Reverse Mortgage Lenders
With a conventional mortgage, the deal is done immediately after closing. However, reverse mortgages can be confusing, and many borrowers have had second thoughts. The FHA now requires a three-day waiting period, or cooling off period, called the right to rescind period. This extends for three business days after you go through closing. It is intended for you to make sure that a reverse mortgage is actually the best solution for you. Cancelling the mortgage during the right to rescind period carries no penalties. Once the three-day period is over, your lender will cut a check or wire the money to your bank account.