ve been attentive, helpful, knowledgeable and courteous. Any time I had a question, I could call them and they would give me a helpful answer. They also stayed in touch with me and kept me aware of everything that was going on at all stages of the proceedings. I couldn’t have asked for a more responsive, more helpful situation so I’m very happy with everything. The rate is very good too. I get more moneys from my investments than what I would pay out on my interest.
Joseph, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
Liberty Home shared my information and so I'm getting mail from everybody suggesting that I have a loan of $460,000 and they wanna help me. I've got three letters from different companies. One had either offered me insurance or offered me a reduced interest rate. First of all, I don't have a loan of $460,000 and I don't plan to have one. I saved the letters and I called the salesman that did this job for me who had been very nice to me. He has never called me back. But it's apparent to me, that Liberty Home intentionally or not, shared the fact that I got this reverse mortgage. That's unfair and it's poor business. Other than that, I'm happy with how the salesman handled my reverse mortgage. Everything happened according to the way it's supposed to happen, and I'm very pleased with that. They were very professional.
The staff from Liberty were professional every step of the way. But I had a problem with the parent company. I had gone through a little thing with Liberty before. They were not an honest corporation. The people who work for them were predators and they control. I went with reverse mortgage as it was a part of my retirement plan. I own my home so I didn't have any mortgages owned. It's an easier way to get a loan and to pay it back. We have that option to pay it back. The representative was a lot more informative about this home equity. He went the extra mile. The application process was time-consuming and cumbersome though. The timeframe should be cut down a little bit and the rate could be a little bit lower too.
Liberty Home couldn't have been better. When I got ready to do a reverse mortgage, I went on the internet and found a place that showed a certain amount of reverse mortgage companies. I started calling. The first one put me on hold. The second one was Liberty and I dealt with a guy named Eric, who was super fantastic. It was weird because when Eric first started talking to me, he said the whole process was gonna take six to eight weeks. I told him I'm not in a hurry and it's not a big deal and three weeks later we were done. They gave absolutely fantastic service.
The first thing he did was send me a bunch of paperwork. I read the paperwork and then he had the HUD people call me and I did the HUD thing over the phone. And then he had a guy come in to do the paperwork and all the signature. There is so much redundancy in what I went through. I understand, mostly, that's HUD requirement. I'm a very patient guy, so it didn't particularly bother me but that was my only beef. But from what I had researched Liberty was right in line. I understand how it works and it worked out good for me.
Obtaining our reverse mortgage from Liberty Home went really well. This is the second time we did a reverse mortgage so we knew all the ins and outs. Even so, our rep Eric was very thorough. I loved talking to him as he was very personal. He was also very upfront and straightforward. He sent me all the information and different products to compare. He then gave me a good comparison of the different plans. Though applying was pretty easy, the hardest part was that we had a freeze on our credit. Nevertheless, we have excellent credit and the process went fine. Thereafter, Eric was very clear and concise in his follow up and he was on top of our application all the time.
However, one thing that unnerved me was that they made us do another appraisal. I still feel that the second company that did the appraisal came in just too far under. There was about $7,000 difference. Based on having done buying and selling as well as reverse mortgage before, they came in just way low. So that also held up the time. Furthermore, I didn't like that the appraiser who wrote the appraisal, she doesn't come out. Instead, she sent an intern.
Though the interest rate I got this time was higher than before, everything was pretty comparable. I really appreciated having enough programs to choose from. The closing cost was a huge factor for me and Liberty Home had a variety of ways depending on how I wanted to play things. They had the best terms and that made me choose them at the end of the day.
I was under the gun. My house was in a foreclosure because of a miscommunication, and it was my fault. I had six months and I thought something was taken care of. I threw the letter away and I never heard anything else about it. Then I got a courtesy call letting me know my house was gonna foreclose in 20 days. I owed $12,000 and was getting my house foreclosed for $386. It was heavy. I felt a little pushed by Liberty Home but I was in a position where I needed to get this done. So the experience in general was okay. They wanna get the job done and that’s how they get paid. I talked to a loan officer in the beginning and he turned me over to his team that helped me through the process. My daughter stepped in and took care of that when she kicked in $3,000 to take care of that $386 foreclosure. So then, I was okay. I did drag my feet a little bit, but they were patient with me. I'm glad I did it.
The underwriting process where they came over to the house and I had to sign all those papers was timely and good. The lady was very nice and as we went through the little chapters, she told me, “Okay. This is this and this is for this,” and then I'd signed it without reading every single word because I had a little stroke and I wouldn’t even remember any of it. That was a big stack of papers and she helped me. Just before this whole process finished, the value of my house doubled. I paid $133,000 for this house and now, it's worth $264,000, and I've only been in here for three years. It was awesome. Liberty Home is a Johnny-on-the-spot.” The girls were all very knowledgeable and polite.
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I was in a need to settle a will with my brother, following my mother's death. I had two lenders that I was dealing with, and I chose Liberty because I actually had someone come to my house and sit down with me and talk to me and not try to do everything over the phone. He would come here from Omaha to Des Moines. That's about a two-hour drive. He would pick up from me what I needed to give, and bring me what I needed to know, check with me on the phone, and make sure that everything was going okay.
It took a while only because the house was in probate. But the process itself, once the house was out of probate, took less than 10 days. It helped me get a resolution with my brother over my mother's will. My brother got the money. So, that's how we had to resolve so I can stay in the house and keep the house. It's kinda complicated, but it all worked out.
However, I've noticed that they sold my mortgage to some other outfit and I didn't know that was gonna be part of the deal. It doesn't matter as long as that's the way things are supposed to go. But that kind of sets me back when I started having to deal with somebody else. I don't know why they did that. Nevertheless, I would recommend them.
The application process with Liberty Home Equity Solutions was difficult. There was constant paperwork and instead of something being said all at once and lined up, it was a piecemeal one after another. The application and underwriting process took too long but it was not at all Liberty's fault. It had to do with the HUD screwing things up. Liberty’s reps were excellent. They stuck with things and made us follow through a lot of problems. Plus, the rate was what I thought it would be. Overall, Liberty was fine.
My wife passed away in August and I was hit with a lot of medical bills and funeral costs that I couldn't handle right away. It would take a long time to pay it off. My sister recommended a reverse mortgage because the house is paid for and I had the equity tied up in it. I did some research and checked to find out what were the best ones recommended. I checked different sites online, including ConsumerAffairs. Liberty Home seemed to rate well and they're one of the best, so I figured I might as well give them a shot. The process was a little tricky at first because I didn't quite understand it, but the fellow who handled it, Michael, spent about an hour on the phone with me to explain every detail of and I liked what he said. Everything he said turned out to be true and it worked out well.
Things went a lot quicker than I thought they would. I went with the adjustable rate, but it still looked good because I didn't need all of the equity. It'd come out to be a line of credit for something like 57,000, and I didn't need that much. I'm sure that there is paid interest for whatever I don't take out and it's better than a savings account at a bank. Liberty helped me get the extra money to do some home repairs I needed to do and catch up on all my bills. All my bills are paid off now and I'm back to being debt-free again. I've recommended them to some of my friends.
Working with Liberty was a good experience and easy. HOWEVER, our loan was turned over to Ocwen Financial for servicing. This company is a nightmare. We were ok until a big hail storm. Our insurance company sent the money to Ocwen as they are required to do. Since then, it takes from 6 to 8 weeks to get payments for contractors. I can call three times and get three different answers when there is a question. There is little or no communication from Ocwen. There is no website. I have to trust what they are doing and keep copies of everything. We ended up paying portions of repairs out of own pockets because they won’t send the money owed. If we can find a way, we plan to complain to HUD. I urge Liberty to find a different servicing company. We are considering refinancing to get away from Ocwen!
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Getting my reverse mortgage was an important thing for me and it had a huge impact on my life. We got it from Liberty Home and the application process was well-controlled. They took care of everything I needed and communication was good. The people who came to my home to witness the signing should know a little more about the process though. They weren’t able to answer any questions at all. On the other hand, their rep, Eric, told me everything goes the way it's advertised. He was very helpful and professional. All in all, things went smoothly and professionally.
Liberty had the loan package that I was looking for versus the others. However, getting the loan was terribly difficult. It was nothing like I anticipated and I did not know it was an entire FHA loan process. It also appeared that everybody was a subcontractor who just popped on the list on availability. They were not part of any kind of single individual company. There were appraisers, processors, document people, and a loan initiator, and there was not one person who oversaw the process. Everything just moved on step by step to the next person. They did it at their own pace, as well, and each person took a couple of weeks to do their little feat. It just went on and on which took me 77 days to complete the whole process. The process would be improved if all would be handled in-house.
A realtor friend of ours recommended Liberty Home and their process was very easy and cooperative. It went very well and it's wonderful. When we asked, they had all the answers for us and the rep, Nelda, was almost like a friend. We were very comfortable working with her. She got to know us, we got to know her and she was very helpful. She told us everything that would happen and the different routes we could take.
I’ve heard about reverse mortgage and I’ve seen the advertisement. My wife had some relatives who had gone through the process and they said it was working okay for them. So, we took some time to investigate. I wanted to understand how it worked. We didn’t need that much money but we need some to help us through our final days.
We had three people here and the one we chose was the most pleasant and explained it better. I liked the personality of the rep from Liberty Home. The application and underwriting process took two hours and it was our first encounter with Steve, the rep. We had two other different businesses and we took Steve because he was clearer and we seemed to be more relaxed. He didn’t push and try to get and make a sale right away. I also dealt with two of his staff and they were very nice ladies. Things went very smoothly considering what we were going through. We were signed $180,000 that we can use and we just took out 15. The balance is getting some interest earned on that and that was amazing. I would recommend Liberty.
I invested money into my house to fix it up but I ran out of money. I kinda overspent so there went all my retirement money. I decided to take out a reverse mortgage so that I would have some retirement money. Liberty Home Equity Solutions was the third place I tried and they had a superior interest rate. I was told to try and get the loan under 5% and Liberty was at 4.78. That was excellent.
The application process was quite good and quick. But we had a little snag with the appraisal. I had started with another company then I got the interest rate from Liberty. The other company had already gone and done the appraisal so we had to go by the appraisal from the other company. It took a little while to get it all squared away but once we did, it was fine.
I worked with a lady who was nice and professional which I liked very much. She was quite good and concise. She let me know what was happening like if they were still waiting on this, they got that, and if everything was a go for this. She did the best she could with what she had. Everyone was quite courteous and fair with me. I was kept abreast of what was going on so that was nice. I had a very good experience. People should dial Liberty up and use them.
Liberty Home was the first to respond to my Internet inquiry about reverse mortgages. Their application process was complicated mainly because it's federally insured, so it took a long time and it was also full of legalese, which I managed to read. Also, it took two weeks to get an appointment with the independent counselor. The process took two months to be completed. There were two appraisers and each one independently said that different improvements were needed to be made to my home. The reverse mortgage was sold to another outfit and it came as a surprise to me that Liberty would sell the mortgage to another firm up in Kalispell, Montana. Other than that, my loan officer, Greg, was excellent. He was very friendly and knowledgeable, and I was comfortable working with him. The women on the staff weren't as knowledgeable as Greg, but it worked out all right.
My mother just has Social Security. With her health and with getting more prescriptions, her budget becoming tighter, and everything becoming more expensive, we needed more cash. We looked into a home equity loan, but that didn't fix her having to make more payments. I heard of Liberty and researched it. I talked to Chris. He was amazing, personable and easy to work with. I ask more questions than anyone out here, and he never made me feel stupid.
My brother, my mother and I decided that Liberty's offer was a good deal. She doesn't even have to worry about house payments, which really helps her monthly money so that when a prescription costs $86 she won't say that she can't have it. My mom, Chris and I did the application on the phone. I gave Liberty my own number. We got on the speakerphone and filled the application out. I copied all the stuff they needed for hard copy back-up and then Chris sent a notary out the next day who got my mother's original signature. We gave that notary her copy and she sent it back to Chris. The application and underwriting process took less than 30 days, which wasn't long. My mom had to do the credit counseling on the phone. She gets nervous about stuff, but it wasn't hard and she did just fine.
I went on vacation. I was in the British Virgin Islands and got messages from Liberty and got it back to my mom to let her know when the people were coming and all that she needed. And when the gal came for final signatures, my mom called me. We were on speaker and she asked if the numbers were right. Liberty's rates and terms were fair. The rates were going up but Chris helped us a ton and has been our accountant. We did amortizations on all the three that Liberty offered. The cost was super high, but in five years' time, they'd all match.
A reverse mortgage seemed like a good thing and Liberty seemed to have the best one. I liked the concern and the information they gave me and the time they took. The application process was easy. The ladies I talked to, Christine and Megan, explained things to me. They were good to call and if I called them, they always took time and answered my questions. I felt comfortable working with them. At least once a week, they would call and ask how things were going and if I was understanding what we were doing. They were thorough and very concerned. I was satisfied with the lending process and the rate was good. Working with Liberty is going to help in having the money available when we need it. Just knowing that I have a resource to go to is really a relief. Liberty is a good company and everybody I talked to was nice and polite. I would recommend them without hesitation.
We had some friends who had done a reverse mortgage and we thought that doing that as well would be best for us. The first time we did it took quite a bit of time. The length of the process was their researching all of the documentation that they needed to complete the reverse mortgage. We were in that reverse mortgage for five years but then we wanted to move to Bakersfield as all our kids and grandkids are there.
So, I called Liberty Home Equity and was told that we could sell and redo the reverse mortgage in Bakersfield, so we did that. It was a long process but was relatively painless. Still, it went quicker because we had already been through everything and knew what they expected. We just needed to stick with it and receive counseling at every step. This was so we knew what to expect and for there to be no surprises.
I have different choices on how I want to do the reverse mortgage and I am aware of what the consequences are. If I have equity in the home, I can choose if I want to use the reverse mortgage as a supplement to my retirement or use it to alleviate making a monthly payment. The rep whom we worked with was great. He was very on top of things. He called us each week for an update so that we knew where we were at. We appreciated the fact that our agent knew what was going on. Even if he didn't know, he found out within minutes what the consequence would be if we did something and would call right back. I've recommended the same person whom we had contact with to friends.
Overall, working with Liberty has worked great for us. People need to call our rep and he would make sure to have all their bases covered. They will know exactly before they sign on the dotted line if and how they wanna proceed. Liberty's counseling relieved me of all the stress on how I'm going to be able to do a reverse mortgage. When they offer suggestions, I know what the bottom line is.
I'm living on social security and I wanted to keep my house. However, I wouldn't be able to do so and I did not wanna move with someone. So, I chose to start a reverse mortgage. Initially, I called another company and the gal who worked there used to work at Liberty and she bad-mouthed her former company. I didn't want to deal with people like that and I didn't have confidence with that company. So, I called Liberty to compare them.
Thus far, working with Liberty Home Equity Solutions has been wonderful. It was so simple and it didn't take long at all. The people whom I worked with, Liz, Robinson and Peggy made it so easy. They walked me through the process and they did everything. Liz was so nice and she was on top of everything. She answered all my questions completely and I could ask her over and over again if I didn't understand something. Also, she didn't pressure me to do the reverse mortgage nor was she trying to sell me a product.
The rate Liberty gave me was great. Also, I got choices and they explained different ways of doing the reverse mortgage. Eventually, I took the best way for me and I'm fine about it. Currently, I don't have a house payment and I can stay in my home. I'm not gonna be struggling every month. I have two people whom I'm talking to who are interested in a reverse mortgage and I've recommended Liberty to them.
I’m 80 years old and I might be dead in five years and I want the money now. I got a reverse mortgage with Liberty Home and the application process was arduous. They should cut down on the paperwork. But their rep got things done. I would call her up, and she would be right on it.
A reverse mortgage would work for my financial situation so I got one with Liberty Home and it took a long time to get it done. The application and underwriting process took about three months. The reps were all fine. They did their best. I would have like to have got a little more out of my equity. But if that’s what they can give you, that’s what you take.
I looked at two mortgage companies and the other company I called asked me to give them information. Liberty, on the other hand, sent me the paperwork to get it started so I didn't have to give the information over the phone. My only problem with Liberty was that they have departments, like underwriting and credit, and sometimes, I would call somebody and they would say that they have to send me to somebody else. But overall, the experience was quite good.
I felt comfortable working with Liberty. They were quite upfront. They wanted to know what we needed and when we had the appraiser come out here, he verified it. Liberty was also informative. They got details on what they needed and the documents that I requested were sent to me. Sometimes they couldn't do it on email. The process took about two and a half months, and some of that had to do with getting appraisals for the work that was being done. I got some things done that we needed to get done. But our experience with the roofer who did the work before was almost an issue of fraud. The first day it rained after we got a new roof, it leaked. He had a bogus contractor's license but the city approved it. When I had it appraised afterwards, people were saying the guy wasn't a roofer. Liberty basically suggested I get more than one quote and I had to submit them both to them to make sure they were detailed.
We also had to meet with HUD and that took a couple days. But everything was fine. Liberty got the credit approved and then we started working on the details. That was nice. There were a couple of things with the paperwork we signed though. When HUD came out, they had our names and ID. When they gave us a form, I signed it the way they gave it to me. In the paperwork, I would be "Ken" in one and "Kenneth" in another. Then Liberty said they had to have it signed the way they had it. There was nothing wrong with that. But it was a little tedious. Nonetheless, Liberty was really good and I'm quite pleased with them.
A reverse mortgage was convenient and logical and I liked the people that I talked to at Liberty Home Equity Solutions. The application process was okay, but it was intense as far as the paperwork was concerned. It was about two inches of paperwork. The first session took about two hours and the final paperwork signing took about two and a half hours. I wish there was less paperwork and there should be some way to streamline the paperwork. The actual figures during closing were also a bit confusing. We got it all worked out, but it needed to be a little more entailed as far as the dollar was concerned.
My interaction with the loan officer, Liz, was excellent and everybody from the organization was very helpful and really interested and concerned in what we were doing. The rates that I received were also okay. We paid off a lot of things that we wanted to get done and Liberty has really made it a lot easier on us. They were excellent.
Liberty Home was very helpful. Usually, if I called in, I got a hold of somebody right then and got it taken care of. The rate and terms are fair as well. We thought of reverse mortgage as we have six kids between the two of us, and we didn't wanna leave a house to fight over. We could also use some money for our retirement. The application process was pretty fast and easy. They had a notary come over and notarized our signature and she sent the package back. It was well. There were four processes that I had to go through and each one, I had a different person that I worked with. And my interactions with them went well.
I called Liberty and the first person I talked with was Howard and just fell in love with that guy. I enjoyed working with him the most. We had a lot in common and he made me feel comfortable. Even after the process was done, he called and followed up with me and we both told each other how much we enjoyed each other. He said, “If you ever have a question or anything, you have my number, so feel free to call me.”
The cost of the reverse mortgage was minimal and the rates were less than I could get in a home equity line of credit in this day and time. Of course, I can use part of it as an investment account. The only thing that bothered me compared to getting a normal equity was the amount of the closing cost, but I understood that the cost is a lot more entailed to this type of loan. So, I was all right with it.
Overall, the experience with Liberty was very pleasant. The reps there progressed me to different people as I went along. Sometimes, I had to adjust to the different personalities of each, but nobody was ever rude. I really felt like they had my interest in mind. They wanted me to understand what I was doing, and they didn’t try to hide anything. I didn’t have any surprises come up. They were more than open with me and I enjoyed that.
Liberty Home Equity Solutions was the most aggressive in terms of reverse mortgage and they seemed to have all the right answers. The whole process took not more than 30 days. Everyone was really personable. I was in a big business for almost 40 years and they couldn't have been more professional. That was impressive to me. Randy, my initial contact followed through on several things. I've worked with a lot of salespeople and he met up with some of the best that I've worked with. The rates and terms seemed competitive and reasonable. Hopefully, it's gonna make my life easier. I won't have a house payment and I'd have some money if there's something I need.
I refinanced my reverse mortgage through Liberty. When I did my reverse mortgage for the first time, I did it through a broker and it was through Liberty, too. My husband is a financial advisor for M&T Bank. Someone within his bank’s sphere of influence recommended Janice as a reverse mortgage specialist. He contacted her through that network. Janice was absolutely terrible. She was very slow and very lax. It took her forever to do anything and she seemed to always be like a step behind everybody else. I don’t think that she was on top of things. I used to do mortgages at one point in my life, and that was not the way it was done.
The application and underwriting process took a long time because there was always something that they needed. On the application, there was a notary who came to the house and witnessed the signing of the application, and took all of the documents, then sent it in a package to Liberty. Afterwards, the package was lost. It upsetted me because there were Social Security numbers and a lot of information that was extremely valuable. I was not really happy with that process. When I started doing business directly with the Liberty staff that was in California that things went much smoother. They were really good. They were smart and competent. They knew what they were doing. Even though there was a time difference, their response time was wonderful. That saved the loan. I would recommend Liberty although I would not recommend that particular loan officer.
We wanted to be able to continue to take care of the house and be able to stay in it. We also had to consider a lot of things, including our age, and we decided to do a reverse mortgage. My husband happened to be Googling information then Liberty popped up right away and asked him a question. He answered then they called him. Most of their loan process was pretty straightforward. The people themselves, Joanne and her associates, were really helpful. Joanne was our loan officer and she was very nice, personable, and professional. And if we had a question, it didn't take very long for them to respond. But a couple of people that called and told us they were gonna call us a certain day didn't. Still, things worked out. Joanne was really quick and when we didn't hear from somebody that I was supposed to, she found the number and name for me for us to be able to contact the right person.
I also pointed out to one of Joanne's associates that in the list of numbers of the counseling agencies that they recommended that you have to go through the program with them, a number of the numbers were not even in service. And some people wanted us to come drive 30 miles to make an appointment to come in a week later while some people didn't serve our area. It took me several hours to contact somebody that was on hand and willing to help. It was a long and arduous process to find somebody within reason monetarily but was available to do the service. Also, Joanne recommended around $100 and we paid the company that we got almost double that. But they were very professional and they've been in business a long time. They knew what they were doing and they could start helping us right away.
Another thing is, when the appraiser came to the home, she wanted to get under the house. My husband had a lock on the access to that but he couldn't find the key right away at the time. As the appraiser was here and not wanting to come back, he had to unscrew the hinges to get the access to get under the house and look around. But it was good because she said it was the cleanest crawlspace she'd ever seen.
Then, the water heater had to be strapped to the wall securely in case of earthquakes or such and we needed a carbon monoxide. That was no big deal, but it took my husband all one afternoon and part of the evening to get that hot water heater strapped in. If we had known about that ahead of time, that could have been done prior to the appraiser coming. So it would have been nice if there was list of a few requirements that needed to take place in order for her to get her paperwork done in the time that was required, so she didn't have to come back out. But I was able to text her pictures and that worked out okay. Aside from that, we didn't appreciate the first notary that had been out. But we loved the second notary. She was so good and really wonderful. So, we were glad that she came out for the second finding. Liberty had her because they wanted to speed things up, so they got her out instead of the initial one.
Other than that, the loan was done professionally and expediently, and the rate and terms of the mortgage that we got are fair for the economy at the moment. We may find ourselves at sometime just paying it all off, but we'll see. Since we did the reverse mortgage with Liberty, things have developed in a positive way for us and we're thinking this was a really good move for both of us right now.
I put all of my available cash into my house when I bought it. It was in need of repairs after some time and I didn’t have enough money to pay for that, so I made the decision to do a reverse mortgage. I looked up Liberty on the internet and I liked them. Their application process was so lengthy though. If I answered something that was just a little off, it delayed the process because they had to ask all these other questions and look into it. I wasn’t too happy with that. The loan officer, on the other hand, was very nice and helpful. But through the whole thing, she kept saying that she would talk to me at least once a week and after everything was done and over with, she'd be there for me. Yet, they sold the loan to somebody else and she didn’t tell me about it. I was very disappointed in that.
I had someone look at the Liberty's rate for me and that person said it was reasonable and that I would probably get the same thing somewhere else. The lady that was the ending person, who actually closed out the loan, kept on top of the information for me. As soon as she'd find out something, she'd call me and make sure that I knew how long it would take. Overall, I would recommend Liberty and would also tell the couple of things that I was disappointed in.
I got a hold of Liberty's rep, Luis, and we hit it off. The application process was easy and it took a couple of months. Felicia, the loan officer, was a little more difficult though. She wasn't always very clear in what she wanted from me so I had to send a fax to her a couple of times back and forth. Other than that, she was okay. The rate was about what I expected, which was fine. There was no other way I could afford my retirement plan without the reverse mortgage. I recommend 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