Mutual of Omaha Mortgage Review 2024

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

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.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience: Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.