Reverse Mortgage Closing Timelines: What You Need to Know
While reverse mortgages differ from conventional home loans in a number of ways, they are similar in some ways, too. One of those is in the length of time it takes to close. Most reverse mortgages, including FHA-backed loans and proprietary reverse mortgages, take between 20 and 30 days to close.
Most loans do not require more than 30 days. The most time-consuming part of the process is generally the appraisal, as the lender needs to ensure that your home meets minimum requirements and is a “safe bet”. However, you will probably want to factor in the time it takes to complete counseling, which can increase the overall length of the process to around 45 days.