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.
I made an offer on a house. To get the people to accept the offer, I told them that I would be giving them cash and that they wouldn't have to worry about financing. However, I didn't really wanna give them $600,000 in cash because I bought the furniture too. It was also a lot of cash. So I looked into things and thought of reverse mortgage. If I’m never gonna move, and I don’t care about how much I leave my children because they're rich anyway, reverse mortgage made sense - take the money and go build another house with it or invest it and let that money work for me instead of just sitting in the house. I’ve got $250,000 cash available to me, I still have the house, and I never need to make a payment. It was a win-win.
I then got a reverse mortgage through Liberty Home Equity Solutions. I talked to one of their reps and I told him that I was trying to buy some investment property to build a house on the island. I asked him how long it was gonna take and he told me that it would take 30 days. I believed him even though there was no way that they could handle stuff in 30. Everybody else I've talked to told me it as a 60-day process. That salesman was okay for the most part. He was available and responded but he would always say he didn't know something and that he's gonna find what it was or that he'll tell another person to call me. He also didn’t become too involved after he initially sold me the bill of goods. He pretty much passed the buck off to everybody else. But I guess that's what they do.
I haven't done a reverse mortgage before and I wasn't totally thrilled with the application experience I underwent with Liberty. It seemed like there were too many fingers in the pie and nobody really knew what one finger was doing with the other finger. They would call me repeatedly and ask me for something and I would tell them that I have already sent what they were looking for. But then I would then be told that the rep I was talking to didn't get it and that they would search for it. I would then be told that a different rep has gotten it a month ago.
Then, every time I thought the process was over, Liberty would call me for something else which would take three weeks to get. I wasn’t living in North Carolina yet, and I had to run and go get a North Carolina driver’s license. Then once, they told me was done but then all of a sudden they need my tax returns for this and for that and those were gonna take a week or two. They could have asked for that a month ago. Time was sensitive for me and it was a full-time job to get the loan. It was especially frustrating when I was trying to work and do other things. It never would have gotten handled if I didn’t post-buy. Everything was not easy but I got it done. Liberty could have organized their process better and gave me all the information about what I needed upfront.
Also, once, I needed money to put down on some property and they told me that the check was already in the mail. However, it was not. They checked it out but they told that they didn't know why that happened. It was a little disorganized and the process took longer than I was told. But other than those, Liberty was good on everything else. They were cordial and I always knew that they would return my email, text, or call. They were responsive. They sent somebody out here for me to sign papers and the guy was here when they said he would be here. I would refer people to Liberty Home Equity Solutions.
Thank you, Brian! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
We 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.
Thank you, Kathleen! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
My brother and I talked about having a reverse mortgage a long time ago. We're still taking care of my mother, and then he had an accident and he passed away. And then, I had surgery just three days after that, and I was having a hard time trying to find people to take care of my mother. I finally got the state of Arizona, a hospice for older people so now I'm getting help. But her whole social security check was born for prescriptions and everything else, which we don't have to worry about now because she's not on all of medication and the hospice can take care of it. I was caught in a bind because I'm on social security, I just have enough to live on and I have to pay this mortgage every month.
I called AAG because my brother was gonna go through it. And then, their rep said she was gonna get back to me. However, three months went by and I didn't hear from her. Then I called back and I kept getting a recording because she wasn't in her office or whatever. They never got back to me. So then, I got online, called another company and told me my house was worth $125,000, which I know it wasn't. I was surprised in what it came out. I got online, and when I tried to find out more about reverse mortgages, I got a phone call and it was Ron from Liberty Home Equity and he said, "Well, I can explain it to you." He was very good.
I told him I had a solar panel and my house is not worth a $125,000. I was surprised it was worth a $107,000. I told him it was around $75,000 to $80,000, which I was surprised because the prices in Tucson have gone up a lot. He went through all of it and they wanted me to call right away and go through counselling and get an appraiser out. They wanted me to put the money out and pay for all these stuff. And I said, "Yeah, you're saying I qualified, but what happens if something happens and I don't? I'm out all this money for nothing."
And then, I got a call and that's when he started explaining. He said, "Well, before you spend any money, I could check things out for you." He was very helpful and very good, because then I explained about the solar panels. I said "I don't know them. They're on lease.” He said, "Well, you might have a problem with that." But he told me I would get the right thing by not spending money for counselling and for an appraisal until I find out for sure if I was even gonna qualify or not. He said, "Yeah, they can tell you you're gonna qualify, then you can go through all of this and spend this money out and say, 'Oh. By the way, we have this problem, so you don't qualify.' Now, you're throwing away $400-$500 for nothing." He told me that they can get me through this process and they can take care of all of it. If I wanted to go through the process, then they could get me set up for it.
Everybody that I spoke with throughout the process was great. They explained everything and it was wonderful. The process didn't take as long. The rep told me it was gonna take a little while because of the legalities I had here because my brother had died. I already got the house switched over to my name before I even applied for a reverse mortgage, but there was still a mortgage on the house and it was in my brother’s name. However, there was no way I can switch that. It was non-transferable.
We appreciate your feedback, Dolan! We aim to provide the best service for our customers!
I went online and tried to get some information on reverse mortgages and learn all about them. I happened to pull up Liberty at random and I was looking at it. Apparently, they know when someone’s looking at their website and they called me, which I thought was strange. The rep explained everything about the reverse mortgage and it sounded interesting. It all seemed okay, so I told him I would let him know my decision in a month. Then he called back a month later and I decided I was gonna go ahead and do it. It was quite a process, however. They had sent the materials out and it was a regular study program. I had to select somebody to take an oral exam with and then the Liberty rep had to certify that I was not an idiot. People that are my age and maybe even older, get confused and they don’t understand what they’re getting into.
Once I got the certification, Liberty sent me a bunch of papers to sign and the house was appraised. Then they came up with a number of which about 50% went to pay the existing mortgage that was left. The process took three months, although I didn’t want it to go through too quickly. But they wanted it to go through quicker because they thought the interest rates were gonna go up and then there would be less money for me. I forgot how many days it was that I could still reject their service if I wanted to, but I was convinced that that was the thing to do, and I still am.
The only thing that I didn’t like about the whole process was the limit on how much money I can take out of my equity account upfront. We were not hard up for money though. That was not the reason why I did it. Our problem was we had a lot of money in tax-exempt accounts. And if we took out more than $15,000 out of any or all of the accounts in a year’s time, then we would have to pay an exorbitant amount of income tax on it. What I didn’t know and what seemed to be a deep, dark secret was that we are only taxed on half of our Social Security. So once we get over the magic number where we have to pay tax, then we get taxed on 100% of our Social Security. The number, I think, is 13,500 and I get up over that. So it was not just a matter of paying an additional 7%. It was like 25%, so I jumped up by two tax brackets.
I talked to Liberty about the rate and terms and I asked them what would happen if I decided to pay the mortgage off. The rep said that only 1% of the people ever pay it off and that they just let the house go at the end. But I had my daughter involved in the process, so she understood what we were doing. She could still sell the house or we could or my wife could. I don’t ever wanna leave this place but if I croak, my wife is gonna have to go through all this mess of trying to sell everything. In this way, with the reverse mortgage, we really don’t have to. She can walk out of the house and just leave it, and let the bank take it or whatever she feels like doing. Or if she wants to sell it, then she can, and it’ll be a 150,000 or 200,000 profit after she pays off Liberty. She’s gonna have to make those decisions when the time comes. But in a year from now, we will have a nice equity account to draw on to do all the things that we wanted to do.
I was really happy with Liberty and I still am. However, when we had to sign the final papers, there were some numbers that I was not expecting to see. The papers had to be all signed in front of the lady notary who came out with the papers, but she could not explain anything. She was just there to make sure that we were who we said we were and that we got all the papers signed. I called Liberty three times during the process and they explained exactly what I was signing. The reps were wonderful and they still are.
We then got a letter in the mail saying that they had issued the checks and that a company was titling or putting names on the house. I did not recognize the name of the title company, so I called Liberty right away, and they said that was their parent company, the one that owns Liberty. The process that we went through with Liberty wasn't easy. But I can understand why it wouldn’t be because if somebody is not mentally sharp, then they probably should not be doing this. One has to completely understand that you’re getting the money now and if you spend it now, there’s gonna be nothing later.
Thank you, Donald! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
My wife's not working. But she's working towards getting back into work. She was a nurse in Pennsylvania and now we're in Florida. She's been out in nursing for nine years, so there's a whole process that she has to go through just to get back to work. In the meantime, I'm disabled and I can't work, so I only have so much income. It's not enough to pay all the bills and live in this house. I was in IT and I was making $4,000 to $5,000 a month. I was doing very well and then, my spine just went and it's been going downhill ever since. One operation after the other. It's not like I can go out and get a job so I'm stuck in my situation. But my wife is a little bit of help here.
I own my home already and all of my assets are in my home. I contacted another lender but they didn't contact me back. I then looked online and I saw Liberty. It was like they were first and Liberty was second, but as soon as I called somebody in Liberty, I got help and that help stayed with me all the way through. The application process was a long process. It's a lot of paper signing, but all in all, no big deal. I was told it might take as many as three months and I said it was fine. My need would be probably after three months. If I had any question, the loan officer Carol just said to call her and I could call them. If she wasn't there at that time, I got a call back that day. Then someone else took over. Carol said, "She will handle you from now on." I have her card in the material and she's the same way. I know I can call her and then she'll get me in contact with the right people.
However, there was a separate letter from the company that handles the line of credit. And it said, "In this portfolio, you have a request form for asking for money which you can fax or mail." It depends on the urgency. I went through the papers and didn't find anything. I'm not in the position right now where I have to request that money, but I'd like to have that form if I do. We got ahead with the hurricane Irma and our roof leaks. It's not like my house is dripping with water and filling with mold, but the roof was pretty much messed up and the insurance should replace it. I want a new roof on this house as it would increase the value of the property immensely. Also, should we need to sell, I end up with more equity. It's a stone roof and to replace it on your own, you're looking at $45,000. But the insurance will pay close to the $40,000 of it.
We're in the process of that, which is taking forever. But the deductible on that is $6,440 and I get $1,500 to spend a month. And if that comes at the same time that I have to pay my taxes, which is close to $4,000, having the line of credit would be good. I got this reverse mortgage to avoid a dire situation like foreclosure, for instance. If you have assets and you can tap into that asset, why not do it? The first thing when you do one of these things is, you're financing the settlement cost and there's another $20,000 in that. I'm just digging and digging. But you never know, like if equity goes up and all these things could be minutia. Liberty was topnotch and Carol handled through the beginning and I don't think you can find a finer person than her.
We appreciate your feedback, William! We aim to provide the best service for our customers!
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I needed to get out of debt and get my situation to where I could handle things. I got a phone call from Liberty and I decided to try their reverse mortgage. I thought that it was my chance to get ahead and I felt comfortable with them. Applying for the loan took a while and I knew I got everything behind. The underwriting and application process took a couple of months and time wise, it was kinda hard to get everybody together on the same level. But they've done well for what they’ve done. I worked with their rep, Mike out in California, and he was awesome. All in all, the reverse mortgage has given me a better outlook on my life. I didn’t get enough help on my bills but I can manage them now, so that makes me happy. Maybe I can also get my bills straightened and get Liberty paid back.
Arba, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
I got a reverse mortgage because I didn't have to pay it right away. I'm using the money to build a house. And when I get the house built, I'm gonna sell it, and then I can pay the loan back. I talked to Liberty Home and I talked to AGE. I talked to a woman at Liberty, and I talked to a man at AGE, and I like to give my business to women. So, I took Liberty. I had gotten another loan, and they said that I couldn't get a reverse loan while I had this other loan. So, I had to wait a year. But anyway, they changed it. It went to that I could get the loan and they would pay that one off. So, that was good.
Everything was good with the application process. However it took a while. It took three months. They just kept wanting this and that. But the service was really good. Everybody was on time and they kept me informed. It was also pretty easy to get a hold of them because when I either emailed or called, they called me back.
happy to hear we were able to provide the loan you needed.
I went online and typed in reverse mortgage. Within about 20 seconds, there was a phone call and I talked to Liz, Liberty Home's rep. She must have had her hand on the phone or something. The application process was long but everything seemed to work okay. I really liked that they stayed with me all the time and kept me informed of everything that was going on.
There were a lot of different organizations involved and I had a little trouble with getting the house approved by FHA. That cost me some extra money, but it had to be done, and the application and underwriting were completed in about three months. Aside from Liz, I also worked with a lady in Florida who works out of her home from her computer. I had their numbers and if I couldn’t reach one of them, there was an alternate that I could call, but I never really had to. In the end, I got the money that I needed and it paid off a motor home. Now that is free and clear. And that money is going back into my pocket. So, I took the first year all at once.
Great feedback, Martin! We genuinely appreciate it and we’re glad to hear that you’re happy with your experience working with Liberty.
I needed a lot of work done on my house and I didn't have the funds readily available. My house was paid for and there was no mortgage so a reverse mortgage seemed like a logical way to go. I shopped around and I liked Liz, the agent from Liberty. I liked the things that she said when I talked to her. But the process took four months. The application process was extremely long, detailed and difficult. The ads on TV are very misleading. They don't make it sound like it's gonna be any big deal at all. Everybody was real helpful but even though I liked Liz a lot, she should've been a little more forthcoming with me to let me know, A, how long it was gonna take and B, all of the things that were going to be required.
Liz told me some of the stuff but I didn't know that it's now required that there be two appraisals. I live in a very rural area, two hours from any big city, so it was difficult to find people to do those things. That was one of the problems. There weren't people on Liberty's list to come do some of those things. Nothing was explained to me about the repair holdback either. My exterior house needed painting and that was one of the things. They came out and said they were gonna have to hold back money for the painting. But I had said right from the outset that the repair was why I wanted the money. So why didn't somebody tell me that I was gonna have to do those repairs in order to get some of that back? There were also things like not having any smoke alarms and having to put those in and then having it reinspected. I also wasn't told about having to have the HUD counseling. There was just a lot of things.
There were many times along the way that I almost called Liberty and said, "Forget it." A lot of it is because of government being involved and their requirements. But if everyone had been more forthcoming at the beginning to let me know what all was involved, I probably wouldn't have been as upset through the process as I was. It seemed like every time I turned around, there was something else. That would be my biggest takeaway from the whole thing. The agents who talk to the people in the initial sessions need to really spell out all that is involved. Then as far as the rate and the terms, I would like it to be a fixed rate but it isn't. But when you need the money like I do to get this work done, then you would more or less accept it. Besides, all of that sounds pretty much what I expected.
Dear Cynthia, Thank you for reaching out to us via Consumer Affairs. At Liberty, we strive to provide excellent customer service. We take feedback seriously and will use this as a learning opportunity to implement more efficient processes. Someone from our team will be contacting you directly to learn more about your experience.
Liberty made me a better deal compared to other companies. I decided to sign up and we had somebody came out to the house and have it signed everything. It went pretty smooth. The underwriting part took about two days at the most, and the loan officer I dealt with was available. If I had to call in, she answered the phone. She always addressed my concerns right away. I was real satisfied with the way they did it.
Thank you, William! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
I was going on the computer looking for refinancing. I dealt with one refinance company, AAG, back in ’17, and had a really bad experience with them. I just let it go for a while and I figured I’d try to look again. I found Liberty and went on in there, applied and got some information. I spoke with a gentleman by the name of Richard and was very informative. He had a lot of information to give me and he answered all my questions. I felt a little more comfortable going into the process. I had to send in copies of my W-2 forms, my social security, my bank statements, my income, and bills that I had that I wanted paid off. I had to send in property tax too. They took that, did the application, and it all came together.
The entire process took no more than six weeks because I had to be out of town on the 26th of last month and I wasn't back in town until the 10th of this month. They went through the motions and had everything set up, and I did my settlement before I left. I had the counseling done here at the house. The counselor was very informative too. He went over each and every page with me to make sure that I understood. Then I had the notary public. She came to the house and was very nice. She went over all the papers with me as well and I signed everything. So everything was just kinda falling in place. They were awesome people to work with. Everybody was really on-the-ball. They were very right on target with everything and there was no hesitation about anything. It was just an absolute joy to work with them and I could compare them to the other company that I was dealing with which was really a nightmare.
Liberty explained the rates to me which were all very understandable. I had bought and sold several rental properties so I had some knowledge as to where we were at as far as the rates went. The only question I had was I did not want an ARM but doing it through HUD, I had to have it. Once they explained it to me, it was perfectly understandable.
Betty, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
We already had a reverse mortgage with Liberty. We got another mortgage and the process was relatively painless. The rep was wonderful and caring. However, there are a lot of papers that I have to now shred. There were duplications in the application process.
Thank you, Adriane! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
I had a very good experience with Ken, the loan officer from Liberty. He kept up with us and answered all our questions. Erika, the processor that I dealt with, was also good. She does her work. She doesn't sound warm or friendly. But that’s her manner. And then we were very disappointed that the loan took so long. We’re out-of-state and it started in early February. We thought it was gonna be a month or so, and it ended up going to May.
The problem was getting all the HOA They seem to have problems getting stuff from Colorado. I don’t know if there’s a problem between Colorado and California. The title company was supposed to get it, and I have to go into some kind of website. We didn’t like to fight, but there was some anxiety about all of that. I felt I had to keep calling. She just kept calling to get more and more stuff. She said that they do a lot of stuff here in Colorado. So I think the main thing is that it just took so long. We have two huge binders of trust. So we had to ship that all out. And then they had to ship that back. So there was just a lot of extra stuff. Other than that, we finally did get it.
Christi, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!
I needed to get a reverse mortgage done. Basically, as long as I'm working, I’m doing okay, but what happens if I was to give up a job or have to quit, then I need that house paid for. I talked to a friend of mine that has done business with this particular guy which represents Liberty Home, CP. He told me about CP and recommended him. The application process moved pretty rapidly.
CP is the one that did most of the paperwork and got everything going and handed it in to California. We’ve had good communication. He’s not real hard to get ahold of. Sometimes, you just have to leave a message and hope that he’ll get back, but he usually does and he’ll explain why he didn’t. Other than that, the rates are better than what I thought. Everything is not completely finished at this point. I’m understanding that I'm supposed to receive a check from them and once I get that check and cash it, then it will be completed. The reverse mortgage has put me in a position where I could retire if I wanted to. I’m satisfied with my outcome and would recommend Liberty Home.
Julus, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
I chose a reverse mortgage because my home was paid for and I was able to get a large chunk of money. I did a little shopping around and I talked to a nice kid from Liberty. He did such a good job answering my questions. There was no double talk and he made everything very clear. The application process is good. It's HUD approved and it’s a real good deal. But you have to go through counseling. The little ladies are ripped off so they make sure that you know what you’re doing.
Liberty Home walked me through the process and explained how much money I would get this year and next year. They provided me with lots of documents online to see what charges I would be incurring. It was a good experience and I’d do it again, but it’s a one-time deal. I could’ve used a little less closing cost. That was a little much, but you gotta pay the piper.
The mortgage impacted my life very well. I’m able to get a few things fixed around. My mobility is getting a little limited. So little things, like a new toilet makes my quality of life much nicer. I’m more secured. I paid off a couple of bills that needed paying off desperately and I’ll be very comfortable living on my social security. A lot of people said, “Don’t do it. You’ll lose your house,” and I knew that wasn’t true. I wanted to have the cash and it was a great thing.
Great feedback, Kathleen! We genuinely appreciate it and we’re glad to hear that you’re happy with your experience working with Liberty.
My mom and I had done a reverse mortgage on her house. I’m an old maid and I’m leaving my nephews enough money without the house coming in to it. So, I figured I would get the money out of the house and do what I wanted to do before I kick the bucket. The process with Liberty was simple and the gentleman who walked me through the problem was very nice and informative. The process was not as easy as it had been when my mother and I did it. A lot of stuff has changed and I didn’t get nearly as much money but it was a good experience. A man came in and changed the requirements and I understand that everybody was blowing through the money really fast, but I would’ve liked to have gotten more money back. But that’s okay.
The people I worked with were always polite, helpful, informative and tried to call us any time I had a question. Harvey, the man who helped me, was a nice guy. He had a radio announcer voice and he was very memorable. In the process of all of this, I have lost my social security card and so, that was the major hindrance to the whole application process. They had to send me some sort of form and I didn’t have a FAX available, so they sent me stuff overnight. I recommend reverse mortgages to everybody. I had a really positive experience with my mom.
Lynne, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
I wanted a reverse mortgage and Liberty seemed more reasonable however, the application process and the closing were both very difficult. They could eliminate the number of documents that you have to sign. You don’t really need those documents and there should be a one-page explanation of the documents. We were there for two and a half hours and I got documents that I’d never seen before. There were 160 pages of documents and they weren’t stapled. The closer didn’t know how to deal with it. I’ve never seen a closing that was as badly handled. I’m a lawyer and it was very difficult to close this deal. I’ve closed bigger deals. Nevertheless, the people I dealt with seemed to be okay and the money got to me when I wanted it.
Terri, my sister-in-law, has very minimal income and she had quite a car debt that was too excessive for her to pay. So, we chose a reverse mortgage as part of the retirement plan for her to pay off those credit cards. There was a lot of document production that we had to do in the process with Liberty and an appraiser had to come out. There were a few things that didn't work out well, which were bothersome. The appraiser didn't show on the day she was supposed to, so we had to reschedule that. Then, on the day of the closing, the title company didn't give the closing agent the information, so he didn't show up that day and we also had to reschedule that.
The application process was very long. Liberty should allow electronic signing rather than having someone come out to the house like a DocuSign. But Richard, the rep, was very informative, nice and accommodating. He gave different options and explained the entire process very thoroughly. His caring attitude was impressive. Terri has an adjustable rate and the term is until she sells the house. However, it cost Terri $6,000 to close on this loan, so we're pretty much giving her house to the Liberty mortgage at some point, which is kind of sad, but she needed money to live on, so that's why we had to do it. Hopefully, working with Liberty will give Terri more financial freedom. If you really need money, Liberty is fine but if you don't, don't do it, because of the fees involved.
Liberty did a fine job and we closed everything with just a notary visiting me. In the beginning, I had a guy call me and he got me going. After that, I ended up calling various people in California, all different names and different telephone extensions. It wasn’t a major problem because they all answered the questions I needed and things continued to go around. But once they hooked you, it’s not really personal anymore since you are connected to a big office in California. In the middle of the process, I called a couple of other major refinancing people and they took all the figures and they got back to me and said there was no way that they could match it and they felt it was a good deal. So, apparently, Liberty beats the market.
Everyone showed up at my house on time. The only thing was that I had to pay for a consultation fee that the guy claimed they weren’t allowed to charge me for because I was below the poverty line. So, I didn’t have to pay for it. This is a type of scam which is so ridiculous. Liberty charged me the fee at the closing, and that’s money I borrowed from them. And then, they wrote a check and sent it to the counselor.
All in all, I would recommend Liberty. The terms are okay. You’re actually losing your house if you use the money. I have a line of credit, so I haven't taken a nickel yet. I may never take money from it. But it’s like 40% of the value of our house and in about 10 years, I have to pay back 400 times the value of our house. If I had borrowed that much money then maybe it’ll be something left for the kids. If not, so be it.
Thank you, George! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
I had a super loan officer. I was impressed with Liz's attitude, knowledge and willingness to work with me to get me the best possible results for what I wanted. The process was very easy and although it took several months, that was due to me, not anything on the part of Liberty. We had a lot of health issues that intervened and my husband was in the hospital several times. The interest rate is higher than any other company that I had gotten quotes from. But because I intend to live in the house until I die, that was not much of a concern to me. All in all, it went great. Working with Liberty has made life more comfortable.
Great feedback, Joan! We genuinely appreciate it and we’re glad to hear that you’re happy with your experience working with Liberty.
The whole team at Liberty went out of their way to assist me in every way they could, and I really appreciate it. I'm kinda handicapped and I didn't work for a good while. I had to take an early retirement from the company I worked with and my wife, who had a full-time job, died six years ago. It really made it tough on me. I got my kids over and we talked about it. The only way I know of is a reverse mortgage and that's what I've done. And I'm totally satisfied with what I've done and the people I dealt with.
There was a lot of paperwork but within a few weeks, it was all taken care of. We did most of it over the phone then Liberty sent somebody by and she had all these forms. I had to listen to her for two hours and sign this and that. Then they sent me a copy of everything back. It was a pleasant experience. Randy, the loan officer, also really went out his way to help me all he could. He also seemed to be a real nice gentleman. Then if you have any questions, the only thing you've got to do is pick the phone up and dial his number. He will answer the phone.
Thank you, Joe! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
I didn’t plan on staying in this house forever but my daughter and my two grandsons live with me. They’ve always lived in this house and I don’t want them to have to move or be out of the school district. I wanted them to have stability. But the house needed some work done and being on a fixed income, I really couldn’t afford it. My options were pretty limited if I wanted to stay in this house but I felt good about the guidance I received from Liberty in making my reverse mortgage decision. I had also read comments in the Better Business Bureau from people that used Liberty and it sounded good to me. In fact, the person that I dealt with was Brian in Sacramento and I’m assuming this comment was about him. It talked about Brian in Sacramento as being very helpful. So I decided to go with Liberty. I would recommend them as well.
The process was quick and painless. I talked to Brian and told him about my needs. Then the counseling was through the HUD, which is required, and the person there was very helpful. My loan officer, Mary, also told me everything I needed to know and was very helpful. I was pretty confident when I signed the papers. They made certain that I understood what I was signing up for. There was no deception. They were very transparent about what was going on. I was very pleased and happy with it. Plus I could not believe it would close as early as it did. It took less than two months.
So far, my experience with Liberty has been really good. I needed reserved money in savings and also since we traded cars, I wanted to pay that loan down. I called Liberty and they set up an appointment. They were really helpful in the process of checking rates so I went with them. Everything was done by phone or they would send somebody out in person to get the necessary papers and documents signed. That made it really easy that way.
I was really impressed with our loan officer as she stayed in touch and kept me informed of what was going on. She lives in California and I live in Kansas. There is a little time difference but then I would call in the afternoon instead of the morning and she was always around when I needed her. The process took 60 days which went quicker than I thought. I was really happy and the reverse mortgage worked out well for us. For as long as I don't use too much of the money that's available, my reverse mortgage is a reasonable loan. There is money that's available but then until I actually withdraw, I'm not paying any interest on that money. Instead, Liberty is paying me interest it.
Thank you, Willis! We appreciate the time you spent to share your feedback! We’re happy to hear we were able to provide the service you needed.
I applied at Liberty and Howard the loan officer helped me with the application and went uphill from that. The application process went fast and I was really pleased with it. Howard knew what he was talking about and I was very comfortable with him. I wanted them to answer back the questions that I had and he was always there to answer them. I talked to him several times and he would explain what it was, then he would email me in writing what we talked about. The appraisal also went well and the rates and terms of the mortgage I received were right up my alley. Working with Liberty has been really good. They worked well with me to close my loan. They would be the people to talk to for a home reverse mortgage.
Richard, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!
We're at the point in our lives where getting a reverse mortgage would do us more good than bad. After interviewing three of the providers, Liberty was more friendly and more informational than any of the others. Liberty's application process was stringent. And there could be better communication during the loaning process. Other than that, everything's good. The rep we worked with was very good, very informative, and very helpful. She never turned me away for anything. When we had a problem, she went right to work on it. She knew her job and was very polite.
Ronald, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
Liberty Home Equity Solutions seemed like a good deal and the application process was all very professional and well done. The application and underwriting were completed in about an hour and the rates and terms I received were about what I expected. Also, the staff was very personable and eager to help and it was very easy to get hold of them.
We appreciate your feedback, Wesley. We aim to provide the best service for our customers.
We liked Liberty's quick response. And the initial process was fairly simple. The process in which everything finally got confirmed and finalized was tedious. But it isn't just Liberty. The whole industry has to get rid of some of the paper. They need to streamline the paper situation. It's ridiculous. Other than that, our loan officer was great. I was impressed that he was able to take my calls. The rate and terms of the reverse mortgage wasn't great, but it's okay. Liberty gave us flexibility.
happy with your experience working with Liberty.
I wanted to be able to use our equity and do some investing and decided to apply for a reverse mortgage with Liberty. The process took two months though. The paperwork was voluminous and it was quite thorough. It involved state, federal and local paperwork. Also, we had to have the place appraised and do a credit check. But other than that, the Liberty reps were very forthright and explanatory. The gentleman that I worked with, Rick, explained things fully. Also, we had to go through a procedure, on the cellphone, to find out the pros and cons of a reverse mortgage and sign papers so we knew exactly what we were getting into.
We appreciate your feedback, Terence! We aim to provide the best service for our customers!
My brother did some research and thought that Liberty sounded like a good company. We were both pleased with them. Ron the rep was very good. I spoke with him the most and he seemed to be a caring person. He explained things and cared about how people were feeling. Plus he called and kept me posted on what was going on. The application process seemed good. They kept in contact with what was going on. There were also a couple of other ladies that called me to let me know something was coming and that they needed something. Liberty seemed to know what they were doing and the lending process went well. This was my first time obtaining a mortgage, but working with them, I was as comfortable as I could get with something that I'm not familiar with. There was also some cash that came out of the mortgage. If I knew somebody looking for a mortgage, I would recommend Liberty and Ron.
Marilyn, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
I was trying to get some bills paid off and Liberty made me feel like they could help me. They told me what I needed to do and whatnot, and they followed right through with me. About a week ago, we signed the papers for the reverse mortgage, and we're all set. It was a very easy application, and the entire process was great, plus the rep that assisted me was very friendly and helpful. I had the guy's number, and I called him any time I felt I needed a question answered or to know what to be expected next. They explained to me what would be coming up and they also sent me paperwork with figures on it. I gotta give them a call because they sent me a thank you note for going with them and they told me if we have any questions to give them a call.
Phil, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.
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