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Mutual of Omaha Mortgage Review 2024

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At a glance

Mutual of Omaha Mortgage
NMLS: 1025894
Editor's take

Mutual of Omaha Mortgage, a division of the longstanding Fortune 500 brand, offers mortgages for both home purchases and refinancing. It’s also one of the biggest providers of reverse mortgages: In 2023, the company was the nation’s second-largest reverse mortgage lender, according to federal data. The Mutual website isn’t as sophisticated as those of other lenders, and you’ll need to provide some contact info before you learn what rate you qualify for.

Bankrate Score
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4.7
Rating: 4.7 stars out of 5
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Bankrate Score

Customer Rating
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4.7
Rating: 4.71 stars out of 5

77 ratings

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Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

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Min. credit score required

Undisclosed

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Nationwide availability

All U.S. states except New York and West Virginia

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Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Mutual of Omaha Mortgage overview

Mutual of Omaha Mortgage is the home-lending unit of Mutual of Omaha. While Mutual of Omaha has been around since 1909, its mortgage division launched in 2016. The lender has a robust digital presence with a mobile app and online chat feature to connect with loan officers, and you can also visit branch locations in 25 states. The lender is especially focused on reverse mortgages: Mutual of Omaha Mortgage ranked No. 2 in reverse mortgage volume in 2023, originating nearly 1.2 million of these specialty loans.

Pros and cons of Mutual of Omaha Mortgage

Pros

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    Outstanding reviews from past customers

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    Mobile app for easy application tracking

Cons

  • Limited to no details about mortgages online

  • Must share contact information to access rates

How Bankrate scored Mutual of Omaha Mortgage

  • Affordability: Mutual of Omaha Mortgage doesn’t disclose rates and fees until you provide some personal information. This can make it more challenging to compare its offerings to those of other lenders.
  • Availability: This lender works with borrowers in the majority of states. It has a diverse set of loan offerings, with a focus on reverse mortgages.
  • Borrower experience: Mutual of Omaha’s customer service options include a mobile app and online chat feature, as well as some branch locations.

Affordability: 10/10

Mutual of Omaha Mortgage doesn’t display rates or fees on its website. You’ll need to share your name, email address and phone number to get a personalized rate quote.

Availability: 10/10

Mutual of Omaha is licensed in 48 states. This lender has a robust digital presence with a mobile app and online chat to connect with loan officers, and borrowers can also visit branch locations in 25 states. The lender specializes in reverse mortgages, but also provides conventional loans, FHA loans, VA loans, jumbo loans and options to refinance your existing mortgage.

Borrower experience: 7.9/10

Mutual of Omaha Mortgage is relatively newer to the space, but its parent, Mutual of Omaha, has operated for more than 100 years. The lender is accredited by the Better Business Bureau with an A+ rating and an exceptional track record with past customers. The feedback is similar on Trustpilot.

How to apply for a mortgage with Mutual of Omaha Mortgage

You can apply for a mortgage with Mutual of Omaha Mortgage in person at a branch location, online or by phone at 800-24-RATES. Here are some tips to prepare for the process:

  1. Check your credit report. With Mutual of Omaha or any other lender, it’s crucial to check your credit report before your lender does. You want to catch any errors that could prevent you from getting preapproved or receiving the lowest mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans
  2. Gather personal and financial documents. You’ll need to provide verification about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to supply the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Mutual of Omaha Mortgage

Mutual of Omaha Mortgage offers both rate-and-term and cash-out refinancing options. The lender doesn’t share any information about its refinance fees on its website.

Special programs from Mutual of Omaha Mortgage


HECM Reverse Mortgage

Mutual of Omaha’s Home Equity Conversion Mortgage (HECM), the fancy name for a reverse mortgage, is a federally backed home loan that allows borrowers age 62 or older to convert part of their home's equity into cash without having to sell the home.

HECM for Purchase

To meet the unique needs of homeowners 62 and older looking to purchase a home, the Home Equity Conversion Mortgage (HECM) for Purchase allows buyers to use loan proceeds from the reverse mortgage.

Compare mortgage lenders

Mutual of Omaha Mortgage
Rating: 4.7 stars out of 5
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4.7

Bankrate Score
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Old National Bank
Rating: 4.6 stars out of 5
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4.6

Bankrate Score
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Veterans United Home Loans
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing

Min. credit score required

Undisclosed

Min. credit score required

620 for conventional loans, 600 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans, 620 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Down payment

Undisclosed

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states except New York and West Virginia

Nationwide availability

All U.S. states

Nationwide availability

All U.S. states

Mutual of Omaha Mortgage, Inc. customer ratings and reviews

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NMLS: 1025894

4.7

Rating: 4.71 stars out of 5

77 ratings

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This lender has 63 recent reviews.

Knowledge
Rating: 4.8 stars out of 5
Level of service
Rating: 4.7 stars out of 5
Professionalism
Rating: 4.7 stars out of 5
Responsiveness
Rating: 4.7 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
88%
5%
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5%

92% of customers would recommend this lender.

of 63 reviews

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