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Loan Officer headshot

Ernie Castro

Home Equity Retirement Specialist

NMLS # 506548

(703) 447-7036

8820 Columbia 100 Parkway | Suite 201
Columbia, MD 21045


There are various loan program options available to you through Mutual of Omaha Mortgage. Our goal is to provide the very best in price, product and service, so that you can make the right, informed decision about whether a Home Equity Conversion Mortgage meets your retirement needs.

While other lenders might charge a monthly servicing fee; we do not charge any servicing fees on any of our HECMs.

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Jumbo Reverse Mortgages

Jumbo reverse mortgages offer greater lending limits and loan amounts when compared to the traditional HECM loan. These loans are now available to homeowners age 55* and better, with Fixed and Variable rate options available.

Unique Benefits of Jumbo Reverse Mortgages:

  • No up-front or monthly mortgage insurance
  • Flexible disbursement options of loan proceeds
  • Available as a Refinance, or a “Purchase Money” first mortgage (new construction acceptable)
  • No required monthly mortgage payments

*Due to state restrictions, some states have a higher minimum age than 55.

Minimum age for MA and WA is 60

Minimum age for NC, TX and UT is 62

HECM for Purchase

Both the fixed rate and adjustable-rate programs can be used to purchase a home.

With a HECM for Purchase loan, the HECM funds are paid in a lump sum directly to the seller at the close of escrow – just like with a traditional mortgage. However, the big difference is that there are no required monthly loan payments for as the home is the borrower’s primary residence and the ongoing requirements of the loan are met. Loan requirements include home maintenance and payment of property taxes, homeowner’s insurance, and any HOA fees.

The Purchase HECM is ideal for those who want to purchase the best home for their retirement needs – without impacting their monthly cash-flow by taking on another monthly payment obligation.

Variable Rate

We offer both annually and monthly adjustable rate mortgages (ARMs). Similar to traditional ARM’s, your initial interest rate is comprised of a fixed margin and an index that will adjust on either an annual or monthly basis. All variable loans have a lifetime interest rate cap.

The benefit of a viable rate HECM is that it provides the greatest flexibly on how you elect to take your loan proceeds. Variable HECMs allow you to set up ongoing monthly term or tenure payments and/or set up a growing line of credit.

Unique Benefits of the HECM Line of Credit:

  • This federally insured LOC cannot be frozen, cancelled or reduced, even if home values fall.
  • All of the un-used credit grows every month, based on the Credit Line Growth Rate.
  • The Credit Line Growth Rate is tied to the interest rate. If interest rates rise, the growth rate on the LOC will also increase, offering greater borrowing power.
  • Since this is a HECM, debt service is optional. Your can defer all principal and interest until the borrower(s) permanently vacate the home**
  • If the client chooses to make payments at any time, the available credit increases accordingly (just like a traditional HELOC).

Fixed Rate

This HECM option provides the security of a fixed interest rate for the life of the loan. It may be a great option when taking a full draw to pay off a large mortgage or for a new home purchase with a HECM for Purchase.