Reviews

This profile includes reviews for Mutual of Omaha Mortgage's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Mutual of Omaha Mortgage

  1 E 22nd St Ste 401 Lombard, IL 60148-6159

  
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  Mutual of Omaha Mortgage

  960 North Shore Drive unit A Lake Bluff, IL 60044

  
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  Mutual of Omaha Mortgage

  5800 Lombardo Ctr Ste 200 Seven Hills, OH 44131

  
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  Mutual of Omaha Mortgage, Inc.

  8440 Allison Pointe Blvd Ste 400 Indianapolis, IN 46250

  
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  Mutual Of Omaha Mortgage

  2600 Point Mallard Pkwy SE Decatur, AL 35603

  

Review Details

• Review fromLori C

  Date: 02/01/2023

  1 star

  Lori C

  Date: 02/01/2023

  Frustrating! Trying to do a reverse mortgage. Was told ***** days. Went thru all the steps. But kept being told 1 more thing. We are at the finish line. 6 months later we were told everything approved except insurance. Wanted us to get more. We are maxed with insurance on our home. So to the reverse mtg. Was declined. Trying to get answers was days. Call & call but couldn't get anyone. Just leave msgs. Eventually would get a call. Incompetent. And of course its fha/hud causing the problem. I contacted fha/hud. Told them they are being blamed. They are pulling the file to review. Terrible unprofessional service from mutual. So frustrated.
  

  Mutual of Omaha Mortgage

  Date: 03/02/2023

  MMI received your complaint and competed its review. Unfortunately, the insurance provided for your manufactured home wasn't sufficient due to the age of the property. The loan officer tried to find an insurance company that would insure the property but was unsuccessful. Around the time of your review, the loan officer was able to successfully locate a company that could provide the necessary insurance. The file was reactivated and it appears that you loan is now in clear to close status. We are sorry to learn of your frustration with the loan process and hope this response resolves your complaint to your satisfaction.

• Review fromL&R B

  Date: 12/09/2022

  1 star

  L&R B

  Date: 12/09/2022

  We contacted Mutual of Omaha to find out about pre-qualification for a mortgage and were put in contact with *******************************, a loan originator. ******* seemed helpful and said that he would get back to us within 24hrs to update about our pre-qualification. After no word for a few days we email & called Tristans line only to be forwarded to his voicemail. Its now been almost 2 weeks and still no response from *******. Not only is this very unprofessional, we are also now concerned that we shared our personal details, income tax statements & social security numbers with this company!! We will in no way be moving forward with Mutual of Omaha for any financial needs and will stick with trusted sources. What a shame and complete lack of integrity Mutual of Omaha!
  

  Mutual of Omaha Mortgage

  Date: 01/06/2023

  Mutual of Omaha Mortgage, Inc. is sorry to learn of your frustration with the loan process. A review of your complaint indicates that your loan officer suggested that you apply through our application and that the application was officially submitted. MMI keeps all borrower information in a secure location and complies with all state and federal privacy laws. There is no indication that your information was used for an impermissible purpose. We hope this response resolves your complaint to your satisfaction.

• Review fromJerika D

  Date: 11/17/2022

  5 stars
  So far, my reverse mortgage w/ Mutual of Omaha has become a nightmare. Once they snagged me, the lack of communication is bad and getting worse, as they did not tell me exactly what I needed to be repaired on my house. 1st a death certificate was asked of me and the party WAS NOT the last owner. Now I spent much money repairing what the appraiser told me about and my "Reverse CD Processor" did not tell me everything that was needed, even if I have to pay again for the appraiser to return.The "Consumer Direct Loan Originator" who took me from under the negotiations with another lender & who called me constantly while doing this-he almost never returns my calls now.Instead of this reverse mortgage being a solution to my financial problems, it is a new stressor every day.

• Review fromJeffrey W

  Date: 10/24/2022

  1 star

  Jeffrey W

  Date: 10/24/2022

  I refinanced my home to pull equity out as it was needed to make changes to my home. My wife had become handicapped and I had to add stair chairs and other equipment that she now required. My overall experience with Mutual of Omaha was terrible. Several mistakes were made on my original application by my loan officer ******************** These mistakes carried all the way through underwriting and some were never corrected and showed up in my closing documents. A terrible waste of time that I was told that the errors were corrected. They were not.The worst part is that she told me in our initial conversation when we were discussing the Mutual of Omaha products and rates that the loan rate locks in when my credit card is charged for the home appraisal. As mortgage rates were going up and I wanted the rate locked as we went through the loan process. Most companies did something very similar. **** made virtually every call came from her cell and these calls were not recorded. It turned out that she did not lock the rate as discussed when my credit card was charged for the appraisal. Since it was not locked in as discussed, the rate escalated and there was nothing I could do. There was no recourse with ****. In my opinion, **** is not truthful. I contacted her office manager ********************************* regarding these and other issues and he was less than helpful. He actually did nothing to rectify the situation. He said would look into it and call me back by the end of the day. I never heard from him ever again. It is my opinion that ****** believed **** had made obvious mistakes, however by admitting she made the error would have cost Mutual of Omaha significant money to rectify it. My future calls to him went unanswered. Horrible experience. They should be reprimanded by the BBB.
  

  Mutual of Omaha Mortgage

  Date: 11/23/2022

  Your initial Loan Estimate disclosed your initial rate and clearly and stated that the rate was not locked. A rate lock does not automatically occur when a credit card is charged for an appraisal, as suggested in your complaint. MMI did not uncover any evidence that your loan officer ever suggested that a rate lock would occur in this manner. The rate lock process begins when the borrower speaks to a loan officer and informs him or her of his intent to lock in a particular rate. The decision is then formalized through the issuance of a rate lock disclosure and the issuance of a new Loan Estimate. When these documents are signed and returned to MMI, the rate is officially locked. A review of your file indicates that a ******* Rate Lock Agreement was submitted at a later date and that you were able to lock in an interest rate at that time. Unfortunately, interest rates were trending upward around the time of your application, and the initial rate was no longer available. When MMIs branch manager learned of your frustration with the loan process, he immediately contacted you to discuss the matter. Although he could not assist you with your rate, he was able to help you decrease the cost of your loan and increase your cash-out amount. MMIs review of the file did not uncover any evidence that there were any unnecessary delays or that MMI made errors during the loan process that negatively impacted your file.MMI is sorry to learn of your frustration with loan process and hopes that this response resolves your complaint to your satisfaction.

• Review fromanthony p

  Date: 09/13/2022

  1 star
  My wife and I applied for a reverse mortgage. We started out in beginning of May and it went on for 5 months. ******************* who was our processor never submitted all of our documents for earnings. We were denied because she never submitted all of our documents and it fell short of income. We had to resend those documents which took another 7 weeks. *********************** who was our consumer loan originator was also useless. We missed a payment on our taxes due to us paying our mortgage off and the bank never issued a payment to our town for taxes. Instead they sent us a check of money left in escrow and we did not receive it until the second week after taxes were due. **** told us he write a letter (EC), which we never saw to the underwriter. They finally told us they wanted thirteen years of our taxes and home owners insurance which they would hold in escrow and pay those taxes and insurance. This left us only with about $23,000 total for our home. Mutual of Omaha would hold $85,000 of our money that they would collect interest on. This company only wants to find out ways of taking your money and making a profit on it.

• Review fromAutumn W

  Date: 08/13/2022

  2 stars

  Autumn W

  Date: 08/13/2022

  I have a reverse mortgage with Mutual of Omaha. My home is only 720 square feet but Mutual of Omaha charged me $800 for an appraisal of my property. I asked two Mutual of Omaha employees to appeal the fee but the fee remained at $800. In my opinion, someone higher ** in that organization has forgotten that reverse mortgages are meant to help the elderly. In my opinion, the reverse mortgage industry charges an obscene amount of money for closing. My home is only worth $274,000 but my closing costs were about $14,000. Because the cost of my appraisal was so high I think were the closing costs inflated? There was clear title from the beginning. I am on the deed and I have right of survivorship but Mutual of Omaha chose to put me through what seemed like endless requests for documents. This kind of thing is very stressful for seniors. I have actually started an organization that will warn people about the pitfalls of reverse mortgages. I have several good people around me for this project. Anyone thinking about a reverse mortgage on a fixed income be aware that if you do not keep up your property the way the loan companies want you to, they can foreclose on your property. You pay the appraisal fee even if you do not get the loan. Can you afford an expensive repair? One in ten reverse mortgages end in foreclosure.
  

  Mutual of Omaha Mortgage

  Date: 09/06/2022

  Mutual of Omaha Mortgage ("MMI") is sorry to learn of your frustration regarding your reverse mortgage experience. Our review of your file did not uncover evidence of any unreasonable fees charged in connection with your loan. Appraisals are ordered through third-party appraisal management companies, who are responsible for selecting the appraisal for a home. The amount charged for your appraisal was not unreasonable or inflated as alleged in your review. Ordering through a third-party appraisal management company ensures compliance with appraisal independence requirements. The origination fee charged in connection with a reverse mortgage is regulated HUD. A lender is only permitted to charge the greater of $2,500 or 2% of the first $200,000 of a home's value plus 1% of the amount over $200,000. Origination fees are capped at $6,000 by HUD. Your origination fee was within program requirements. Your loan also included necessary charges for mortgage insurance, title insurance, and recording fees. All of these fees were properly disclosed to you during the loan process. It appears that final documents were signed on July 26, 2022 and your loan successfully funded the following day. We agree that borrowers should consider the costs of a reverse mortgage before deciding to move forward with the product. Our loan officers are trained to thoroughly describe these costs through initial phone conversations and loan file disclosures. A financial assessment is conducted to determine a borrower's ability to meet their ongoing borrower responsibilities, which include the requirement to maintain your residence as your primary residence and remain current on property taxes, homeowner's insurance, the costs of home maintenance, and any HOA fees. This requirements are addressed in detail during the origination process. The reverse mortgage may not be the right product for everyone, but we believe it offers a great opportunity for eligible borrowers who desire to gain access to home equity and eliminate their monthly mortgage payments (as indicated above the borrower is still responsible for property taxes, homeowner's insurance, the costs of home maintenance, and any HOA fees). As part of the reverse mortgage program, borrower's must complete a counseling session during which counselors will discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and repaying the loan. They will also discuss provisions for the mortgage becoming due and payable. We thank you for your business and hope this response resolves the concerns that you address in your review.

• Review fromMel H

  Date: 08/12/2022

  5 stars
  Mutual of Omaha was my lender for my recent Reverse Mortgage transaction. Everything was done in a timely manner. I do recommend working directly with a Loan Officer in person versus over the phone, but your area may be out of the way where you cannot do that. The fact that they are also servicing my Reverse Mortgage makes me feel content. As a borrower, you will always be asked for more paperwork, it's just a part of life so just expect it. Thank you for such great service on my loan.