Liberty Reverse Mortgage is based in Sacramento, California, but it is licensed to operate in all 50 states, although it does not offer customer-direct lending in Utah, and in New York, you work with a different reverse mortgage lender. Like most other providers, it specializes in reverse mortgages and has been facilitating them for over 10 years.
This lender stands apart from other providers in that it provides a lot of detail about the different types of reverse mortgage loans it provides. There are several standard kinds of reverse mortgages, but most lenders avoid providing specifics about them. Liberty goes into detail about its offerings, giving you a greater idea of what options exist. Of particular interest is the HECM 0 loan, which is a line of credit reverse mortgage with zero closing costs. Liberty takes great pains to position its loans as alternatives to HELOCs or home equity lines of credit, another type of loan that takes advantage of accumulated home equity.
It also offers an Iron Clad Guarantee that promises a gift card if Liberty cannot match a competitor's price and a $500 credit toward closing costs if the loan is not closed within 60 days. You'll want to read through the fine print to make sure your loan meets the criteria. A reverse mortgage made toward the purchase of a new home won't qualify, for example. The website clearly defines requirements, rates and fees.
None of the reverse mortgage lenders in our buying guide shy away from the government-mandated counseling borrowers are required to take, but Liberty does an admirable job of providing resources for you to contact those counselors instead of directing you to an external site. This is in addition to a thorough pros and cons section that explains the risks you assume when taking on a reverse mortgage.
Liberty Reverse Mortgage is licensed to provide reverse mortgage loans in all 50 states, although it may not offer them in Utah, and in some states, it may work through a differently named company. The company provides a high level of detail about the specific types of loans that are available, and it offers a guarantee of a speedy process.