Mutual of Omaha Reverse Mortgage
Review Counsel is affiliated with Mutual of Omaha Mortgage and Retirement Funding Solutions.
About Mutual of Omaha Reverse Mortgage
Brief Summary of Services:
- Reverse Mortgage Loan
- Reverse Mortgage for Purchase
- Jumbo Reverse Loan
- Refinance Loan
- Forward Mortgage Options
Mutual of Omaha Mortgage Synopsis
Review Summary: Mutual of Omaha Reverse Mortgage is part of a brand that has been in business for more than 100 years. It has earned high ratings for its financial strength as a company. Its reverse mortgage advisors are top-rated, and it has an A+ Rating from the Better Business Bureau (BBB). It has very high customer service ratings on third-party review websites.
Recommended for: Mutual of Omaha Mortgage is a good option for seniors who are 62 and older who are looking for ways to access equity in their homes to supplement their income, lifestyle, or purchase a new home. Mutual of Omaha Mortgage is available in every state except New York or West Virginia. If you live in one of those states, you will want to find a different lender.
What is a Reverse Mortgage?
A Reverse Mortgage is also known as a Home Equity Conversion Mortgage (HECM). It is a financial tool available to seniors who are at least 62 years of age. It allows them to cash in on the equity in their homes without having to sell their home. A reverse mortgage will pay off the existing mortgage on the property if it is not already paid off. For the remaining funds, borrowers have several options for how to receive their funds: a lump sum payment, monthly payments, a line of credit, or a combination of those methods. A Reverse Mortgage can also be used to purchase a new home. This is known as a HECM for Purchase. Those who obtain a reverse mortgage are still required to stay current on property taxes, homeowner’s insurance, and any necessary maintenance costs. Read more about Reverse Mortgages here.
Pros and Cons of Mutual of Omaha Reverse Mortgage
Pros
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Top-Rated Reverse Mortgage Company
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Available in 49 States
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Free Reverse Mortgage Guide
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Reverse Mortgage Calculator
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HECM for Reverse Mortgage Mobile App
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Borrow up to $4 million
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Informative website
Cons
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No information on its website about rates and fees
Mutual of Omaha Mortgage Reviews
| Consumer Review Platform | Rating |
|---|---|
| Better Business Bureau | A+ Rating and 4.64/5 Stars with 442 Reviews |
| Consumers Advocate | 4.6/5 Star Rating (Excellent) |
| Consumer Affairs | 4.4/5 Star Rating with 58 Reviews |
| Experience | 4.89/5 Stars with 5,701 Reviews |
| Review Counsel | 4.8/5 Stars with 416 Reviews |
| Trustpilot | 4.6/5 Stars with 463 Reviews |
Mutual of Omaha Mortgage Full Review
Overview
Mutual of Omaha Reverse Mortgage offers four main types of loans that seniors 62 or older can pursue. It is currently the second-largest reverse mortgage originator in the country.
Mutual of Omaha Reverse Mortgage has a free Reverse Mortgage Guide that clearly explains the entire reverse mortgage process and all the options that are available to qualifying HECM borrowers.
The mortgage company provides several loan options and free calculators to assist with retirement planning. It also has extensive editorial content. You can find the calculators and guide here:
- Reverse Mortgage Calculator
- HECM For Purchase Calculator
- Jumbo Reverse Mortgage Calculator
- Reverse Mortgage Guide
Mutual of Omaha Mortgage Loan Options
Mutual of Omaha Reverse Mortgage offers the following loan types:
- Reverse Mortgages
- Reverse Mortgage for Purchase (HECM for Purchase)
- HomeSafe Reverse (Jumbo Reverse Mortgage)
- Refinance Loans
Mutual of Omaha Reverse Mortgage Requirements
To qualify for a reverse mortgage with Mutual of Omaha Mortgage, you must meet the following requirements:
- Age Requirement. At least one of the potential borrowers must be 62 years of age or older.
- Residency Requirement. The property in question must be the primary residence of the homeowners.
- Equity Requirement. There is not an exact amount of equity that homeowners need to have to qualify for a reverse mortgage, but they need to have some equity built up in the home.
- Property Condition Requirement. The property must be in good-maintained condition.
- Property Eligibility Requirement. The property must be a qualifying property type, which includes a single-family home, an FHA-approved condominium, a two-to-four-unit property in which the homeowners live in one of the units, or an FHA-approved manufactured home.
- Counseling Requirement. All prospective reverse mortgage applicants must complete a counseling session with a HUD-approved counselor before applying.
- Ongoing Requirements. Once the reverse mortgage is obtained, borrowers must continue to pay the property taxes, homeowner’s insurance, and HOA fees. They must also continue to live in the home as their primary residence and maintain the home.
Mutual of Omaha Reverse Mortgage Application Process
The Mutual of Omaha Reverse Mortgage loan process is broken down into four steps:
- Step 1: Meet with a Reverse Mortgage Advisor. In this stage, you will meet with an agent who will work through a financial review of your retirement plan with you. He or she will walk you through the different reverse mortgage options and help you determine the best option for you.
- Step 2: Complete HUD Counseling. Before the official application can be filed, you must first meet with a counselor from the U.S. Department of Housing and Urban Development (HUD). The purpose of meeting with a HUD counselor is to ensure that you have all the information about reverse mortgages so you can be confident that it’s the right decision for you. This can be done in person or over the phone.
- Step 3: Submit Your Application and Receive Approval. After you complete the HUD counseling session, you can officially submit your application. Your application will be processed during this stage, and an appraisal will be conducted. Underwriters will then review your application and documents and ensure everything is ready for closing.
- Step 4: Close and Receive Your Funds. Once you’ve received approval, a closing date will be scheduled. Once the closing documents are signed, funds will be distributed according to the method of your choosing: one lump sum, a monthly payment, a line of credit, or a combination of all of them.
Mutual of Omaha Company Information
Founded in 1909, Mutual of Omaha has been in business for more than 100 years.
Mutual of Omaha Reverse Mortgage is a part of Mutual of Omaha, which is based in Omaha, Nebraska. It is a Fortune 300 company that offers a wide suite of products within the financial services industry, including Medicare insurance, life insurance, disability insurance, traditional home mortgages, reverse mortgages, and more.
Its mission is “to help our customers protect what they care about and achieve their financial goals.” Its vision is “for every customer . . . a financial future imagined, planned and secured.”
Mutual of Omaha began offering reverse mortgage products in 2018 when it acquired Synergy One Lending and its subsidiary, Retirement Funding Solutions (RFS). RFS was rebranded as Mutual of Omaha Mortgage in 2020.
As a company, Mutual of Omaha has a strong focus on community service and charitable giving. In 2005, the Mutual of Omaha Foundation was created to provide support for programs that are working to break the cycle of poverty.
Mutual of Omaha Mortgage created the Patriots Charity Initiative to provide support to organizations that serve military members and veterans.
All Mutual of Omaha employees are expected to adhere to a strict code of ethics that outlines the legal and ethical practices they are expected to follow.
Mutual of Omaha Reverse Mortgage FAQs
Are the reverse mortgages from Mutual of Omaha Mortgage good?
Mutual of Omaha Mortgage is a National Reverse Mortgage Lenders Association (NRMLA) member and an approved lender of the U.S. Department of Housing and Urban Development (HUD). The reverse mortgage loans originated by Mutual of Omaha Mortgage are also insured by the Federal Housing Administration (FHA). This means that the reverse mortgages from Mutual of Omaha Mortgage are backed by the federal government and all of the protections that come with a HECM reverse mortgage loan. As of this writing, Mutual of Omaha Mortgage is also second in the country for reverse mortgages. Mutual Reverse is also highly rated by its customers. It has an average 4.7 out of five stars on the following review websites: Trustpilot, Experience.com, BBB, and Review Counsel.
Who owns the home with a Mutual of Omaha reverse mortgage?
One of the biggest myths about HECM reverse mortgages is that the bank is buying the home from the homeowner, but this is not the case. Neither Mutual of Omaha Mortgage nor any other reverse mortgage lender buys houses from homeowners in a reverse mortgage. With a traditional mortgage, borrowers make monthly mortgage payments to the lenders. With a reverse mortgage, the lender makes payments to the borrowers, which is why it’s called a reverse mortgage. But the money lenders pay is a loan that is taken out against the equity in the home. It gets paid back when the homeowners no longer live in the home full time, they decide to sell, or when the last remaining borrower passes away.
Read about more reverse mortgage myths here.
Who maintains my home with a Mutual of Omaha reverse mortgage?
Since you would still own your home if you have a reverse mortgage, that means that you are still responsible for maintaining the home. You are also still obligated to pay the property taxes, home insurance, and HOA fees, if applicable.
Does Mutual of Omaha Mortgage offer reverse mortgages in my state?
Mutual of Omaha Reverse Mortgage is currently licensed in 49 states and the District of Columbia. It is not licensed in New York or West Virginia. Mutual of Omaha Mortgage also has physical offices located throughout the country. If you are looking for a loan officer in your area, they offer a directory that you can filter by city and state.
Can you get a reverse mortgage from Mutual of Omaha Mortgage with bad credit?
While Mutual of Omaha Mortgage will pull your credit report as part of the overall financial assessment, it is possible to get a reverse mortgage with a bad credit score. Credit scores and credit history are less influential in the approval process for reverse mortgages compared to regular mortgages. While lenders do assess your credit report as part of the financial assessment for a reverse mortgage, the primary focus is on your ability to cover property taxes, homeowners insurance, HOA fees, and maintenance expenses for the home. Lenders examine payment history to gauge whether bills are paid on time or if there’s a pattern of late payments. Demonstrating the capacity to meet these requirements can still lead to approval, even with a less-than-ideal credit history.
Our Methodology
Reverse Mortgage companies are evaluated based on six factors that we believe are important for consumers: years in business, number of products offered, customer service availability, state licensing footprint, Better Business Bureau (BBB) Ratings, and the inclusion and functionality of a mobile application. Please find a full description of our rating system here.
This information is intended to be general and educational in nature and should not be construed as financial advice. Consult your financial advisor before implementing financial strategies for your retirement.
Reviews last updated: 10/14/24. (Reviews are typically updated monthly.)
Rating last updated: 8/5/24. (Ratings are typically updated once per quarter.)
Address: 3131 Camino Del Rio N #1100 San Diego, CA 92108
NMLS# 1025894
Reviews for Mutual of Omaha Reverse Mortgage
4.8 out of 5 stars (based on 420 reviews)
Easy & Quick
Was so pleased with the representatives and how helpful they were through the whole process! Was so nervous in the beginning but they walked me through the whole thing! They were always there to help and spoke in words and explained things so I could easily understand! Now I’m done and can sit back and enjoy my life feeling happy and secured! Thank you!
September 3, 2024
Reverse mortgage
The entire process was well managed and informative. Suzanne and her team were fantastic to work with.
December 16, 2024
Solid experience!
Joey Sather was great! He explained everything thoroughly throughout the entire process! We couldn’t have asked for anyone better!
December 16, 2024
Excellent service
Everyone I worked with were professional, polite and patient. All in all a great experience . I would recommend them to anyone.
A special thanks to Jan for all of her hard work.
December 16, 2024
Well managed and patiently explained.
Excellent professionals work tirelessly to ensure that your goals are achieved. The Reverse Mortgage process appears daunting at first, but with the guidance of Steven Munoz and others, it moved right along.
December 16, 2024