Mutual of Omaha
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About Mutual of Omaha
Mutual of Omaha’s reverse mortgages include HECMs, HECMs for Purchase and jumbo reverse mortgages. The company offers its reverse mortgages through local loan officers or by phone. Mutual of Omaha’s website has lots of resources, including many reverse mortgage and retirement calculators.
Pros & Cons
- Resources and calculators online
- Options for many borrowers
- In-person advice from loan officers
- Other mortgage options in-house
- No online information about rates
Mutual of Omaha offers reverse mortgages including HECMs and HECMs for Purchase in 48 states. The company allows homeowners to begin the application process online.
About Mutual of Omaha Reverse Mortgage
Mutual of Omaha is a lending company that offers several types of mortgage products, including reverse mortgages. The company offers Home Equity Conversion Mortgage (HECM), HECM for Purchase loans and jumbo reverse mortgages.
To help you understand your options, Mutual of Omaha provides educational resources and online calculators, including the following:
- HECM for Purchase calculator
- Social Security benefits calculator
- Portfolio without mortgage payment calculator
- Retirement projections with and without HECM monthly draw calculator
- Social Security benefits retirement estimator
- Detailed Social Security calculator
Mutual of Omaha is a member of the National Reverse Mortgage Lenders Association. The company is licensed and does business in 48 states — it's unavailable in New York and West Virginia. It offers a mobile app that enables clients to manage their mortgages and to stay in touch with loan offers and real estate agents.
Mutual of Omaha Reverse Mortgage requirements and application
To qualify for a reverse mortgage from Mutual of Omaha, applicants must fit the federal eligibility requirements and meet minimum credit score requirements. Mutual of Omaha doesn’t specifically mention what the credit score requirements are, so you should discuss your situation with a local agent.
Mutual of Omaha lets clients submit their reverse mortgage applications online. They can upload documents and track their application via the mobile app. Clients who require assistance before submitting an application can get in touch with a loan officer.
You can submit your contact information on the company’s website by selecting the type of loan you want and filling out a form. A loan officer will call you back to discuss the procedure for the loan application. Clients who apply for a home equity loan usually wait 30 to 45 days to complete the entire process.
Mutual of Omaha Reverse Mortgages rates
Mutual of Omaha’s reverse mortgage rates vary depending on your home, your age and your credit score, but you can talk to a representative to get an estimate.
Apart from the interest, borrowers who take out a reverse mortgage from Mutual of Omaha will have to pay lender fees, closing costs and upfront mortgage insurance. In total, Mutual of Omaha estimates these fees to range from $11,000 to $21,000, depending on the value of the home.
Every client’s situation is different, and yours will ultimately determine your rates and fees.
Mutual of Omaha Reverse Mortgage FAQ
Where are Mutual of Omaha reverse mortgages available?
Mutual of Omaha’s headquarters are in San Diego, California, but it is licensed in all states except New York and West Virginia.
Does Mutual of Omaha offer other types of mortgages?
Yes, in addition to reverse mortgages, Mutual of Omaha also offers conventional, FA, VHA, adjustable-rate and jumbo home loans.
Does Mutual of Omaha do loan refinancing?
Yes, borrowers can take out VA, FHA, investment property and home equity refinancing loans.
Are Mutual of Omaha reverse mortgages good?
If you need a reverse mortgage, Mutual of Omaha is a good choice. Backed by the financial stability of its other services, its reverse mortgages are trusty and solid. The company offers HECMs, HECMs for Purchase and jumbo reverse mortgages, and it and provides online resources and a handful of calculators to help you decide which options are best for you. To get personalized advice, contact a local representative.
Mutual of Omaha Reverse Mortgage Reviews
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I helped my parents take out a reverse mortgage on their home. The loan officer was very helpful and I would recommend using them. I had a great experience. They responded to me quickly, and they had a lot of information to give.
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My wife and I applied for a reverse mortgage. We started out in beginning of May and it went on for 5 months. Eva ** who was our processor never submitted all of our documents for earnings. We were denied because she never submitted all of our documents and it fell short of income. We had to resend those documents which took another 7 weeks.
Levi ** who was our consumer loan originator was also useless. We missed a payment on our taxes due to us paying our mortgage off and the bank never issued a payment to our town for taxes. Instead they sent us a check of money left in escrow and we did not receive it until the second week after taxes were due. Levi told us he write a letter (EC), which we never saw to the underwriter. They finally told us they wanted thirteen years of our taxes and home owners insurance which they would hold in escrow and pay those taxes and insurance. This left us only with about $23,000 total for our home. Mutual of Omaha would hold $85,000 of our money that they would collect interest on. This company only wants to find out ways of taking your money and making a profit on it.
Promised the world, bad mouthed other lenders, just wanted my certificate, then took six months to close and never provided an accurate closing cost statement. They started with a $6000 origination fee that they waived when I pressured them to not charge me. Poor communication with underwriters and closing was a joke. Random attorney showed up unannounced at door for closing and could not answer any questions. He was too busy texting his next stop. GO ELSEWHERE....BUT GOOD LUCK. The entire industry is a shame. Closing cost were over 20K at first and I only needed a 10K cash and line of credit. Nothing like taking advantage of the elderly.
I had a very good experience with Mutual of Omaha for our reverse mortgage. We used MUOM because of the highest rating on internet. We started with one agent and then we had Andrew. He was very informed and kept us up the date on everything. I would highly recommend this company to anyone asking.
Thank you so much for your wonderful review! We will share this with the store team to let them know to keep up the amazing work.
Reverse mortgages are the best thing since sliced bread. The mortgage industry is astoundingly unfair to many home buyers but the reverse mortgage is the right idea, for a change, allowing many homeowners whose major asset is their home to access their own hard earned money that is otherwise locked up in their home. My reverse mortgage application process was sometimes confounding because of an unhelpful HOA, among other things. Cheryl **, for Mutual of Omaha, had the patience and good grace to help me with tasks that went above and beyond and to reassure me that it would all be worth it in the end.
Thank you so much for this amazing review. We are glad that Reverse Mortgage is helping you accomplishing your goals. We really appreciate you being a customer and helping to share the word about us.
My case manager, Rodney ** was great, however the service by the other staff members was not. I became frustrated when calls were not returned and after receiving emails that seem to infer that I had done something wrong. The long process was terrible. And finally the kicker was to receive a check for over $6000 where I was overcharged!! How does that happen?
Thank you for posting a review and we’re sorry to hear that your experience was not up to standards. We would like the opportunity to talk and investigate your feedback further.
Very helpful staff. The Process went quickly and helped me immensely. Always kept me updated on the process. I would highly recommend this company to anyone thinking of doing a reverse mortgage. I was very happy with the whole process.
Thank you so much for your remarkable review! We will share this with the Mutual of Omaha Reverse Mortgage team to let them know to keep up the amazing work.
Our experience was Amazing from the Start. We Felt Comfortable with our Representative from Day One. The other Companies we talked with were pushy. And could've cared less about us. She gave us all the positives and negatives upfront. We knew we definitely were doing the right thing for us. Any problems we had she was patient with us. She went above and beyond many times, to the end. We Would recommend them to anyone thinking about doing this.
Overall found the experience to be easy and painless with the exception of the appraisal process. In the end two were required and the results were alarming to me. A difference of 30k just seems incorrect and something should be done about the difference in values. I have a hard time believing this occurs on a regular basis and wasn't pleased the lower of the two was the one used for value. I was pleased with Barbra's handling as she made the experience as seamless as possible given the current situation with vendors, contractors etc.
Oh my Gosh. I cannot believe how incredibly easy and honest these people were at Mutual of Omaha. We handled everything over the telephone and in the beginning I was skeptical. But they came through with each and every step of the way, just like they had promised me. Chris ** was my loan officer and he was so professional and honest with me about everything. Thank you. Mutual of Omaha I love my new loan and totally trust you!!
Mutual of Omaha Reverse Mortgage Company Information
- Company Name:
- Mutual of Omaha Reverse Mortgage