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.
Overall Satisfaction Rating
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- 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.
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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.
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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!!
Greg ** was my agent. This was not my first reverse, but it was the best. Greg educated me on what a reverse mortgage was and its benefits and encouraged me to ask questions before making a decision. Communications were ongoing, and I was kept informed through each step and what to expect next. Emails or phone calls were responded to quickly, which takes the stress away when dealing with this big of a move.
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?
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.
To keep this short a second appraisal was asked for. I was told we would not have to pay for if that happens. We paid for it appraisal came in at 180.00. I pointed out four properties. Three in my street one for 253.000. One for 450.000 one 243.000 another for 243,000. Your sales specialist rude and wanted no part of an appeal I was told it would never work.. I just kept pushing until I found someone who would help. Even her reaction was no to appeal because the appraisers probably would not cooperate and it could take another two months. But because of research I had done it would probably get approved for more.
My rights allowed me to ask for another appraiser and appeal. You are and were in complete violation of those rights. The first appraiser agreed with me.. The second appraiser picked out 4 houses one street and were not even closely comparable to our house. Seriously I was also told you were servicing your own loans now Z it took you a week to dump our loan. Will be appealing with Hud have had tragedy in family and have had no time but please let me assure you I will do it.Thank you
The application process is laborious and, oftentimes, the broker and underwriter, were on different pages. The constant requests (almost daily) for information was maddening. It seems the process could have been easier if a checklist of possible information requests were given at the start by the underwriter. Be prepared and have patience. As an aside, my broker, Barbara **, was topnotch and a great person in the process.
Very smooth process. Everyone involved was knowledgeable pleasant and extremely responsive. Would suggest that anyone use Mutual or Omaha. My information was kept private. The companies used for in home signing & appraisal were extremely easy to work with, and all local which I prefer.
Mutual of Omaha Reverse Mortgage Company Information
- Company Name:
- Mutual of Omaha Reverse Mortgage