How Long Does It Take a Reverse Mortgage to Close?

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.

If you’d like to learn more, simply fill out the form below and a friendly reverse mortgage specialist will get in touch!