“At Mutual of Omaha Mortgage, we perceive the varied monetary wants of our purchasers,” stated Alex Pistone, president of the corporate’s reverse division. “With SecureEquity, we’re thrilled to introduce a product that not solely displays our dedication to our purchasers but additionally extends Mutual of Omaha’s legacy of belief constructed over 116 years.
“SecureEquity permits us to serve our purchasers starting to finish; from origination to servicing, guaranteeing a seamless expertise.”
Phrases of the product are broadly comparable to people who govern the Federal Housing Administration‘s Residence Fairness Conversion Mortgage (HECM) mortgage. The borrower should stay within the dwelling as their main residence and proceed paying property taxes, householders insurance coverage, HOA charges and upkeep prices to maintain the mortgage in good standing.
Following an preliminary session, the borrower can proceed to the applying and qualification course of. They will need to have the house appraised to find out a ultimate mortgage quantity in extra of FHA limits, and might then proceed to mortgage closing and funding. Month-to-month funds should not required for the product.
HousingWire’s Reverse Mortgage Day by day (RMD) reached out to representatives of Mutual of Omaha Mortgage however didn’t obtain a response.
In October 2024, the corporate additionally launched a dealer safety program that provides company-approved brokers and principal brokers with entry to 5 core protections.
This features a promise that the lender “is not going to solicit debtors established inside the dealer community.” It should additionally exclude broker-network debtors from the corporate’s outbound advertising campaigns.
In 2024, Mutual of Omaha turned the main HECM lender within the nation on a per-unit foundation. The corporate recorded 6,224 HECM endorsements within the 12-month interval ending in February 2025, in line with knowledge compiled by Reverse Market Perception (RMI).