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      September 19, 2019

Home  >  Reverse Mortgages  >  Liberty Home Equity Solutions vs Lower My Bills

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  1. Liberty Home Equity
  2. LendingTree
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  4. Home Point Financial
  5. AAG
  6. Lower My Bills

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Liberty Home Equity Solutions vs Lower My Bills

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

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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

2019

Reverse Mortgages

4.5 stars
Liberty Home Equity Solutions

LIBERTY HOME EQUITY SOLUTIONS Visit Site

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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1.5 stars
Lower My Bills

LOWER MY BILLS Visit Site

Lower My Bills has loan products ranging from purchase and refinance to auto and personal loans. According to their site, an average of 5,000 reverse mortgages are funded each month - though they didn't specify whether that number reflects a nationwide average or just those loans that are funded through Lower My Bills.

In order to get any information about what you can borrow through this lender, you'll need to click on the "Get Started" button. There, you'll be expected to enter the typical personal details required by most lenders: name, address, approximate value of the home, phone number, and so forth.

Although Lower My Bills had an A+ rating with the Better Business Bureau at the time of our review, the BBB also had information regarding a government action against the company. While the case wasn't concluded at the time, the allegations stated that Lower My Bills' "business model is founded on luring, wrangling, and capturing consumers' personal and financial information, and then selling and trading the consumer's personal information to third parties". We would recommend that prospective clients exercise caution when deciding whether or not to fill out any forms with personal information while using the Lower My Bills site.

Because you have to fill out that form in order to find out anything about Lower My Bills' reverse mortgage program, there's no way to determine what fees are charged for closing or for loan origination, what the typical interest rate is, or even what kinds of loan products are available. There's also very little information provided to the customer regarding reverse mortgages - just three short paragraphs on the main page. In order to feel confident with Lower My Bills as a lender, there needs to be much more offered to the customer prior to submitting a quote request or any identifying information.

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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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