Liberty Reverse Mortgage Reviews (%countItem)
Liberty Reverse Mortgage Rating
Address: 10951 White Rock Rd Ste 200, Rancho Cordova, California, United States, 95670-6366
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The Advisors are very nice on the phone (many calls), but they charged me for the "counseling fee" even though I paid Quickcert directly. Many may think $125.00 is not that much, but it is to me!
I sent a written request to my assigned Advisor, Stephen R after many e-mails were ignored. With the letter I sent the documentation of my bank statement proving I had paid the $125.00 and the documentation of the closing papers showing I was charged the $125.00, AGAIN.
Mr. R had stated in phone calls once I showed proof I had paid the fee it would be removed from the closing fees. I e-mailed the proof. Then he said he needed Quickcert to verify they had been paid. I asked several times if they verified my payment, he never answered me. That lead to my written request (December 31, 2019). I have yet to hear from Liberty Home Equity Solutions, Inc. of Rancho Cordova, CA.
This company is not all they claim to be.
Marsha S. C
Indiana
Dear Revdex.com:
We are writing to you at the suggestion of The ***, Sacramento, CA, and I hope that you will understand how unfairly we have been treated and can help us. We are losing hope, but our desire to be treated fairly is strong. I wish I could say it isn’t about the money, it is about the principal of the situation, but I am afraid the money is very important. Both my wife and I are elderly and in poor health, and we are having a struggle to remain in our own home. It is for that reason we ventured into this undertaking in the first place. The principals of good business and fairness are important too. All our lives, we have tried not to give in to the belief that the common ordinary people, like ourselves, have no chance of fair treatment against large companies and corporations. I am afraid we are losing that battle to believe the ‘little people’ stand a fair chance even in our wonderful country.
In early Jun 2017, I started talks with ***, Reverse Mortgage Loan Advisor for Liberty Home Equity Solutions, Inc.*** I sent photos and told them everything I knew about my property at ***. I explained that;
I purchased the property which was for sale just under one hundred fifty thousand ($150,000).
The manufactured home was finished with well and septic and a powerline to the house on a little less than a wooded ache.
Before we purchased it, the lot it sat on was unfinished with dirt entrance no paving and piles of gravel around the house.
We spent an additional one hundred fifty thousand ($150,000) on ground work, having systems underground, a long-paved driveway with parking, an insulated wall around between the house and cement foundation it was fastened to according to Federal Regulations. The home is a manufactured home with three bedrooms, three baths and working fireplace all modern utilities (several of the appliances, hot water heater and dual water system are new some less than a year old). The home has central air conditioning, and the garage has AC. Original light fixtures and the like have been replaced with brass chandeliers, special dimmable lighting inside and out.
We blasted the ledge behind the house and built a two-story custom wide garage with two extra wide bays with electric doors downstairs and built in storage areas, two large rooms upstairs one finished as a living room office and a deck with views of Eastern Bay and Islands. The other large room is storage area. The garage is insulated heated and has a bathroom
I had two real estate companies evaluate the property, and they estimate its value for a quick sale at two hundred twenty-nine thousand ($239,000) and sale if I was not in a hurry to sell immediately two hundred nine eight thousand ($298,000). They assumed I was interested in selling.
I sent photos and documentation of the property to Liberty after speaking with them and stressing my concern of spend money unless I was sure of being approved for a Reverse Mortgage with enough money for us to live in our home for several more years and receive the help we need. Mr. and his associates assured me that there would not be a problem in getting a Reverse Mortgage in excess of two hundred twenty-nine thousand ($229,000). When speaking to me regarding the steps we had to take to be approved our conversations were recorded. I was told this was a formality. However, many times Mr. *** assured me there would be no problem. We spoke so often that a friendship seemed to develop, and we invited him to visit our island. We had similar conversations with ***, Loan Processor. He even told me that they did not always go with the appraisal, but that they used their own judgment at times.
A notary was sent to the home which I paid for on the occasion. They sent an appraiser from many, many miles away to the house. When we arrived he immediately started telling us how exhausted he was from traveling so far and how he would never have come had he been told it was a manufactured home, because he hated doing manufactured homes. When I tried to tell him about the
garage and that I had spent over a hundred thousand on it, he said that was of
little interest to him, he was here to evaluate the house. They charged me nine hundred dollars ($900.00) for the appraisal. It was to be given in five days or less but was dragged on for six weeks, and when it came in it was for one hundred eighteen thousand dollars. ($118,000), and full of errors. He labeled a smaller guest bathroom as the master bath, when the master bath is large and has a double shower and whirlpool bath double vanities etc., he labeled one of the guest rooms as the master bedroom. He never mentioned the walk-in closets, central air-conditioning, new appliances, hot water heater, new propane furnace, remote propane fireplace. We have a long driveway and our view is of Cranberry Cove, the Eastern Bay and Islands. He went down the street that passes by our drive and found the worst view possible and labeled it as if it were our view. He photographed the side of the house with the utilities are and made it look like that is what the whole house looked like rather than the other sides with gardens etc. He never mentioned the way the foundation is set up with access doors for easy access to work on services. I had two pumps with filtration installed so that we would never be low on pressure when having company and running appliances while taking showers. The space under the house is deeply insulated and stays warm all Winter.
He never mentioned the office and living area in the garage is air conditioned with a deck that has a view to the east of the Eastern Bay and islands with views as far as the eye can see, and it has a western view of the Western Bay and island. The downstairs of the garage have extra wide bays with built in storage areas and pull out totes. We have a white sink and my wife was cleaning the rust off of some antiques, so he asked to have them removed and took a picture of the sink. I could go on and on about how he made thigs look as bad as possible. It seemed like he knew us and wanted to hurt us. He may have been angry at Liberty for being on his case to do the very overdue report. I have emails from Mr. saying he was shocked at the appraisal. We were lead on and on for seven months to feel it was a sure thing to find out it was appraised for less than what we paid for it before spending over three hundred thousand dollars on it. Is there any question why I feel we were treated unfairly by paying such a high price for a report that is less than accurate? It is degrading and dishonest. I feel that the professional Broker Price Opinion and my photographs prove what I am saying. I feel confident that few people would say we were used fairly. However, we are ‘little people’ facing a big corporation.
I hired the most informed real estate broker in the area to do an ‘Broker Price Opinion’ and he spend over a week researching the property, taking photos, including charts and graphs (26 pages) and his value was close to the other two real estate companies estimates of $239,000 to $289,000 depending how quickly we wanted the property to sell. I am enclosing a copy of the BPO. I sent a copy to Liberty, but I doubt they even looked at it.
Dear Revdex.com and Mr.:
Liberty Home Equity Solutions, Inc. appreciates the opportunity to respond to the concerns of Mr. and Mrs. regarding their reverse mortgage application experience. The concerns raised here through the Revdex.com are substantially the same as those raised by Mr. and Mrs. previously through the California Dept. of Justice. Attached is the response that Liberty already has provided. Given that the complaints raised here again largely regard the appraisal, I again suggest that Mr. and Mrs. consider raising such concerns with the appraiser and/or appraisal management company, which both operate independently of lenders such as Liberty.
Thank you.
Sincerely,
***
Senior Counsel
Liberty Home Equity Solutions, Inc.
Please accept the following as the response of Liberty Home Equity Solutions, Inc. (“Liberty”) to Mr.’s further-expressed concerns. I address his concerns in the order raised below.
1) Liberty is not agreeing to refund the appraisal cost because it is false to state that “Liberty Home Equity Solutions Inc had full control of the company that would appraise [the] home”. The opposite is true: as required by HUD rules, Liberty had no control whatsoever over the appraiser or even the selection of the appraiser. As required by HUD, an appraisal management company (“***”) will randomly select an appraiser to perform the appraisal so as to ensure independence and impartiality by the appraiser; the lender, in this case Liberty, is excluded from the process so as to preclude any possibility that the lender might seek to influence the value opinion of the appraiser.
2) The $900 cost of the appraisal is somewhat higher than the average that we see, but again this cost was set by the appraiser (or possibly the ***) independently of Liberty. It makes sense that the cost would be higher given the remote location of the property, but any objection to the charge should be directed to the *** and the appraiser.
3) Liberty always informs applicants that they will need to be approved for the loan, which is not guaranteed. All documentation here supports that Liberty did so in this case, as well. Again, Liberty cannot speak to the supposedly “hateful attitude” of the appraiser because Liberty, by law, had nothing to do with the selection of the appraiser or the performance of the appraisal. Liberty Loan Originator Mr. may have been surprised or “shocked” that the appraisal value came back lower than the earlier estimates, but as noted below the ***s were informed that only the appraisal would determine the value on which Liberty is permitted to lend under HUD rules. Whether the appraisal was “unfair” or “inaccurate” is again a matter to address with the appraiser and/or the ***.
4) As noted above, the *** and appraiser were required by law to operate independently of Liberty and accordingly Mr. should engage these entities with his concerns regarding the appraisal.
In sum, while Liberty certainly regrets that Mr. and Mrs. were not satisfied with the appraisal aspect of their loan application process, Liberty informed the ***s correctly that the appraisal would determine the home value for purposes of loan underwriting and that the ***s would need to pay for the appraisal. Likewise, Liberty properly followed HUD rules requiring Liberty not to be involved with the appraisal in any way. For the foregoing reasons, Liberty respectfully declines to interject between the borrower and the *** or appraiser and again suggests that Mr. and Mrs. direct their concerns, including any request for a refund, to the *** and/or appraiser, which operated independently of Liberty and collected the fee for their services.
Thank you.
Sincerely,
***
Senior Counsel
Direct: ***
Email:
1)
Hud is guided by the location of the property you are considering servicing. I was told by two of your agents that an apraiser would be selected who would be knowledgeable of property values i
In this area and do a comparative study. The apraiser came from the city of Bangor and used properties in far away towns to reach an aprasial. There was no coralation between my property and those it was compared withfor value. The Liberty is a large profesional company dealing with such mtters and should have seen to it that an appraisser did an appropiate job not jusst that it was unrelated to the owner of the property being apraised. However, The Liberty didn’t care, I was paying nine hudred dollars ($900.00) which means nothing to The Liberty but to us it is a part of helping us with medication and living indoors or eating regularly.
2)
This statement truely upsets me becasue I was toldthis was the standard fee and there was little chance of getting an apprasial for less. I still say we have excellent real estate and land invesstment people in our area who make excellent decisions on property values every hour of the day. Why get some one from two hundred miles away and in an entirely different kind of an eco-system.
3)
I objected to the high cosst of the apraisal through the only contact I had with the company The Liberty. I knew nothing about ***. The Liberty had arranged the appraisal and I was told that it was very hard to get and we had no choice. It was the fee and the process would be interupted. I was also told that I would getting the fee back when I received the money for the Reverse Mortgage which we did not get becasue of the appraisal. The only dealings we had with the appraisal company was to pay the nine hundred dollars all other contact was through The Liberty. We trusted the people of Liberty and therefore were at the mercy of The Liberty.
4)
At the suggestion of Mr. ***, Senior Council I did contact the appraisal company after I got thier name and address from people at The Liberty. My first atempt at trying to find them on the Internet I realized they do much more than appraise propeerty, and I also noted they had 82 complaints *** against them the day I looked at thier site. I have never received the courtsey of a reply to my attempts to contact them.
5)
Yes, we were given the rules in a very formal fashion and in the first few minutes of our conversation with the representative to whom we talked. At that early point in our relationship with the people of The Liberty, we didn’t feel we knew anyone, and I was very concerned about paying possibly $350 to $400 for an apprasial. No one told us it could be more, but they agreed to let me send them pictures and facts about the house, and they promised to call the ***s Town Hall, Bank and other places to get information on our property. After examining the photos and making the calls they all assured us there could never be a problem and that we would get much more than what we were asking for the Reverse Mortgage. That is the reason they expressed shock at the apprasial submitted by ***.
When things were good for us, I refused to listen to those who complained that the little people didn’t stand a chance against the big companies of the USA. Since my accident and subsequently loosing two thirds of my income and most of our lifie savings, I began to understand. When a few hundred dollars makes a difference and one is powerless over a large concern, like The Liberty, that has the advantage it is easy to develop this attitude of ‘What is the sense of trying?’ Thanks you for listening.