About Liberty Home Equity Solutions

Liberty Home Equity Solutions specializes in Home Equity Conversion Mortgages (HECM), more commonly known as reverse mortgages, which the company claims can help qualifying homeowners convert a portion of their home’s equity into cash. Liberty Home Equity Solutions claims to offer several different FHA-insured products from which to choose, and to have helped more than 35,000 seniors secure their financial independence.

Reverse mortgages are a relatively recent financial tool, so you probably have a lot of questions. How does a reverse mortgage work? Can it benefit me? And if so, does Liberty Home Equity Solutions represent the best option? Let’s find out.

How Does Liberty Home Equity Solutions Work?

In business for nearly a decade, Liberty Home Equity Solutions is a company that provides ongoing industry-specific education and business partner solutions to a variety of wholesale reverse mortgage lenders, although their primary consumer-facing product is providing Home Equity Conversion Mortgages (HECM) loans to senior clients. Liberty Home Equity Solutions’ reverse mortgages are claimed to help seniors 62 years of age or older to access a portion of the equity in the home in order to live better during their retirement years.

With this in mind, Liberty Home Equity Solutions claims to be focused on maintaining integrity, providing clients with the personal care they need, and providing in-depth expertise and product knowledge to their customers.

According to the Liberty Home Equity Solutions website, the application process for their reverse mortgage occurs over 5 steps and generally takes 30-45 days to complete from start to finish. However, you can determine your eligibility in less than a minute by using the Eligibility Calculator found throughout the company’s website, which will provide you with interest rates, cash amounts available, and more.

Liberty Home Equity Solutions Pricing & Refund Policy

Just like any other type of mortgage, the fees and other costs associated with your Liberty Home Equity Solutions reverse mortgage can vary significantly.

However, with a Liberty Home Equity Solutions reverse mortgage, the company claims that you’ll never pay a single monthly mortgage payment (more about this in the final section), you’ll never owe more than the appraised value of the home, and there are no upfront lender fees. With this said, you will need to pay Mortgage Insurance Premium (MIP) at closing as well as an annual MIP, on top of an origination fee, title insurance, and other closing costs, which can be financed and included in your total loan amount.

For additional details related to their reverse mortgage costs and fees, be sure to read through Liberty Home Equity Solutions’ Eligibility Requirements and Fees sections on their website. Alternately, you can contact them directly at 866-751-6105.

Liberty Home Equity Solutions claims that they’ll provide you with a $100 gift card if they can’t beat a competitor’s pricing, and a $500 credit toward your closing costs if your loan cannot be closed in 60 days or less.

Is a Liberty Home Equity Solutions Mortgage Reversal Right for You?

Overall, if you’re 62 or older and need to supplement your retirement income, should you choose a Liberty Home Equity Solutions reverse mortgage? Perhaps, but consider the following:

Specific Requirements

First and foremost, if you’re interested in obtaining a Liberty Home Equity Solutions reverse mortgage, keep in mind that there are some very specific eligibility criteria you’ll need to meet:

  • Funds can be used for just about anything, although you’ll have to be at least 62 years of age or older and own the property outright (or have paid down a considerable amount).
  • Your property must be a single family home, a 2-4 unit, owner-occupied house, a HUD-approved condominium, or a manufactured home that meets FHA requirements.
  • You must live in the home as your primary residence and you cannot be delinquent on any federal debt.
  • You must meet with a HUD approved Reverse Mortgage Counselor prior to applying for a Reverse Mortgage loan. This ensures that you fully understand what you’re agreeing to.

On top of this, you’ll need to continue maintaining your property and paying all relevant insurance and taxes. Otherwise, you can still have your home repossessed by the bank, although no payments are technically due (in fact, this caused Wells Fargo reverse mortgages to stop being offered in 2012, as “nearly 10% of HECM borrowers were in default for failure to pay property taxes and homeowners’ insurance.”).

When Your Reverse Mortgage Becomes Due

Next, remember that your reverse mortgage won’t come due until the last homeowner has left the home (e.g. passing away, moving to a nursing home, etc.). While this may be good for you, this also means that the heir(s) of your estate will be saddled with the responsibility of paying off the loan after your passing. This means that your home will almost certainly need to be sold, so if you are planning to keep the property in the family, a Liberty Home Equity Solutions reverse mortgage may not meet your needs.

Liberty Home Equity Solutions specializes in Home Equity Conversion Mortgages (HECM), more commonly known as reverse mortgages, which the company claims can help qualifying homeowners convert a portion of their home’s equity into cash. Liberty Home Equity Solutions claims to offer several different FHA-insured products from which to choose, and to have helped more than 35,000 seniors secure their financial independence.

Reverse mortgages are a relatively recent financial tool, so you probably have a lot of questions. How does a reverse mortgage work? Can it benefit me? And if so, does Liberty Home Equity Solutions represent the best option? Let’s find out.

How Does Liberty Home Equity Solutions Work?

In business for nearly a decade, Liberty Home Equity Solutions is a company that provides ongoing industry-specific education and business partner solutions to a variety of wholesale reverse mortgage lenders, although their primary consumer-facing product is providing Home Equity Conversion Mortgages (HECM) loans to senior clients. Liberty Home Equity Solutions’ reverse mortgages are claimed to help seniors 62 years of age or older to access a portion of the equity in the home in order to live better during their retirement years.

With this in mind, Liberty Home Equity Solutions claims to be focused on maintaining integrity, providing clients with the personal care they need, and providing in-depth expertise and product knowledge to their customers.

According to the Liberty Home Equity Solutions website, the application process for their reverse mortgage occurs over 5 steps and generally takes 30-45 days to complete from start to finish. However, you can determine your eligibility in less than a minute by using the Eligibility Calculator found throughout the company’s website, which will provide you with interest rates, cash amounts available, and more.

Liberty Home Equity Solutions Pricing & Refund Policy

Just like any other type of mortgage, the fees and other costs associated with your Liberty Home Equity Solutions reverse mortgage can vary significantly.

However, with a Liberty Home Equity Solutions reverse mortgage, the company claims that you’ll never pay a single monthly mortgage payment (more about this in the final section), you’ll never owe more than the appraised value of the home, and there are no upfront lender fees. With this said, you will need to pay Mortgage Insurance Premium (MIP) at closing as well as an annual MIP, on top of an origination fee, title insurance, and other closing costs, which can be financed and included in your total loan amount.

For additional details related to their reverse mortgage costs and fees, be sure to read through Liberty Home Equity Solutions’ Eligibility Requirements and Fees sections on their website. Alternately, you can contact them directly at 866-751-6105.

Liberty Home Equity Solutions claims that they’ll provide you with a $100 gift card if they can’t beat a competitor’s pricing, and a $500 credit toward your closing costs if your loan cannot be closed in 60 days or less.

Is a Liberty Home Equity Solutions Mortgage Reversal Right for You?

Overall, if you’re 62 or older and need to supplement your retirement income, should you choose a Liberty Home Equity Solutions reverse mortgage? Perhaps, but consider the following:

Specific Requirements

First and foremost, if you’re interested in obtaining a Liberty Home Equity Solutions reverse mortgage, keep in mind that there are some very specific eligibility criteria you’ll need to meet:

  • Funds can be used for just about anything, although you’ll have to be at least 62 years of age or older and own the property outright (or have paid down a considerable amount).
  • Your property must be a single family home, a 2-4 unit, owner-occupied house, a HUD-approved condominium, or a manufactured home that meets FHA requirements.
  • You must live in the home as your primary residence and you cannot be delinquent on any federal debt.
  • You must meet with a HUD approved Reverse Mortgage Counselor prior to applying for a Reverse Mortgage loan. This ensures that you fully understand what you’re agreeing to.

On top of this, you’ll need to continue maintaining your property and paying all relevant insurance and taxes. Otherwise, you can still have your home repossessed by the bank, although no payments are technically due (in fact, this caused Wells Fargo reverse mortgages to stop being offered in 2012, as “nearly 10% of HECM borrowers were in default for failure to pay property taxes and homeowners’ insurance.”).

When Your Reverse Mortgage Becomes Due

Next, remember that your reverse mortgage won’t come due until the last homeowner has left the home (e.g. passing away, moving to a nursing home, etc.). While this may be good for you, this also means that the heir(s) of your estate will be saddled with the responsibility of paying off the loan after your passing. This means that your home will almost certainly need to be sold, so if you are planning to keep the property in the family, a Liberty Home Equity Solutions reverse mortgage may not meet your needs.

Understand the Full Impact of a Reverse Mortgage

Although HECM reverse mortgage loan payments typically do not affect your Social Security or Medicare benefits, it may impact your Federal Supplemental Security Income program and Medicaid, Aid for Dependent Children (AFDC), and food stamps. As such, you’ll need to contact a professional to help you discern how much you’ll be impacted (if at all).

Company Reputation

Finally, although there are few online customer reviews regarding Liberty Home Equity Solutions, those that are available seem to be positive. On top of this, Liberty Home Equity Solutions holds an A+ rating with the Better Business Bureau, with just 4 closed complaints over the past three years.

Bottom line: Overall, Liberty Home Equity Solutions seems to be a good option for obtaining a reverse mortgage, although this specific financial product may not meet everyone’s needs equally. As such, be sure to speak with your financial planner beforehand.

Although HECM reverse mortgage loan payments typically do not affect your Social Security or Medicare benefits, it may impact your Federal Supplemental Security Income program and Medicaid, Aid for Dependent Children (AFDC), and food stamps. As such, you’ll need to contact a professional to help you discern how much you’ll be impacted (if at all).

Company Reputation

Finally, although there are few online customer reviews regarding Liberty Home Equity Solutions, those that are available seem to be positive. On top of this, Liberty Home Equity Solutions holds an A+ rating with the Better Business Bureau, with just 4 closed complaints over the past three years.

Bottom line

Overall, Liberty Home Equity Solutions seems to be a good option for obtaining a reverse mortgage, although this specific financial product may not meet everyone’s needs equally. As such, be sure to speak with your financial planner beforehand.

Want to Learn Expert Tips for Online Safety?

Join over 2 million HighYa readers who receive weekly how-to guides, tips & reviews and get a FREE COPY of our Complete Online Safety e-book. Enter your email below to get started!

1 Customer Review for Liberty Home Equity Solutions

Average Customer Rating: 1.0
Rating Snapshot:
5 stars: 0 4 stars: 0 3 stars: 0 2 stars: 0 1 stars: 1
Bottom Line: 0% would recommend it to a friend
Showing 1-1 of 1
Sort reviews by:

  • 11 out 12 people found this review helpful

    Experience with Liberty Reverse Mortgage

    • Etta, MS,
    • Jan 20, 2016

    This has been one of the worse experiences in my life working with a mortgage company. We were asked to do some repairs and had $800.00 set aside for the repairs. The repairs were completed in July and the paperwork was sent to get the set aside funds. That is where the entire process went downhill. They were some of the most rude and hateful customer service representatives that I've ever experienced. They are young and talk "down" to their customers like you do not have good sense. They also refuse to listen to what you have to say and don't transfer you to a supervisor when you ask to do so. We are still currently trying to get the remaining part of the $800.00 set aside due once again to Liberty not completing and checking everything that was sent to them. This is not a company that I would refer to even my worst enemy! If you are looking for a reverse mortgage, please, by all means go in a different direction other than Liberty Reverse Mortgage. Good learning experience.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    Comments (0)
    View all 0 commentsHide comments

    Do you have an account? Log In before commenting.

    (If you don’t have an account – don’t worry, you can create it after)


Showing 1-1 of 1

Write a review for Liberty Home Equity Solutions!

Share your experience to help others avoid scams & discover great products!

Write a Review