Rates, terms, and conditions are subject to change without notice. Loan approval is subject to verification of credit, employment, income, and asset information.

Minimum FICO, reserve, and other requirements apply. Contact your loan officer for additional program guidelines, restrictions, and eligibility requirements. Rates, points, APRs and programs are subject to change without notice. Loan to values (LTV) is based on appraised value. Actual closing times will vary based on borrower qualifications and loan terms. All loans are subject to credit approval.

REVERSE MORTGAGES  

When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). 

The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. 

Borrowers must occupy the home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.

NO TAX RETURN AND FOREIGN NATIONAL MORTGAGES

No Tax Return loans and foreign national loan products require other forms of income documentation and asset verification in lieu of tax returns. Not all applicants will qualify. Some products we offer may have a higher interest rate, more points or more fees than other products requiring more extensive or different documentation.

INTEREST-ONLY MORTGAGES

With an interest-only mortgage payment, you will not pay down the loan’s principal balance during the interest-only period. Once the interest-only period ends, your payments will increase to pay back the principal and interest. Rates are subject to increase over the life of the loan. Contact your Liberty One Funding loan officer to determine what your payments might be once the interest-only period ends.

ADJUSTABLE-RATE MORTGAGES (ARM)

With an adjustable-rate mortgage (ARM), once the fixed-rate period ends, the loan payment will adjust after an initial period and then adjust on a regular basis as set forth in the loan documents. For example, a “3/1” loan will have an interest adjustment 3 years after the loan closes and every 12 months thereafter. Also, the loan will be subject to annual and lifetime adjustment caps. Contact your Liberty One Funding loan officer to determine what your payments might be once the fixed-rate period of the loan ends.

COMMUNICATION CONSENT
By submitting your information you agree to our terms and conditions and privacy policy, you understand that you are consenting for us to contact you to discuss mortgage loan products and rate options at the email address and/or the phone number provided including via text, automated or pre-recorded means.

Liberty One Funding is a real estate broker licensed by the CA Department of Real Estate, DRE #02026018 NMLS #1581552