Liberty Reverse Mortgage

Liberty Reverse Mortgage

 4.4/5 (114 reviews)
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Liberty Reverse Mortgage

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Overall Rating4.4 out of 5
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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

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 48 states.

Top Liberty Reverse Mortgage Reviews

Rated with 5 stars

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

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 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.

Liberty Reverse Mortgage Reviews

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Page 1 Reviews 0 - 5
Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: 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.

Liberty Reverse Mortgage response

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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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: 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.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: 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.

    Liberty Reverse Mortgage response
    Great feedback, John! 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: 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.

    Liberty Reverse Mortgage response
    Great feedback, Bruce! 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. 20, 2022

    We sold our home in California to move to Oklahoma to help our daughter with a business that she and her husband had started. And we got here two hours after she passed away from a bicycle accident. We had started to remodel this home when we bought it and being that she passed away, we had to pay for the funeral. So, we put a lot of money out of pocket and then, we didn't have enough money to finish the house. It was an ongoing event, but we're recouping. And Liberty Mortgage was great. The guy told us upfront the process was gonna take a long time. And it did for the most part. It was all good. So, I would recommend them to help people if they're in a financial situation.

    I didn't understand reverse mortgage but I'm glad that I did it because it definitely bailed us out. In the very beginning, it seemed a little sketchy. I was a little curious. But all in all, they stayed on top of things. Now, we just have to figure out if we wanna stay in this home because we paid cash for it, so there's no mortgage. We're here at least for another year or two and after that, we're gonna have to make a decision. There's only one thing that I need to deal with the lender on. Our taxes and insurance are supposed to be taken out of their funds that they held back and the homeowners’ insurance policy was paid in full except for $80. I don't know why they didn't pay the $80 but I paid it and let the lender know. He said they would talk about it and see if they can get me reimbursed. But it's no big deal.

    I sold real estate back in the ‘80s and back then, my broker encouraged me to never ever talk about reverse mortgages to people. They were not good back in those days, which was why I was a little bit leery of it. But in the same token, everything seemed to be so honest and upfront. So, we did it. It's been a great experience. They were very good. When I needed a response, I would email and Sabrina, the rep, would get right back to me. Or if I called on the phone, the manager would call me back. Everything seemed to be smooth.

    Liberty Reverse Mortgage response

    Thank you, Sandy! 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: 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.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 21, 2023

    Liberty did all the work. When I did the application, they sent a notary here and she had me sign all the paperwork and she notarized everything. It was very easy. I worked with a man first and then, Leslie was the one who handled the paperwork part of it all or if I had federal copies of this or that. She was very good and helpful. This is the second time I did a reverse mortgage with Liberty. They answered all my questions and the communication was good. It was either by phone or by text, some email.

    The people have to talk to you and ask you that you understand everything about a reverse mortgage, etcetera, etcetera, you know, and they tell you all about it and stuff to make sure that you know what's going on with it, and everybody has to do that. my husband passed away like six months ago and I needed some money to do a roof, you know, put a new roof on and stuff. So that's why I did it on the house and they helped me get it.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: April 20, 2023

    The application process was terrible. We're not computer literate and it was hard. It took time and patience because it was a lot to go through. The employees we talked to were very nice and the appraisal guy was good. But even though you get a lump sum of money, you still come out on the short end. You have to be careful with the way you spend your money.

    Liberty Reverse Mortgage response

    We appreciate your feedback, Cheryl. We aim to provide the best service for our customers!

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    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: April 20, 2023

    My husband passed away and in order for me to stay here, I applied for a reverse mortgage. Liberty has been more than cooperative. The problem is my feet dragging only because of some of the things that I had to do. Also, the application process was horrible. The signing alone was a pain. The first man that Liberty sent was all right and gave me information. He had his cell phone and was more interested in what his son had to say about the car he was buying.

    He would put the paper in front of me and say, "Sign. Sign here. Name and date, name and date." He would then talk to his son. I figured, “How long can I be signing my name and a date?” What I made him do was write the number of the month, the day and the year because he was getting me confused. At 82, it doesn't take much to confuse an old person. When his son wasn't going to call back anymore, he wanted to talk about his family, his mother, the trips that they took, and the boats that they were on.

    I signed the papers in May. He then said "You can't make another call until next year." I was only going to take $1,000 a month. Once he left, my granddaughter expressed her dislike and I didn't like it either. But we signed it and the next morning, I went to the post office and I did what the man said. The lady that was there was very sweet. I told her the documents had to go right then. It did and it got to Liberty.

    I got a call from another rep and I had to sign again. The rep I had the second time was a beautiful young little girl from Wilmington. She was absolutely fabulous and I was hoping that she would be my go-to girl. She does just that particular thing. She was very sweet. I was told that if I wanted to draw, I was to call her and she would see to it that it got here. But that wasn't true. A man said there was supposed to be a form in my packet. We looked through the three packets and we couldn't find the form. Liberty said they were going to send it. My friend said that something came in the mail so we looked. We had papers everywhere. We had separated stuff and marks of certain things that help us understand what it was. It was rude to send a packet to an 82 year old and expect any of us to understand what the heck it was. It's too much.

    In the end, we found the form and I informed the woman who called. She asked what it said and I started reading it. I said, "Well, there's a part down the bottom that says name." And she said there was not supposed to be anything on there but a place for you to do this and this and this. What I don't understand was the people that were doing the investigation. My made good money. The people only went back three months or three years, whcich was when everything broke loose. They should have gone back 20 years. We have two homes both paid for. The first time we applied, Liberty never even bothered with the Baltimore home, which was my mother's home. But when I applied the second time, they started asking me all these questions about it. From application to finish, it took a long time. They stuck my mother's house in there. All in all, I wouldn't recommend Liberty.

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: April 11, 2023

    It took six months to get things done with Liberty and it was really time-consuming. They kept adding more paperwork to every call, then they had to have our marriage certificate. We'd been married for 30 years and went through two of these before. Also, they kept changing people all the time and in the end, we just got a third of what we should get.

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    Liberty Reverse Mortgage Company Information

    Company Name:
    Liberty Reverse Mortgage