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Mutual of Omaha

Mutual of Omaha’s reverse mortgages include HECMs and HECMs for Purchase. The company offers its reverse mortgages through loan officers in 23 states, but you can begin your application process online. Mutual of Omaha’s website has lots of resources, including many reverse mortgage and retirement calculators.

BOTTOM LINE

Mutual of Omaha offers reverse mortgages including HECMs and HECMs for Purchase. Its loan officers are available in 23 states. The company allows homeowners to begin the application process online.

PROS
  • Resources and calculators online
  • Options for many borrowers
  • In-person advice from loan officers
  • Other mortgage options in-house
CONS
  • Loan officers only in select states
  • No online information about rates
Mutual of Omaha Learn More

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) and HECM for Purchase loans.

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 has loan officers and mortgage bankers in 23 states. 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 in one of the 23 states it services.

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 has loan officers in major cities across 23 states, including:
  • Alabama
  • California
  • Colorado
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Kansas
  • Kentucky
  • Maryland
  • Michigan
  • Missouri
  • Nebraska
  • Nevada
  • New Jersey
  • North Carolina
  • Ohio
  • Oregon
  • Rhode Island
  • Tennessee
  • Texas
  • Washington
  • Wisconsin
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 and HECMs for Purchase 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.

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Mutual of Omaha Reverse Mortgage Company Information

Company Name:
Mutual of Omaha Reverse Mortgage
Website:
www.mutualofomaha.com