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Liberty Home Equity Solutions Support Successful Retirement - YouTube
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- New regulations and
features have transformed
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reverse mortgages into a
financial product of choice
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for seniors at all income levels.
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Serving both affluent retirees
and Main Street consumers,
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Liberty Home Equity Solutions
dispels misconceptions
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and shows us first hand
the success of today's
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redesigned reverse mortgages.
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(intense, upbeat digital music)
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- [Yue] Today's seniors know
it takes dynamic planning
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to fund years of retirement
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without depleting their
hard earned assets.
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One powerful tool in their
arsenal is the reverse mortgage.
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- Most simply put, a reverse
mortgage is just like
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any other home loan.
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The difference, the
borrower isn't required
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to make a monthly mortgage payment
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principle and interest payment.
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- [Yue] Michael Kent is the president
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of Liberty Home Equity Solutions,
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and has been in the mortgage
banking business since 1978.
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- They're still required to you know,
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pay their property taxes, pay
their homeowner's insurance.
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What happens is, that
portion, that interest
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that accrues every month on the loan
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goes back into the balance,
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and doesn't have to be paid
off until an event takes place.
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An event would be the
borrower leaving the home.
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- [Yue] Founded in 2004,
Liberty is one of the oldest,
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and largest reverse mortgage
lenders in the country.
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Garrett Kolb is vice president at Liberty.
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- We believe that the reverse mortgage
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has a seat at the
financial planning table.
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We think it's really
critical when we talk about
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home equity as part of
the retirement solution.
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That the reverse mortgage
is one of many tools
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that a financial planner can use
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to help meet the needs of his clients.
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- [Yue] To qualify for a reverse mortgage,
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there are several requirements.
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One of Liberty's advisors, John Dickenson,
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breaks down which seniors are eligible.
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- One, they must be 62
years of age or older.
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Number two, they must live in the property
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as their primary residence.
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Number three, there must
be sufficient equity
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for them to qualify for the
property, through the property.
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And four, they must have
a financial assessment,
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which is basically a
credit and income review.
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- Liberty focuses exclusively
on the senior segment
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and has an in-depth understanding
of retirement needs.
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The reverse mortgage
lender offers specialized
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education and support for clients
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and their financial planners,
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to help them successfully navigate
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a range of financial
options after retirement.
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- People that are empty-nesters, that are
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maybe reluctant to down
size, because they're lacking
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the net equity in the home,
to buy a home, say all cash
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with no mortgage payment.
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The reverse mortgage for purchase option
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let's them bridge that delta.
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And now they can buy a home for more money
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and their mortgage payment is zero.
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- Safeguards are really
important in our industry,
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because seniors are a protected class.
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- [Yue] That's Liz Robinson,
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a senior loan officer at Liberty.
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She says that beyond following
the strict regulations
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and consumer protections
designed to give borrowers
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piece of mind, the reverse mortgage lender
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delivers a personal touch.
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- I think Liberty's different,
because we spend the time
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and effort on every file like family.
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- [Yue] And family is how
Garrett Kolb and his brother,
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both seasoned mortgage professionals,
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first learned of Liberty.
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- And we both received
the phone call one day
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from my father,
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and he said, "Would you
come over to the house
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"tomorrow night and
listen to a presentation
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"about reverse mortgages?"
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- [Yue] Garrett's father,
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shortly after that presentation,
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had reasons he wanted to
hear about reverse mortgages
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and made a decision.
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- My father chose to
do a reverse mortgage,
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not because he needed it at that moment,
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because of what he wanted to
happen after his departure.
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And what that was, was the ability to
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leave his home to us and be
able to take care of his wife
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to age in place after his departure.
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- [Yue] And that act of
planning for the future,
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ended up paying off.
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- The initial advance
on the reverse mortgage
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was the pay off the existing first,
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which was a small $17,000 VA loan.
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And then, we just used
the line of credit option
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to pay for her expenses,
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and property taxes, and maintenance.
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And when we finally sold
the property last year
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we sold it for 1.3 million dollars,
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and the balance of the reverse
mortgage was about $565,000.
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- With built in protections for consumers
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and a wealth of choices when
it comes to loan payout,
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today's reverse mortgages
are a smart financial option
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for seniors and their advisors,
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when it comes to planning
for a successful retirement.
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In Rancho Cordova, California, I'm Yue Xu.
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(intense music)
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