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.

Pros and Cons of Mutual of Omaha Reverse Mortgage

Mutual of Omaha Mortgage 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.