Ocwen Financial Corporation Liberty is a wholly owned subsidiary of Ocwen Financial Corporation (NYSE: OCN), a leading financial services holding company.

The HECM is the FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity to use for home maintenance, repairs, or general living expenses. HECM borrowers may reside in their homes indefinitely as long as property taxes and homeowner's insurance are kept current.

Liberty Reverse Mortgage is a legitimate reverse mortgage lender. It was founded in 2004 and, as of 2020, has assisted more than 74,000 customers in getting access to their home equity. Liberty Reverse Mortgage offers HECMs, HECMs for purchase and proprietary jumbo reverse mortgage products.

Ocwen all but drops Ocwen name, will operate as PHH Mortgage and Liberty Home Equity Solutions - HousingWire.

Cons of HECM You'll have to pay back the HECM if you sell the home or want to move. Just like with a traditional mortgage. There's a minimum age: The youngest borrower needs to be at least 62-years-old to qualify for a HECM.

HECM for Purchase: Required down payment between approximately 45% and 62% of the purchase price, depending on buyer's age or Eligible Non-Borrowing Spouse's age, if applicable.

A big downside to reverse mortgages is the loss of home equity. Because you're not paying down your reverse mortgage balance, you'll make less profit when you sell, or limit your borrowing power if you need a new loan. You'll pay high upfront fees.

While a reverse mortgage lets you access your equity without selling your house right away, it can be financially risky: A reverse mortgage increases your debt and can use up your equity. While the amount is based on your equity, you're still borrowing the money and paying the lender a fee and interest.

Ocwen Financial Corporation PHH Mortgage is a wholly owned subsidiary of Ocwen Financial Corporation, and helping homeowners and communities is what we do. PHH Mortgage is committed to providing our customers with excellent customer service, helping them access home equity and, most importantly, stay in their homes.

The company stock as listed on the NYSE was delisted and is now traded under Ocwen NYSE: OCN. PHH now operates as a wholly owned subsidiary of Ocwen, retaining the former PHH CEO Glen A.

Still, if you want a reverse mortgage to pay for property taxes or home repairs, a single-purpose reverse mortgage is likely your best bet since they are easier to qualify for and less expensive. On the other hand, if you are looking for cash to cover everyday living expenses, an HECM could be better.

A big downside to reverse mortgages is the loss of home equity. Because you're not paying down your reverse mortgage balance, you'll make less profit when you sell, or limit your borrowing power if you need a new loan. You'll pay high upfront fees.