Reverse mortgage how long

But i need loan to do this. Reply to Lillian. Hello Lillian,. Helmut H. March 19th, How long to find out if you qualify? Reply to Helmut. Hello Helmut,. Mary September 11th, My reverse mortgage was taken out 7 months and now I don't feel very pleased with this company its called "reverse mortgage financial".

Reply to Mary. Hello Mary,. Melinda N. October 22nd, Hi Mary, I'm in the same situation. It's been 6 months since I started the process for my reverse. My loan person says the loan company is still checking my credit.

And, this is my 3rd attempt at a reverse mortgage. I'm wondering about my loan processor at this point. Anyone out there can help? Reply to Melinda. Hello Melinda,. James Y. September 10th, How long do you have to own a home before you can get a reverse mortgage?

Reply to James. Hello James,. Ken October 27th, Reply to Ken. Hi Ron,. David S. April 29th, Reply to David. Hello David,. Greg Curcio April 20th, What's a good plan b with no appraisal. I'm For more information, contact your lender. The turnaround time in which we receive your appraisal in order to move forward with your loan can vary 2 , depending on the availability of an appraiser in your area.

Underwriting Once your appraisal has been received, your loan file will be reviewed by an underwriter. The underwriting process determines that all requirements have been met based on the submitted documentation for the reverse mortgage.

Unlike a forward mortgage where underwriting is often an automated, machine-generated process, reverse mortgage underwriting is manually performed and reviewed by a live Direct Endorsement Underwriter. Upon reviewing your loan application, the underwriter will issue a disposition—your loan may be either approved, approved with conditions, or denied for a specific reason. These can range from simple income documents to proof of home repairs. At Longbridge Financial , our Loan Officers and Processors will stay on top of any additional documents required and work with you to get final approval on your loan as efficiently as possible.

Since these documents require your signature, a closing agent or attorney will come to your home or a public location of your choosing to review the file. You will also receive a full copy of the documents for your own personal records. At Longbridge Financial, our internal closing department will assist you in scheduling a time for a signing assistant to meet with you. Three business days after you sign your closing documents, your funds will be disbursed, and any outstanding liens or existing mortgages will be satisfied from the loan proceeds 3.

Learn more about our servicing department here. There you have it: the reverse mortgage loan process. Remember, even after your loan has closed, you still must meet its obligations — occupying the home as your primary residence, keeping current on taxes and insurance, and performing routine maintenance to keep the home in good repair.

Ready to get started? See how much you may qualify for in loan proceeds with our free quote calculator or contact the Longbridge team of experts today. The counseling can be completed before or after the initial application in most states. The reverse mortgage appraisal must be conducted by an FHA-approved appraiser not all appraisers have this approval and it must follow a specific FHA format.

This means that even if a homeowner has already had an appraisal, it will most likely have to be re-appraised at this point in the process. They will also work with the applicant to clear up any issues with trusts, unpaid liens against the title, bankruptcies, etc.

This means that everything has been completed and the final closing date can be set. The lender and the applicant set a closing date where a notary or attorney meets with the applicant to sign the final closing documents. This means that even though the closing has taken place, the applicant can still cancel the application with no penalty for three business days after the closing.