What is Liberty Home Equity Solutions Reverse Mortgage?
Liberty Home Equity Solutions offers a Reverse Mortgage program that is designed to help homeowners aged 62 or older to achieve financial freedom. A reverse mortgage is a type of loan that allows homeowners to convert a portion of their home equity into cash or a line of credit.
With Liberty's Reverse Mortgage program, homeowners can access the equity in their home without having to sell their home or make monthly mortgage payments. Instead, the repayment of the loan is typically deferred until the homeowner or their heirs sell the home or the last surviving borrower passes away.
One of the primary benefits of a reverse mortgage is that it can provide a source of tax-free income for homeowners in their retirement years, helping them to supplement their retirement income or pay for unexpected expenses. The funds can be used for a variety of purposes, such as paying off debts, covering medical expenses, or funding home repairs and improvements.
Liberty's Reverse Mortgage program is available in all 50 states and has helped thousands of seniors to achieve greater financial flexibility and security. The company offers a range of different loan options to suit different financial needs and objectives, and their experienced loan officers are available to answer questions and provide guidance throughout the application process.
If you are a homeowner aged 62 or older and are interested in learning more about how a reverse mortgage can help you achieve greater financial freedom, contact Liberty Home Equity Solutions today to speak with one of their loan officers.
Frequently Asked Questions about liberty home equity solutions reverse mortgage
A reverse mortgage is a loan that allows you to get money from your home equity without having to sell your home. This is sometimes called “equity release”. You can borrow up to 55% of the current value of your home.
Ocwen Financial Corporation
Liberty is a wholly owned subsidiary of Ocwen Financial Corporation (NYSE: OCN), a leading financial services holding company.
American Advisors Group (AAG)
American Advisors Group (AAG)
AAG is by far the largest reverse mortgage lender in the U.S. It's a division of Finance of America Reverse, another major reverse mortgage lender.
A big downside to reverse mortgages is the loss of home equity. Because you're not paying down your reverse mortgage balance, you'll make less profit when you sell, or limit your borrowing power if you need a new loan. You'll pay high upfront fees.
For homeowners with few or no other assets, a reverse mortgage can provide a much-needed income supplement in retirement. It can also help pay for medical bills or other unexpected expenses. However, it has some potential drawbacks worth noting. Review our list to compare the Best Reverse Mortgage Lenders.
A reverse mortgage initial principal limit is the total amount that a borrower can access on their reverse mortgage. It can be paid as part of a lump sum, as ongoing payments, as a line of credit, or as a combination of the three depending on the terms of the reverse mortgage.
Liberty Reverse Mortgage, now owned by Ocwen Financial Corporation, was founded in 2004. It began as a start-up and became one of the largest reverse mortgage companies in the U.S. In 2022, the state of Florida sued PHH Mortgage, a subsidiary of Ocwen, for charging illegal service fees on internet mortgage payments.
Shareholders
| Name | Equities | % |
|---|
| Peter William Riedel 1.051 % | 3,194,182 | 1.051 % |
| Roussillon Investments Pty Ltd. 0.9993 % | 3,036,000 | 0.9993 % |
| Ridemax Investments Pty Ltd. 0.9768 % | 2,967,676 | 0.9768 % |
| Norges Bank Investment Management 0.8750 % | 2,658,393 | 0.8750 % |
Best reverse mortgage companies 2023
- Best overall: Fairway Independent Mortgage.
- Best for low interest rates: Longbridge.
- Best for customer service: Finance of America.
- Best reviewed: American Advisors Group (AAG)
- Best for owners who need cash now: Fairway Independent Mortgage.
If you're a homeowner age 62 or older, a reverse mortgage can help you obtain tax-free income based on the equity in your home. A reverse mortgage might give you more flexibility in retirement and allow you to stay in your home.
The value of your home is one of the biggest factors in how much you can borrow with a reverse mortgage. Generally speaking, you can usually get somewhere between 40% to 60% of your home's appraised value.
62 or over
When is the best time to get a reverse mortgage loan? If you are at least 62 or over (the age requirement of the loan), the best time might be now. That's because, included in a reverse mortgage's many payout options is the reverse mortgage line of credit.
The value of your home is one of the biggest factors in how much you can borrow with a reverse mortgage. Generally speaking, you can usually get somewhere between 40% to 60% of your home's appraised value.
