The largest reverse mortgage lender in the country, Mutual of Omaha accounted for over 22% of the market in 2024. It offers both FHA-backed Home Equity Conversion Mortgages (HECMs) and a proprietary SecureEquity loan, available for up to $4 million.
The company has more than a century of experience as a financial institution and a reputation for superior customer service. We also like how existing customers can qualify for a $1,000 credit toward closing costs on a reverse mortgage.
Mutual of Omaha doesn’t post its rates online, though, and the SecureEquity product is only available in half the U.S.
Mutual of Omaha Reverse Mortgage
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Loan types
HECM, HECM for purchase jumbo, SecureEquity+, refinancing
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Minimum equity
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Maximum loan
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Age requirement
62 for HECM, 55 for SecureEquity+
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Availability
Mutual of Omaha offers reverse mortgages nationwide except for New York and West Virginia.
Pros
- Available in all states except New York and West Virginia
- High customer satisfaction ratings
- Provides an assortment of tools on its website
Cons
- Not transparent about rates and fees
Mutual of Omaha reverse mortgage
Mutual of Omaha reverse mortgage types
Mutual of Omaha offers HECMs in all U.S. states except New York. Its SecureEquity jumbo reverse mortgage is available in 25 states.
HECM
A (HECM) is the most common type of reverse mortgage, insured by the Federal Housing Administration and available to homeowners 62 or older. Borrowers must pay an annual of 0.50% of the outstanding loan balance.
Mutual of Omaha offers both HECMs and HECMs for Purchase, for borrowers looking to buy a new home.
- Loan limit: $1.2 million
- Disbursement options: Monthly payment, lump sum payment or line of credit
- Rates: Fixed or variable
SecureEquity
SecureEquity is Mutual of Omaha‘s exclusive jumbo reverse mortgage. Borrowers can access 100% of their equity up to $4 million and, unlike HECMs, there’s no mortgage insurance premium required.
In most states where SecureEquity is offered, you must be at least 55 years old to be eligible.
- Loan maximum: $4 million
- Disbursement options: Lump sum payment
- Rates: Fixed rates
Reverse mortgage refinancing
Borrowers with a reverse mortgage from Mutual of Omaha or another lender can refinance for better terms or to access more cash.
You can borrow against the equity accrued in your home with a reverse mortgage
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Flex Payment HECM, Flex Payment jumbo reverse, reverse for purchase, refinancing
Up to $4 million for Flex Payment jumbo mortgages
Mutual of Omaha reverse mortgage requirements
The typical borrower requirements for Mutual of Omaha reverse mortgages include:
- Age minimum: 62 for HECM, 55 for SecureEquity (60 in Massachusetts and Washington, 62 in North Carolina, Texas and Utah)
- Minimum home equity: Typically 50%
- Debt: Can’t be behind on any federal debt payments, including student loans
- Property: Loan must be taken out against your primary residence, which is maintained to U.S. Department of Housing and Urban Development standards.
- Other requirements: Counseling from a HUD-approved reverse mortgage counselor
Mutual of Omaha customer service
Mutual of Omaha has largely positive customer satisfaction feedback, including an A+ rating from the Better Business Bureau for transparency, truthful advertising, and response time to consumer complaints. On Trustpilot, 80% of reviews gave Mutual of Omaha a five-star rating.
Applicants can call 833-721-1001 11 a.m. to 9 p.m. ET, Monday through Friday. Unlike most competitors, Mutual of Omaha’s reverse mortgage division doesn’t operate on weekends.
It does have a mobile app, however, which includes features for starting an application, uploading documents and tracking your progress.
How does Mutual of Omaha compare?
Here’s how Mutual of Omaha stands up to two major players in the market.
Mutual of Omaha vs. Longbridge
Longbridge Financial Reverse Mortgage
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Annual Percentage Rate (APR)
Apply for personalized rates
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Types of reverse mortgages
HECM reverse, HECM for purchase, Platinum Mortgage (proprietary loan with larger limits and a low age requirement of over 55)
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Minimum equity
No specific minimum equity listed, but generally 50%
Pros
- Proprietary loan allows those as young as 55 to access a reverse mortgage, lower than the 62 that HECM reverse mortgages require.
- Accredited by the BBB with an A+ rating
- Available in all 50 states
- Provides a “scenario calculator,” on website that can help estimate the cost of a reverse mortgage
Cons
- Can’t complete application online
Both Mutual of Omaha and Longbridge offer proprietary reverse mortgages that cap at $4 million. But while Longbridge Platinum is available as a lump sum or a line of credit with either a fixed or variable rate, SecureEquity is only available as a one-time payment with a fixed interest rate.
Longbridge has also added a hybrid HELOC for seniors that makes between $50,000 and $400,000 available during a 10-year draw period.
And while both lenders are known for good customer service, only Longbridge offers an online application.
Mutual of Omaha vs. Finance of America
Finance of America
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Loan types
HECM, HomeSafe Standard, HomeSafe Second
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Minimum equity
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Maximum loan
Up to $4 million (HomeSafe), $50,000 and $1 million (HomeSafe Second),
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Age limit
62 for HECM, 55 for HomeSafe Second, 60 for EquityAvail, 55 for HomeSafe (60 in Massachusetts, New York and Washington, 62 in North Carolina and Texas),
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Availability
Finance of America is a division of Finance of America Reverse which is licensed nationwide. In CA, NM, and OK, it does business as Finance of America Reverse. In NY, it does business as FAReverse, LLC
Pros
- Jumbo reverse mortgages are available up to $4 million
- Doesn’t require mortgage insurance premiums or origination fees on HomeSafe
Cons
- No online application
- Not transparent about rates or fees
Both Mutual of Omaha and Finance of America made CNBC Select’s list of the best reverse mortgage lenders and have a history of excellent customer service.
FoA’s jumbo reverse mortgage, HomeSafe, is available nationwide, while Mutual of Omaha’s SecureEquity loan is only available in 25 states. SecureEquity is also only available as a lump sum, while HomeSafe can be received in one payment, monthly installments or as a line of credit.
How do I apply for a Mutual of Omaha reverse mortgage?
Visit Mutual of Omaha‘s reverse mortgage website and share the address, phone number and age of the person on the deed. Then, schedule a consultation with a Mutual of Omaha agent to choose the best loan product.
After finishing a counseling session with a HUD-approved housing counsellor, you’ll give your certificate of completion to Mutual of Omaha and start your application.
To apply, you need to provide a photo ID, Social Security number, deed to the property, home loan statements, proof of property tax payments and insurance and maintenance documents. An appraisal and title search must be completed before the underwriting process.
Is a Mutual of Omaha reverse mortgage right for me?
Mutual of Omaha is a stellar choice if you’re looking to borrow from a large-scale lender with a track record of financial stability and customer satisfaction.
If you’re already a Mutual of Omaha customer, you may be able to earn a $1,000 credit toward closing costs.
But it doesn’t offer the convenience of an online application and its SecureEquity jumbo reverse mortgage isn’t available in half the U.S. If those are red flags for you, consider another lender.
Mutual of Omaha reverse mortgage FAQs
Is Mutual of Omaha legit?
Mutual of Omaha is a legitimate lender founded in 1909. It entered the reverse mortgage market in 2018, when it acquired Synergy One Lending and assumed its portfolio. Today, Mutual of Omaha is the largest reverse mortgage lender in the U.S. and a member of the National Reverse Mortgage Lenders Association.
It receives largely positive customer feedback and earned an A+ rating from the Better Business Bureau.
How much can I borrow with a reverse mortgage?
Because home equity conversion mortgages (HECM) are backed by the FHA, there is a cap on how much you can borrow. In 2025, the conforming loan limit for a single-family home is $1,209,750. Proprietary reverse mortgages aren’t beholden to those limits; however, and Mutual of Omaha offers SecureEquity jumbo reverse mortgages up to $4 million.
What are the drawbacks of a reverse mortgage?
The main drawback of a reverse mortgage is that it eats up your home equity and requires payment in full when the owner sells, moves out or passes away. That can force heirs to quickly pay off the loan, refinance or sell the house. In addition, the loan can come due if the borrower does not keep up with property taxes, insurance or general maintenance.
Why trust CNBC Select?
At CNBC Select, our mission is to deliver high-quality service journalism and comprehensive consumer advice to our readers, enabling them to make informed financial decisions. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content independently of our commercial team and any outside third parties. We pride ourselves on maintaining high journalistic standards and ethics.
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Our methodology
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
