Mutual of Omaha hires Tracy Milligan for proprietary product rollout

On the heels of launching a new proprietary reverse mortgage product, Mutual of Omaha Mortgage has announced the hiring of reverse mortgage industry veteran Tracy Milligan to serve as its director of strategic initiatives.

Milligan’s reverse mortgage industry experience goes back to the early 2000s, having served for five years as an underwriting manager with Financial Freedom. She went on to serve the next 11 years of her career at One Reverse Mortgage as vice president of operations, before that company — a division of then-Quicken Loans, later Rocket Mortgage — ceased its reverse mortgage product offerings in early 2020.

For the past five years, Milligan has served as vice president of compliance for Smartfi Home Loans, a company that has significantly expanded its reverse mortgage activity over the past few years. She officially joined Mutual of Omaha last month, according to her LinkedIn profile.

“Tracy is a true professional and we are excited to add her wealth of knowledge and experience to our senior management team, not only for our new product line, but in other areas of the organization as well,” said Rachael Loonam, senior vice president of operations for the company’s reverse mortgage division.

Milligan will focus on the wider deployment and development of SecureEquity, the proprietary reverse mortgage product announced by the company on Tuesday.

With initial availability in California and Florida, the product offers adjustable- and fixed-rate options with a maximum loan amount of $4 million. This is roughly in line with other proprietary product offerings in the space.

Terms of the product are broadly similar to those that govern the Federal Housing Administration‘s Home Equity Conversion Mortgage (HECM) loan. The borrower must remain in the home as their primary residence and continue paying property taxes, homeowners insurance, HOA fees and maintenance costs to keep the loan in good standing.

In 2024, Mutual of Omaha became the leading HECM lender in the country on a per-unit basis. The company recorded 6,224 HECM endorsements in the 12-month period ending in February 2025, according to data compiled by Reverse Market Insight (RMI).