Mutual of Omaha Reverse Mortgage

4.6 Stars (14 Reviews)


Mutual of Omaha Reverse Mortgage is committed to educating retirees about how a home equity conversion mortgage (HECM) can help with retirement plans. Reverse mortgages pay you a monthly or lump sum using the equity in your home. Mutual of Omaha offers four reverse mortgages that can be used for retirement funding solutions.

Editorial Breakdown

Customer Service

4.5 Stars

Product Options

4.5 Stars

Closing Speed

4.5 Stars


4.8 Stars

Overall Rating

4.6 Stars

Bottom Line

Mutual of Omaha offers four reverse mortgages so consumers can select an option to meet their financial needs in retirement.

Mutual of Omaha Reverse Mortgage Review

Mutual of Omaha is a Fortune 500 company with a history going back to 1909. Mutual of Omaha specializes in annuities, home financing and several insurances such as long-term care, life, disability and Medicare supplement.

Mutual of Omaha rebranded subsidiary Synergy One Lending in 2019 to create Mutual of Omaha Reverse Mortgage. The lender offers various loan options to help customers through transitions later in life.


  • Multiple reverse mortgage products
  • Online application
  • Mobile app speeds up processing
  • Several reverse mortgage calculators and educational videos
  • Financial stability


  • No reverse mortgage loan rates or fees on the website

Great Mobile App

Mutual of Omaha Reverse
4.5 Stars

Mutual of Omaha Reverse

  • Emphasis on Consumer Education
  • 4 Reverse Mortgage Loan Options

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Mutual of Omaha Reverse Mortgage Products

Mutual of Omaha offers four reverse mortgage solutions with no monthly payments. You pay off your loan with proceeds from the sale of your house when you move out. The exception is that the sale may be delayed as long as your spouse lives in the home.

  • A Mutual of Omaha reverse mortgage loan is a home equity conversion mortgage (HECM) regulated and insured by the Federal Housing Administration. This financial tool allows retirees to cash out on the equity in their homes. Borrowers receive a lump sum or monthly payment.
  • Mutual of Omaha’s reverse mortgage refinance is for consumers who want to take advantage of improving housing market conditions. Consider a refinance to get access to more funds when the value of your home increases.
  • Mutual of Omaha HECM for Purchase (H4P) allows seniors to buy or build a new home by taking out a reverse mortgage on the property. This loan requires a substantial down payment to cover the equity requirement for the loan. This product allows retirees to easily downsize or buy their dream home without the monthly burden of a mortgage payment.
  • The HomeSafe Reverse Mortgage from Mutual of Omaha gives you access to greater home equity than a HECM allows. Consider this loan if your home value is over $850,000 or condo value is over $500,000. You can borrow up to $4 million.
Standard reverse mortgageUtilize home equity for a lump sum or monthly payout.
Reverse mortgage refinanceCash out at a higher level when your home value increases.
HECM for PurchaseBuy a new home to facilitate aging in place with H4P.
HomeSafe Reverse MortgageFor high-value homes, up to a $4 million payout.
Mutual of Omaha Reverse Mortgage Loans

Mutual of Omaha Reverse Mortgage Mobile App

Mutual of Omaha Reverse Mortgage was the first in the industry to offer a free mobile app for Android and iOS. The app is a valuable communication tool for reverse mortgage clients, family members, financial advisors and HECM specialists.

Use the app to learn about the reverse mortgage programs offered and start the loan application process. Paperwork is streamlined by uploading photos and documents using the app. Other features include:

  • Loan milestone notifications keep you informed of your reverse mortgage loan status.
  • Communicate real-time with your loan officer or real estate agent with the built-in chat.
  • Mortgage calculators provide a variety of calculations for HECM for Purchase and other reverse mortgages.

Mutual of Omaha Reverse Mortgage Costs

Typical reverse mortgage costs include title insurance, origination fee, mortgage insurance, financial counseling and an appraisal fee. The property, state and other factors influence closing costs, but you can pay for them from the reverse mortgage proceeds.

Mutual of Omaha Reverse Mortgage doesn’t publish fees on the website. We found HECM cost samples on the parent company’s site:

  • Underwriting fee: $412 to $687
  • Processing fee: $480 to $830
  • Origination fee: $0 to $6,000

How to Apply for a Mutual of Omaha Reverse Mortgage

You have a few options for getting started with a Mutual of Omaha Reverse Mortgage application. It’s easiest to use the mobile app or click on “Contact Us” to use the form on the website. The site also lists a phone number, and there are local offices all over the country.

All communication methods get you in touch with a specialist who can help you determine if a reverse mortgage is right for you. Mutual of Omaha provides reverse mortgage calculators and videos explaining the loan options, as well. If you submit a contact form, you will provide consent to receive future marketing calls.

Mutual of Omaha Reverse Mortgage Complaints

The Better Business Bureau gives Mutual of Omaha Mortgage an A+ rating. Consumer reviews on the BBB site average 3.18 out of 5 stars, but the reviews do not specifically address reverse mortgages.

Mutual of Omaha Reverse Mortgage scores 4.86 out of 5 stars on SocialSurvey and 4.8 out of 5 from ConsumersAdvocate. ConsumerAffairs provides no star rating but notes the company’s financial stability makes Mutual of Omaha Reverse Mortgage a good choice for these loans.

The parent company, Mutual of Omaha Insurance, gets an A1 financial strength rating from Moody’s and an A+ (Superior) AM Best rating.

Mutual of Omaha Reverse Mortgage FAQ

  • Will the bank own my home if I get a Mutual of Omaha reverse mortgage?

    You retain your home’s title with a reverse mortgage, and you still own the home until you leave the property. Mutual of Omaha also requires that you keep up on your payments, taxes and insurance to keep the title.

  • Who is responsible for maintaining my home with a Mutual of Omaha reverse mortgage?

    You must maintain your home and foot the cost for doing so with a Mutual of Omaha reverse mortgage.

  • Are Mutual of Omaha Reverse Mortgage loans available in my state?

    Mutual of Omaha Reverse Mortgage is a licensed lender in every state except New York and West Virginia.

  • How does a Mutual of Omaha reverse mortgage affect my children’s inheritance?

    When you leave the home, Mutual of Omaha Reverse Mortgage will sell it to pay off the balance on your loan. Any remaining funds go to your heirs. Your heirs can keep the property by paying the lesser of the loan balance or 95% of the appraised value.

  • Can I get out of a Mutual of Omaha reverse mortgage if I change my mind?

    Yes. You can pay the loan back in full at any time, and there’s no prepayment penalty. The payoff amount never exceeds the home’s value.


Mutual of Omaha Reverse Mortgage prioritizes educating seniors interested in tapping the equity in their homes. The reverse mortgage lender offers four loans for retirees to choose from. Mutual of Omaha clients also save time with a groundbreaking mobile app from a well-established company with excellent marks for financial stability.

14 Mutual of Omaha Reverse Reviews

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1 Star

June 05 2023 9:46PM

I signed the reverse mortgage in Jan. 2023. In March I had major water damage. I filed a claim with State Farm. They sent out an adjustor. State Farm sent me a two party check--me and Mutual of Omaha. My agent did not know what to do. I told him I was on hold with the Loss Draft Dept. for a LONG time.

That person said I had to send them the signed check priority mail, and the estimates for repair & they would make the decisions. If the repairs were approved, M of O would send me half the funds. The check was for over $27,000.

The Loss Draft dept. doesn't answer the phone, or my emails or even my letter. They are rude and seem to forget that I own this house. My agent said he's do a 3 way call...he didn't. He emailed them and said they had to call me immediately. They didn't. Nothing he has told me has proved true.

If I had to do it over again I would NEVER sign with Mutual of Omaha. I thought this was a reputable company but they obviously do not know or care what their contracted Loss Draft Dept. is doing to customers.

Some of the water remediation is finished and the contractor wants to be paid. He won't send me an itemized bill as he says he sent it to M o O. The M o O company sends 7 page letters of demand, but never bothers to respond.

This has dragged on for months. I had a heart attack in the Fall and this ordeal causes massive stress. The reviews may be good until one has a loss then watch out! I am ready to complain to the Better Business Bureau.

Anne C.
Sedona, AZ
1 Star

April 06 2023 5:41PM

I started to do business with Mutual of Omaha in Oct., 6 months later they asked me to send the same documents that was the distance between my well and septic. I did that, they said it was ok 6 months ago, now it won't pass.

They waited till I spent money on appraisal and inspections to tell me they wouldn't pass it, now they wanted a diagram of my neighbor's well & septic, even though ours was passed by a plumber, this company will screw you around, they don't answer calls or return calls.

All they did was waste our time, I am sorry I ever tried get a reverse mortgage with this company, if they're top of the line. I would hate to see the bottom, so if you're wanting a reverse mortgage don't try them. You will be sorry, I was.

Donald A.
Bradyville, TN
1 Star

October 26 2022 6:56PM

Everybody was very nice, but honestly, they (at least our connection) do not have a clue. A very skittish underwriter, that would seem to be very out of touch with the real world. The entire process took far too long, and communication was not their strong suit.

As they say, it is the squeaky wheel, that gets the grease.... and we had to "squeak", a lot. With exceptional equity, great dual incomes, and a spitless credit history, we thought we were a poster couple for a reverse mortgage.

They made us feel like we were trying to mortgage our double-wide trailer. If I had it to do all over again, I would likely have gone elsewhere.

Jason A.
Prescott Valley, AZ
1 Star

September 09 2022 1:01PM

Run for your life. Agents are very green. Numbers posted on this site are thousands below what they actually charge. You will NEVER get a straight answer and the hidden charges such a notary and multiple errors in application (you should just ignore)....are mind blowing. Like I said, run for your life.

Charles H.
Hartford, CT
1 Star

August 30 2022 4:58PM

It took over 3 months (90 days) to complete the ordeal. The Amount changed from the original amount to much less. Within 2 weeks later Mutual sold off the loan. The available funds after a year apparently is ** as well. The entire Thing was very frustrating. But at the Time we needed the money.

Ended up with less money than we needed to pay off the thing we wanted to. I really don't recommend this company. And Celink that they sold the loan to used the line of credit for their purposes, not available to us. One star is too much.

Mark M.
Auburndale, FL
1 Star

August 28 2022 6:00PM

Nice people but very clueless. Started the process in May. Didn’t close until the end of August. They continuously needed more information and documentation instead of trying to compile what they needed in the first place.

We submitted all their requests for info immediately (we were even complimented on our quick responses) but had to ask many times for updates on the status of our loan only to be told it had been sent to the processors for review.

Then some of the info I had provided was no longer current when it came time to close and I had to resubmit it at the last second. They even asked twice for more documents to be signed AFTER closing because they forgot to include them in the original packet sent to the notary.

We also had to get two appraisals done. I paid half for the first one ($300) but the second one was all on me ($665). I was told that was no big deal because I would be getting more money at closing so “there would be no additional expense to me”!! That was not true.

We got the exact same amount at closing minus the $665 for the second appraisal. We were told we would not be getting any additional amount due to some obscure Florida law limiting how much we could receive and we had reached that limit.

If you’re going to get a reverse mortgage, find someone who is responsive to your requests, knowledgeable about your needs, and is familiar with the laws in your state. This company was none of that even though they were recommended to us.

Alan B.
Cape Coral, FL
1 Star

July 27 2022 11:22PM

Beware of MOH!! Tell you one thing on closing. They switch loan terms on you. Took 5 months to close! Once your loan goes to loan processor there is no sense of urgency. They don’t get back to you or answers calls. They will find anything to push your loan out.

I DO NOT recommend a reverse mortgage with Mutual of Omaha. They lack integrity! If you do make sure you understand the loan because I’ve found they do not have seniors best interest & will really stress you out with their POOR customer service and milk you with closing costs.

Also, research all the complaints about the company before you take out a reverse mortgage loan.

Annie P.
Orange County, CA
1 Star

July 06 2022 12:01AM

Do not give them your credit card info - they will use it - whether you are aware or not. I was charged $300.00 for an appraisal while I was still making decisions about what to do. In my experience they could not wait to get their hands on my money and charged my card without telling me.

Reverse Mortgages are cumbersome, expensive and potentially deceptive. I ended up getting a Home Equity Loan from my local bank. The process was simple, fair and square....they do not take $10,000 off the top/per Hud, a $150 appraisal was scheduled - $24,000 more, included in closing costs, I was informed.

The money can just sit there, whatever you use will be deducted if you leave your home or can be interest only payments. Be sure to add up the $ and not get ripped off before you decide what is best for your situation.

Since the appraisal is primary in deciding the amount you will get and from who what Mutual of Omaha did to me is bad business.

Marcie M.
Reidsville, NC
1 Star

June 23 2022 5:48PM

Started a Home Safe loan with Loveland Co reverse mortgage person Mutual of Omaha. We scheduled our required counseling spoke with her told her things were set up for counseling.

The Rep call Wed 22nd June. Said interest rates went above 8 percent and if we wanted the loan we would now need 28k cash at closing. The rate she gave us was 7.99 and we would get 10k at closing as a one time lump sum. She said sorry and said we should be mad at the economy and not her.

The rep did not try to do anything else for us at all. Just wrote us off as we guess just another number and piece of paper. Don’t use this company or the rep in Loveland Co, Look for a company that will still continue to work for you and not just forget you.

Tim&Leanna F.
Loveland, CO
1 Star

June 10 2022 7:10PM

I have been looking for a reliable reverse mortgage company. I have been through the application process with Mutual of Omaha. During the process they took my credit card information knowing that I had not made a decision. They without notification charged my card $300.00 for an appraisal.

I stupidly signed a lot of paperwork - timing of fees was murky. In my undecided circumstances or any circumstance people should be informed of the timing and amount of the charge and asked for permission to take the money...I would have said NO.

I have cancelled the application, am disputing the charge/cancelled credit card. Word to the wise - review the application with a professional not the bussiness who is responsible for the contents.

DO NOT GIVE CREDIT CARD INFORMATION. BE SURE THAT IF THEY ARE GOING TO BILL THAT YOU ARE NOTIFIED AND HAVE RIGHT TO REFUSE or put on hold. No way can I remember all the paper details, (think that is on purpose).

Next thing I know I am surprised with a charge Reverse Mortgages are supposed to help elderly people not rip them off with a million details credit card in hand.

Marcia M.
Reidsville, NC
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