I am often asked “How Long Does it take to get a Reverse Mortgage?” I created this timeline below to show how long the process normally takes. Contact me if you have any questions.
Typical Reverse Mortgage process takes between 30-35 days*.
Step 1: Borrower(s) completes the mandatory pre-loan counseling
Step 2: Borrower(s) meet with loan officer to complete a loan application (the clock starts here) (Day 1)
Step 3: An appraiser contacts the borrower to set up an appraisal inspection appointment (Day 5)
Step 4: Appraiser comes to borrowers home and performs the inspection (Day 10)
Step 5: Appraiser turns appraisal into lender after completion (Day 15)
Step 6: File gets underwritten and a conditional approval is issued (Day 18-19)
Step 7: Conditions are gathered by the loan officer/processor (Day 23-24)
Step 8: Conditions are back to the underwriter for final approval (Day 25)
Step 9: File is assigned to a closer to get the final loan docs issued (Day 26)
Step 10: Loan docs are sent to title and then the mobile notary to have the borrower(s) sign (Day 27-28)
Step 11: After signing there is a three business day (including Saturdays) rescission period (Day 28-30)
Step 12: Loan funds (Day 31)
*Entire process may take longer or shorter. The above timeline should be viewed as a guideline.