1. Liberty Home Equity Solutions

Liberty Home Equity Solutions was launched in 2004 by Scott Hanson and Pat McClain, who previously led a Sacramento-based financial planning firm. The company has helped over 60,000 borrowers, funding loans totaling $7.5 billion.

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The Good

  • Price Match Guarantee
  • Closing Commitment
  • Customer Service
  • Loan Process
  • Educational Materials

Price Match Guarantee

Liberty Home Equity Solutions maintains an “Iron Clad Guarantee” including a price match. If the company can’t match or beat a competitor’s program offering, it will issue you a $100 Visa gift card. You do not need to purchase a reverse mortgage from Liberty to benefit from this guarantee.

Closing Commitment

The company claims the loan process, starting from the date it receives your loan application and HUD counseling certificate, takes between 30-45 days from start to finish. However, if it takes longer than 60 days to close, Liberty will issue you a $500 credit towards your closing costs.

Customer Service

Liberty guarantees that if you call during business hours (9AM-5PM PST), you will reach a knowledgeable and courteous live person rather than a voicemail.

Loan Process

Liberty gives customers weekly updates throughout the loan process, which goes as follows:

  1. Initial application
  2. Reverse mortgage counseling
  3. Appraisal
  4. Underwriting
  5. Closing

Educational Materials

Liberty provides a reverse mortgage calculator to help prospective clients determine their eligible loan amount based on a property search, age, home value, and home equity percentage.

The company also offers a free informational e-book about the pros and cons of a reverse mortgage and details about how it works, the Federal Trade Commission’s recommendations for reverse mortgage rates and costs, and Mortgage Insurance Premiums.

The Bad

  • Not Available in All States

Not Available in All States

Liberty Home Equity Solutions currently offers reverse mortgages in Arizona, Arkansas, California, Colorado, Florida, Massachusetts, Nevada, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, Texas, Virginia, and Washington.

The Bottom Line

Liberty’s price match guarantee and closing commitment are attractive features that set it apart from other reverse mortgage companies. It’s worth pursuing Liberty Home Equity Solutions to take advantage of these features. You can change your mind or stop the process at any time before your loan is funded.

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