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      August 10, 2020

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Liberty Home Equity Solutions vs Home Point Financial

To help you find the Best Reverse Mortgages, TopConsumerReviews.com provides you with an in-depth comparison of Liberty Home Equity Solutions and Home Point Financial.

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Get Your Reverse Mortgage at One Reverse Mortgage Today! If you're age 62 or older, you may have received information regarding reverse mortgages as a means of increasing your income during your retirement years. What is a reverse mortgage, and how does it work?

Unlike a traditional mortgage, where you pay a lender monthly and build up the equity in your home, a reverse mortgage allows the borrower to convert the already-established equity in their home into cash. In other words, with a reverse mortgage, you receive payments from the lender based on the value of your home and the amount of equity you've built up over the years.

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Best Reviews

2020

Reverse Mortgages

4.5 stars
Liberty Home Equity Solutions

LIBERTY HOME EQUITY SOLUTIONS

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Are you looking for a reverse mortgage lender that is transparent, experienced, and offers a satisfaction guarantee that includes competitive pricing? Liberty Home Equity Solutions should be at the top of your list.

Liberty Home Equity Solutions offers three main types of reverse mortgage:

  • HECM Loan
  • HECM Zero
  • HECM for Purchase (to buy your next home)

To determine which of these loan products is best for your situation, you can find more detailed information under the "Products" link at the top of the Liberty website. You may also want to look under the "About Us" heading to get reverse mortgage information specific to your state; at the time of our review, Liberty was not offering loans in the state of Utah, for example.

Getting started with Liberty is simple: enter your age, approximate value of your home, and remaining mortgage balance amount on their main page, under "Try Our Free 2-Step Calculator". On the next page, you'll be asked to enter your address and phone number, which Liberty will then verify to make sure the information matches. Finally, you'll be taken to a summary report that gives you details about any products for which you are eligible, approximate interest rates, and the available loan amount.

On the summary report we received, interest rates ranged from 3.39% to 5.38%, depending on the type of reverse mortgage. We were happy to see that Liberty doesn't charge any up-front lender fees, and that any fees necessary for closing can be financed into the mortgage itself if the home has sufficient equity. You can find out more about Liberty's fees by clicking on the "Reverse Mortgage Fees" link on the left-hand side of the page. There, you'll also see links for more details on the application process, eligibility and requirements, and the mandatory HUD counseling.

Liberty is the only reverse mortgage lender we found that offers any sort of guarantee. Known as the "Liberty Iron Clad Guarantee", they offer their customers an unparalleled sense of security during the lending process:

  • Fair and competitive pricing, with a $100 gift card given to any customer who gets an offer from a competitor that Liberty can't match or beat
  • Closing within 60 days from the date the loan application is received and HUD Counseling is completed - or they'll issue a $500 credit towards closing costs
  • Weekly updates during the loan process
  • Available customer service representatives during standard business hours (PST)

Although there is no specific page for customer testimonials on the Liberty website, we found many reviews praising their services - consistent with their A+ rating at the Better Business Bureau.

In short, while Liberty may not have the name recognition of some other reverse mortgage lenders, their commitment to customer satisfaction and transparency throughout the process make them a definite contender in the industry.

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3 stars
Home Point Financial

HOME POINT FINANCIAL

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Home Point Financial is a one-stop shop when it comes to borrowing. From USDA loans to refinancing and more, their goal is to provide loans to a variety of customers - including those who are looking into getting a reverse mortgage.

Their main Reverse Mortgage page provides answers to commonly-asked questions, such as "Does the bank own my home?" and "Is a reverse mortgage expensive?" Unfortunately, to get any further information, you'll have to click on your state's link. At the time of our review, Utah was the only one not included in their list.

We also didn't find the "request quote" portion of the page to be very helpful. The very first step is to select a loan type, and the only options given are purchase or refinance - neither of which seem to apply in a reverse mortgage situation. In other words, if you want to get any information specific to your situation, you'll likely need to call Home Point Financial to learn more. We definitely would have liked to see more details: types of loans available, average fees and interest rates, and so forth.

On the other hand, Home Point is one of the few reverse mortgage lenders in our review that has in-person locations in several states. So, if you'd rather be able to work face-to-face with a customer representative instead of completing the loan application process online or over the phone, it might be worth your time to see if Home Point has a location near you. While the Better Business Bureau link on the Home Point site shows a "Not Rated" score, we found listings for individual offices with reassuring grades ranging from B+ to A+.

Home Point Financial earns good marks for their loan process. Still, their rating would improve with greater details about their loans and a more efficient process for getting a quote.

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Continued from above

The most common option is known as an HECM (Home Equity Conversion Mortgage), and these loans can be used for basic monthly expenses, medical care, or whatever need you may have. Some of the requirements of obtaining a reverse mortgage are primary residency (living in the home for at least 183 days per calendar year) and participating in a counseling session with an HUD counselor over the phone or in person. Once you have a reverse mortgage, you will still be responsible for paying all applicable property taxes, maintaining the property, and keeping your homeowners' insurance policy up-to-date.

For those shopping for the best reverse mortgage, scouring the internet first provides a large list of quality companies with the most competitive rates.

When you're ready to begin considering lenders for your reverse mortgage, you should keep in mind the following criteria:

  • Rates and fees. What will it cost you to get a reverse mortgage with this lender? Are they transparent with their rates and fees?
  • Process and approachability. It's easy to get confused by the process of getting a reverse mortgage, or by the terms and conditions once the loan is in place. Does the company seem approachable and helpful? Is the website easy to use?
  • Reputation. Is the lender a member of the National Reverse Mortgage Lenders Association (NRMLA)? Do they have a solid track record for treating customers fairly and providing enough information and support during the process?

TopConsumerReviews.com has reviewed and ranked best Reverse Mortgages available today. We hope this information helps you or your loved ones find the right Reverse Mortgage to meet your needs!

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Just Approved: FHA HECM Reverse Mortgage for Purchase allows higher price home purchase with cash reserves

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Strategic Tax Planning for the Wealthy with Reverse Mortgages

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Reverse Mortgages Grow Slightly In July

Home equity conversion mortgages, known more commonly as reverse mortgages, showed a slight month-over-month growth of 1.1% in July. Since August 2019, reverse mortgages grew over 81%, though. Reverse ...

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Ocwen Financial announces reverse stock split

The board of directors at Ocwen Financial Corp., one of the region's largest public companies, approved a 1-to-15 reverse stock split in a move to attract more investors and raise its stock price. The ...

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"The need remains critical': Rent and mortgage relief arrives as state, county announce $320 million in grants

The Illinois moratorium on evictions ends Aug. 22, but renters and homeowners can get caught up with their owed payments with two new grant programs.

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Ellington Residential Mortgage REIT Reports Second Quarter 2020 Results

Finally, our results benefited from the strong performance of reverse mortgage pools, which have rebounded significantly from the distress in March, and which we believe will attract even greater ...

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