Under normal circumstances it will take approximately thirty to forty-five days to close a Reverse Mortgage. After that, you should receive your payment within three days.
One of the most important factors in moving your Reverse Mortgage application along will depend on how quickly, or slowly, you, the borrower, provide any requested documentation. The reverse mortgage application will have to be 100% complete, including all requested documents. In addtion, the underwriter may request that certain conditions be fulfilled before approval is granted. This is all normal activity for most loans.
For example, an underwriter may request that the hazard insurance policy coverage be increased, or that the appraiser certify that necessary work on the house has been done. All these little details, if requested, will require a timely response from you the borrower for your loan application to proceed smoothly to completion.