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Mutual of Omaha Reverse Mortgage Review


ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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Mutual of Omaha Mortgage, is one of the largest retail reverse mortgage lender in the country, with hundreds of professionals servicing customers nationwide, in person or by phone.
 
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How is Mutual of Omaha Mortgage rated?

Breakdown

4.5/5
Transparency & Reputation
4.5/5
Loan Options
4.5/5
Availability

Overall Rating: 4.5 / 5 (Excellent)

Mutual of Omaha Mortgage, which comes with the stability of a well-known and financially secure brand. Overall, is a great choice for a reverse mortgage. Its age-based mortgage program and expansive network of local Specialists help homeowners take advantage of their home equity and live a more comfortable and secure retirement.

Transparency & Reputation

Lender Type
Lender

Transparency & Reputation - 4.5 / 5

Mutual of Omaha Mortgage hold an A+ Rating with the Better Business Bureau. Mutual of Omaha is highly rated for financial strength and their ability to meet obligations to policyholders, currently owning and A=rating from AM Best, and an A1 rating from Moody’s.

Mutual of Omaha Mortgage Loans

Loan Types
HECM Traditional
HECM for Purchase
HECM Refinance

Loan Options - 4.5 / 5

Mutual of Omaha Mortgage offers an age-based FHA mortgage program, also known as a Home Equity Conversion Mortgage, for consumers who are planning on purchasing a new home or looking to access a portion of their equity in their existing home. Reverse Mortgage Loan Specialists from Mutual of Omaha Mortgage assist consumers in choosing the right reverse mortgage program for their needs.

Mutual of Omaha Mortgage Availability

BBB Rating
A+
TrustPilot Rating
4.2 out of 5
Date Collected
2018-08-09

Availability - 4.5 / 5

Mutual of Omaha Mortgage exists to educate and assist consumers in the prudent use of home equity to help fund their longevity in retirement. The company offers financial planning calculators and in-home consultations in most major cities. Mutual of Omaha Mortgage provides calculators for a quick estimate of how much of their equity they can receive.

Contact & Additional Info

Homepage URL
https://mutualreverse.com/
Company Phone
(877) 721-3847
Headquarters Address
3131 Camino Del Rio North Suite 190, San Diego, CA, 92108
Mailing Address
3131 Camino Del Rio North Ste 190, San Diego, CA, 92108
Year Founded
2004

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Customer Comments & Reviews

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Gary &
11/8/2022
One of the first things we had to submit to Mutual of Omaha, for our RM, was our annual incomes, the amount we owed on our home, and our expenditures... They had all of this information from the get-go. We then had the reverse mortgage consultation, signed an endless pile of papers through a notary, had a home appraisal, (we only owed 30% of our appraised value) had to send in some more documents, and then played the waiting game.... After a 4 month long game of ping-pong, we were declined. We were told our incomes were not high enough. Our excellent credit history, high equity, and low line of credit allowance, made absolutely no difference. They had our income figures from the... Read More

acpelillo
9/12/2022
My wife and I applied for a reverse mortgage. We started out in beginning of May and it went on for 5 months. Eva Moreno 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 Schnapp 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... Read More

N
Nenette S
7/28/2022
We submitted an application 2 months ago and to date we have not received any update. We had to pay for a certifiication which is good for only 180 days. On our first contact, we were lured to believe that we will get a certain amount for a cashout. Then 3 weeks ago, our agent Craig said,HFC will only give $20K. We advised him we will not be able to manage the goals on our loan with that amount(debt consolidation and home improvment).He said he will make it work. We had been reaching out to the agent lately, but fails to professionally return calls or give update on the status.

cduyoung
6/4/2022
How much up front money do you need from less to more.?

Erick F  
Official Response

Team Member of Mutual of Omaha Bank Reverse Mortgage
We would love to discuss this further in detail for you, please call us back at (844)385-9245.

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