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.
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.
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Mutual of Omaha Reverse
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.
|Standard reverse mortgage||Utilize home equity for a lump sum or monthly payout.|
|Reverse mortgage refinance||Cash out at a higher level when your home value increases.|
|HECM for Purchase||Buy a new home to facilitate aging in place with H4P.|
|HomeSafe Reverse Mortgage||For high-value homes, up to a $4 million payout.|
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:
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:
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.
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.
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.
You must maintain your home and foot the cost for doing so with a Mutual of Omaha reverse mortgage.
Mutual of Omaha Reverse Mortgage is a licensed lender in every state except New York and West Virginia.
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.
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.