Mutual of Omaha Reverse Mortgage

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.