Mutual of Omaha expands proprietary reverse mortgage offering to more states

After launching a new proprietary loan product this spring, one of the nation’s leading reverse mortgage lenders has expanded the offering this week to more states.

Mutual of Omaha Mortgage announced on Friday that its SecureEquity+ product, which became available in April to eligible California and Florida residents, is now available in 12 additional states.

The product is also now being offered in Arizona, Colorado, Connecticut, Hawaii, Idaho, North Carolina, New Jersey, Nevada, South Carolina, Texas, Utah and Washington.

SecureEquity+ is the company’s initial entry into the proprietary reverse channel, which offers expanded borrower eligibility guidelines compared to the federally insured Home Equity Conversion Mortgage (HECM). The product is available to borrowers as young as 55 in states that allow for it, and loan amounts range up to $4 million.

“SecureEquity+ represents a significant milestone in Mutual of Omaha Mortgage’s ongoing commitment to empowering older homeowners with innovative financial solutions,” Alex Pistone, president of Mutual of Omaha Mortgage’s reverse division, said in a statement.

“We’re proud to lead the reverse mortgage industry with a product that delivers greater flexibility, broader access and more opportunity, helping older Americans take control of their financial future with confidence.”

Similar to traditional reverse loans, SecureEquity+ offers eligible borrowers the ability to convert a portion of their home equity into cash without monthly mortgage payments. The borrower must occupy the home as their primary residence and continue to meet other financial obligations such as property taxes, homeowners insurance, HOA fees and ongoing maintenance costs.

Mutual of Omaha is the nation’s largest lender in terms of HECM endorsements. According to data from Reverse Market Insight, it endorsed 6,076 HECM loans for the year ending in June. It was also No. 1 on last month’s industry leaderboard with 554 loans.

Its entry into the proprietary market joins a recent push by other companies, including Finance of America, Longbridge Financial, Nationwide Equities, Smartfi Home Loans and University Bank.