Liberty Reverse Mortgage
AUTHORIZED PARTNER

Liberty Reverse Mortgage

 4.2/5 (139 ratings)
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Liberty Reverse Mortgage

About Liberty Reverse Mortgage

Liberty Reverse Mortgage provides services to homeowners age 62 and older as a retirement planning solution and access to achieve short-term financial goals.

Our reverse mortgage solutions are useful in:

- Supplementing retirement income

- Paying off an existing mortgage

- Covering for medical expenses

- And helping with any other major costs!

Contact us today for a free rate comparison!

Overall Satisfaction Rating

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Pros

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

Cons

  • Rigid eligibility requirements

Bottom Line

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

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Rated with 5 stars
Verified

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

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Rated with 5 stars
Verified

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

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About Liberty Reverse Mortgage

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

Dedicated and licensed loan professionals help deliver fast, efficient funding in 49 states. Liberty Reverse Mortgage’s options have flexible terms and competitive pricing, plus the company doesn’t charge upfront fees — they bundle processing and loan fees into the loan. Qualified borrowers are not required to make monthly mortgage payments, but they must pay property taxes and homeowners insurance, as well as maintain their home.

Liberty Reverse Mortgage products

Liberty Reverse Mortgage only provides HECM loans and HECM for Purchase loans. Both types are reverse mortgage loans insured with the Federal Housing Administration (FHA) and are available to people 62 years or older.

  • HECM loan: An HECM loan from Liberty can be used to pay off existing debts and supplement retirement savings to enhance retirement lifestyle. Like HECM loans from other providers, applicants meet basic requirements, like HUD financial eligibility criteria.
  • HECM for Purchase loan: Liberty offers HECM for Purchase loans for single-family homes, FHA-approved condominiums and manufactured home that meet FHA guidelines. Note that the seller must finish all major home repairs before the loan can close.

How does Liberty Reverse Mortgage work?

The Liberty HECM or HECM for Purchase loan application processes may take 30 to 45 days. Liberty Reverse Mortgage loan amounts are based on the appraised value of the home and are subject to the FHA and Department of Housing and Urban Development (HUD) limits.

Step 1. Complete a Liberty Reverse Mortgage application
The official application allows Liberty to begin the application process. The company does not charge application fees, and the application can be canceled anytime before closing.
Step 2. Attend mandatory reverse mortgage counseling
If you’re applying for any HECM loans, you’re required to attend a reverse mortgage counseling session with a HUD-approved counseling agency. As proof you have completed the counseling session, you’ll need to submit a signed HECM Counseling Certificate to Liberty Reverse Mortgage.
Step 3. Get an appraisal
Your property will likely be re-appraised by an independent HUD-approved appraiser to determine the fair value of your property, even if you have a recent valuation of your property. Appraisal fees may be aggregated with the total mortgage amount.
Step 4. Wait for underwriting
Liberty Reverse Mortgage underwriters ensure all conditions are met and additional and missing items completed before establishing a final closing date. After meeting all the underwriting requirements, you and Liberty will then confirm the closing date.
Step 5. Sign Liberty Reverse Mortgage closing documents
On closing day, a Liberty Reverse Mortgage loan professional will request you sign the final closing documents in the presence of an attorney or notary. After signing the documents, you’ll be allowed a three-day rescission period within which you may cancel your application without penalty. If you don’t cancel, Liberty will issue a check or wire the applicable funds to your bank account. Keep in mind that the right to the three-day rescission period does not apply to HECM for Purchase loans.

Liberty reverse mortgage FAQ

Who qualifies for a reverse mortgage with Liberty?
Borrowers who are at least 62 years old and hold title to their home may be qualified for a reverse mortgage with Liberty. Applicants must also have sufficient equity in their home and meet financial eligibility requirements established by HUD.
What is the Liberty Iron Clad Guarantee?
The Liberty Iron Clad Guarantee is a commitment by Liberty to deliver exceptional customer service and value. Liberty promises fair and competitive pricing to all borrowers at all times, and if they can’t match a competitor’s offer, they will issue you a $100 Visa gift card. With the Liberty Iron Clad Guarantee, Liberty Reverse Mortgage commits to close your loan within 60 days. If they cannot fulfill this commitment, they will issue a $500 credit to your closing costs. This offer applies to borrowers who submit requirements on time. It is, however, not applicable for HECM for Purchase products, loan applications that do not meet FHA eligibility requirements, loan applications that are canceled before closing, HECM counseling costs and closing costs above $500.
How long does it take to close a Liberty reverse mortgage?
Liberty’s average processing time from start to finish is roughly 30 days but may take as long as 45 days. Processing time will depend on the circumstances of the loan, the speed of submission and requirements by the borrower.
What is the Liberty Reverse mortgage wholesale program?
With the expanding senior market, Liberty partners with wholesale lenders and brokers — from high-volume producers to one-person third-party originators. To help grow their businesses, Liberty provides them access to their products, marketing support and training at no cost.
How does Liberty calculate total loan amounts?
Liberty considers the type of reverse mortgage, age of the youngest borrower, current interest rates, the appraised value of your home, and FHA maximum lending limit or sale price when calculating total loan amounts. Liberty partners can access Liberty’s online Reverse Calculator, where the lowest rate and fee are automatically included.

Do we recommend Liberty Reverse Mortgage?

Liberty Reverse Mortgage could be a smart choice for qualified seniors who want to get rid of recurring mortgages or build cash buffers for unexpected expenses through a conforming or jumbo HECM or HECM for Purchase loan. A reverse mortgage is a big decision, but Liberty Reverse Mortgage has taken strides to extend exceptional service and value to its clients — for example, get $100 Visa Card Gift if they can’t match a competitor or a $500 credit to your closing costs through the Liberty Iron Clad Guarantee.

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How do I know I can trust these reviews about Liberty Reverse Mortgage?
  • 4,008,098 reviews on ConsumerAffairs are verified.
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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 17, 2022

My experience has been good. Sometimes a little frustrating because all the paperwork wasn't getting where it was supposed to be getting to. But all in all, I was very pleased with the professionalism of Jim and Victoria. Very good people. The interaction with Jim was terrific. He was always willing to answer my questions, give advice, not telling me what to do, but explaining my questions and answers.

I was given facts. I could call Jim on his phone, record a message. And he would call back with the answers to my questions. I asked if he would give me some advice. And he said, “I don't think I can do that. This is something that you have to decide, not me.” So, he was bold enough to make me stand on my own, but confident enough that I could make the right decisions.

Victoria was good. She was very kind. But there was a communication problem there because she told me everything was okay and it was all done. And she'd call me the next day and say, “Well, we need a copy of this.” But I just sent them all of that. So, I faxed a lot of stuff over again. But some of it, too, was because the rules and regulations of the title company changed or it wasn’t explicit of what they wanted. Other than that, I'm pleased with the decisions I've made and that Liberty Reverse Mortgage does help me in a time of need. I would recommend them to someone who is in the same type of situation I am.

Liberty Reverse Mortgage response

Gay, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 16, 2022

    The process with Liberty went all right. However, it was a little frustrating to try and explain to them that we wanted all of their requirements at one time and not piecemeal. We didn't wanna have to jump through this hoop and then wait and then jump through another hoop and wait. We wanted to know everything that was required so we could get it all done and not be sent down some trail that would cost us money all the way down and then find out at the end that there was something that would hold up the process or not allow the process to go through. The rate that they based their initial rate could also have been a little lower.

    It's a pain to get online with the servicing company to be able to monitor and request disbursement. We still haven't been able to complete that process. Was on the phone with them yesterday for an hour that their computer runs you through this process to do, put in information and then at the very end, they're supposed to send you a code. But the email hasn't appeared.

    My husband called and spoke to someone. They're supposed to call us back again today. But if that's how the servicing is going to go with lots of hiccups, that's gonna be very disappointing, ‘cause that's the whole reason for getting a reverse mortgage so that you have access to the cash when you wanted. Not have to wait to try to get through to them and have difficulty communicating with them to access your current loan information. ‘Cause that's the whole reason for having access to computer servicing ability so that you can track it online what's going on. But we were comfortable enough working with them. John, the closer, was very good. However, the person in charge of relaying the closing costs to us wasn't as experienced and didn't understand what we were asking her until she checked with John to find out what our question meant. I thought that was pretty inexperienced on her part.

    Liberty Reverse Mortgage response

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

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 14, 2022

    Marie was our rep and she was great. Communication was top-notch. It is way easier to do this reverse mortgage with the company you're already with. There are technical things that they can overcome that would be really difficult if it was a refinance from the same company that we already had our mortgage with. With the appraisal process, they have to send notaries to do everything. They're in California and we're in Loveland, Colorado. An appraisal guy came down from Wyoming, which really surprised us. But that went pretty smoothly.

    I expected a monthly statement and it's supposed to go out on the 1st or the 3rd. The statement that I got yesterday was from the first mortgage and we really want a statement from the new mortgage. We closed in mid-May. I figured it would be in the loop and we would have something by now. We have a line of credit and we want to keep track of how much money is in that line of credit that is available.

    At one point, we weren't sure what we were gonna be able to get out of this deal. If it was a certain amount, we weren't going to do it. It cost over $9,000 to do the refi which goes into your next loan. We get that. Marie was able to go to bat for us and somehow, they got us a bunch more money than they were indicating we might get so we're happy with how that turned out. We ended up making just under $19,000 on the deal. That was well worth it for us. We might do this again in a couple of years. The appreciation of our home was just stupid. The was over $100,000 appreciation in the last two years. We want to take advantage of that because it may not continue that way. As far as the appreciation of our home, we maxed out at this point in this market.

    Liberty Reverse Mortgage response

    Thomas, 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: Feb. 27, 2022

    I'm 78 years old and a lot about the reverse mortgage process was hard for me to understand. I just hope I did the right thing. I'm also concerned about the Doc-Solutions Incorporated papers that I got and I was going to call Chris, the rep I'm working with at Liberty, about it. I didn't like that there was no in person service and it was all over the phone. But they explained it and I understood when they explained it. They were very upfront to me. When I asked questions, they were very open about it and I felt comfortable with their answers. Still, there's so much paperwork. I'm getting it from PHH, from Liberty, from HECM, and all these different things that Chris said they're associated with. It's confusing and I just want one monthly statement that I have to deal with.

    For the finances, I got a statement and it didn't show what my credit was. So, I have to talk to Chris about my statement as well. It's a different arrangement than it was before and at my age, I'm the kind of person who likes to have them right there with me and going over each sheet. I also wish I could afford an attorney and a lawyer to help me go through all these stuff. But I can't afford it. Other than that, Liberty is a good company and I'm comfortable with what I got. I would have liked to have had more and for the interest to have been less. I felt the interest rate was too high but I went ahead with it anyway and I wanted to get it over with.

    Liberty Reverse Mortgage response

    Thank you, Mary! 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: Feb. 5, 2022

    I've been very happy with Liberty, and the girl I was dealing with, Myka, I don't even know if I would have gone through the process without her. She's special. She used to be in hospice, so she knew about elderly people and how they were being taken advantage of at times. That made her compassionate and caring, and that's what allowed me to trust the process. I started the process thinking about AAG because of all the advertising on TV. When I got to Liberty, Myka was there and gave me confidence that she cared about me and what was going to happen to me. That was important to me. Also, the rates and terms I got are very good, and a lot of that has to do with timing.

    This line of credit gave me money, and it took away the money stress so much. I was at a place where I had $50 at the end of the month after I paid my bills 'cause my husband didn't leave me any life insurance. All of our money was in the house. There wasn't anything in the bank because I had to put him on Medicaid 'cause he had dementia. What that did, money was a constant stress point and I didn't feel my age. I wanted to be able to travel while I still feel good. I also want to not go to a nursing home and be able to stay in my own home. So I'm going to need to have somebody come here and be with me at some point in time. Hopefully, it's a long way down the road.

    Liberty Reverse Mortgage response

    Sally, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 4, 2022

    The process took a long time because I’ve been ill, so I didn’t get the paperwork in on time. But they called all the time. I had a good experience with them.

    Liberty Reverse Mortgage response

    Judi, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 2, 2022

    I had a reverse mortgage from Liberty and I refied it. The same guy worked with me and 90% of the process was the same one that I had back in 2017. All we had to do is update it. Liberty had good people to deal with. If I had any problem, I could call them. There was some young lady I was doing business with there, besides the loan officer, and she would either find me an answer or give me an answer.

    Liberty Reverse Mortgage response

    Tony, We’re delighted to read your feedback about Liberty! Thank you for taking time to share your positive experience.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 26, 2022

    The representative I worked with was Steve and he was awesome. He kept me up to date and walked me through everything. Every time I was confused, I called him, and he had the answers for me. Even when I had problems, he solved them for me.

    Liberty Reverse Mortgage response
    Great feedback, Maureen! 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: Aug. 25, 2022

    The refinance process was long but good. The rep was nice and helpful. However, we got the loan approved and now we're getting all kinds of mail from Liberty. They want us to take out more insurance.

    Liberty Reverse Mortgage response

    Thank you, Daniel! 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: Aug. 24, 2022

    Their portal was great. The reverse mortgage went really smoothly.

    Liberty Reverse Mortgage response

    Maxine, Thank you for taking the time to share your Liberty experience with others. We’re happy that you enjoyed working with us!

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    Liberty Reverse Mortgage Company Information

    Company Name:
    Liberty Reverse Mortgage
    Website:
    libertyreversemortgage.com