About Liberty Reverse Mortgage

Liberty Reverse Mortgage Synopsis 

Review Summary:  

Liberty Reverse Mortgage is a reverse mortgage lender that offers both reverse mortgages and HECM for purchase options in addition to reverse mortgage refinancing. It also offers conventional mortgages through its parent company, PHH Mortgage.  

Recommended for: 

Liberty is widely available in all 50 states and the District of Columbia. However, it does not offer jumbo loans for those who have a home worth more than the FHA lending limit. If you have a home that is worth more than the FHA lending limit, you will want to consult with other lenders such as Finance of America or Mutual of Omaha Mortgage.  

What is a Reverse Mortgage? 

The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which are also sometimes referred to as HECM reverse mortgages or HECM loans. It is a financial tool available to seniors who are at least 62 years of age. It allows them to cash-in on the equity in their homes without having to sell their home. A reverse mortgage pays off the current traditional mortgage, if there is one. This is how a reverse mortgage eliminates monthly mortgage payments. Reverse mortgage customers then have the option of receiving the loan proceeds as monthly payments, a lump sum, and/or a line of credit. Reverse Mortgage can also be used to purchase a new home. This is known as a HECM for Purchase. Those who obtain a reverse mortgage are still required to stay current on property taxes, homeowner’s insurance, and any necessary maintenance costs. Read more about Reverse Mortgages here. 

Liberty Reverse Mortgage Ratings and Reviews

Liberty Reverse Mortgage Full Review 

Overview 

Liberty Reverse Mortgage is a national reverse mortgage lender that has 19 years of experience in the mortgage industry. Liberty is the reverse mortgage arm of PHH Mortgage. It is headquartered in Rancho Cordova, California, which is located just outside of Sacramento. It offers reverse mortgages in 50 states and the District of Columbia.  

Reverse Mortgage Loan Options  

Liberty offers the following reverse mortgage products:  

• Reverse Mortgage Loans. These federally backed reverse mortgage loans enable homeowners aged 62 years or older to borrow up to $1,089,300, which is the current lending limit established by the Federal Housing Administration (FHA). 
• HECM for Purchase. A Home Equity Conversion Mortgage for purchase (HECM for purchase) is a specialized type of reverse mortgage that enables senior homeowners to utilize their home equity to finance the purchase of a new property. This option is particularly beneficial for those seeking to relocate or downsize to a more suitable residence during retirement. 

Liberty does not offer jumbo loans at this time. Jumbo loans are proprietary reverse mortgages that allow customers to borrow more than the FHA lending limit.  

Besides the reverse mortgage products, Liberty Reverse also offers traditional mortgage products adjustable-rate mortgages, FHA mortgages, fixed rate mortgages, and mortgage refinance loans through its parent company, PHH Mortgage.  

Liberty Application Process 

If you decide to apply for a reverse mortgage with Liberty, this is the general reverse mortgage process that Liberty says you can expect: 

• Step 1: Initial Application. Liberty says this first application will give the lender authority to start the official application process, but no costs will be incurred until after the counseling session has been completed.  
• Step 2: Counseling. As part of the reverse mortgage process, it is mandatory for customers to complete a counseling session with a third-party counselor who has been approved by the U.S. Department of Housing and Urban Development (HUD). You will be given a certificate once the counseling session is completed. The lender cannot move forward with other requirements such as the appraisal until this is done.  
• Step 3: Appraisal. After you complete your counseling session, the next step is for the lender to order an appraisal of your property. This is an important step because it will provide the official current market value of your home, which will help to determine how much you will be able to borrow.  

• Step 4: Underwriting. During underwriting, all documents will be reviewed to ensure that all conditions have been met to fund the reverse mortgage. 
• Step 5: Closing. A closing date will be set once the underwriting has processed the loan. Once the closing documents are signed, there is a three-day waiting period called the “right of rescission” before you can start receiving your funds.  

Liberty says to expect the application process to take approximately 30 to 45 days to complete.  

Liberty Reverse Mortgage Company Information  

Years in Business (4 of 5 Stars) 

Liberty has been in business since 2004, which means it has 19 years of experience in the mortgage industry. We give reverse mortgage lenders that have been in business for at least 20 years top scores because we think it’s important for customers to feel confident that their lender will continue to be around when they need them. This not only ensures that they have the experience and expertise necessary to guide you through the process, but also demonstrates their ability to weather any market fluctuations. 

BBB Ratings (5 of 5 Stars) 

Liberty has an A+ Rating from the Better Business Bureau (BBB), which is the highest rating a business can receive from the consumer education company.  

We take into account the Better Business Bureau (BBB) accreditation ratings when evaluating businesses. We do this because the BBB has a rigorous application process and continuously monitors accredited companies. This means that their accreditation holds significant value and is highly respected in the business world. The BBB is known for setting a credibility benchmark that is unmatched by any other rating service, making it a trusted resource for buyers who want to feel confident about the companies they work with. 

Customer Service Availability (3 of 5 Stars) 

Liberty Reverse Mortgage customer service is available Monday through Friday from 9:00 AM to 5 PM PST. The top reverse mortgage companies have 24/7 availability to serve their customers, or they have extended hours on weekends, making it easier for customers to get in touch when it’s most convenient for you. Knowing that you can rely on your reverse mortgage company for support whenever you need it can provide peace of mind and make the process smoother overall. 

State Licensing (5 of 5 Stars) 

Liberty Reverse Mortgage is licensed to originate reverse mortgage loans in all 50 states and the District of Columbia. Learn more about Liberty’s state licensing information by going here.  

Mobile App (1 of 5 Stars) 

PHH Mortgage, the parent company of Liberty mortgage, has a mobile app to serve its forward mortgage customers, but it does not have an app to serve its reverse mortgage customers. 

If you’ve received a reverse mortgage from Liberty Mortgage, we would love to hear about it! Please leave a review below.

Last Updated: 9/1/23