Compare Mortgage Quotes

blancheholt · Joined: 04 Aug 2009 Posts: 1 1.40 Dollars($)

We began the process of a reverse mortage through Financial Freedom June 1st. Everything has been done including the apprasial, counseling, foundation inspection and we were told that the reverse mortgage would close at the latest by jULY 23,09. Everytime we talk to them they do not have answer as to when the mortgage will close., and we have to call them as they do not call us. Is it normal to take this long for the Reverse Mortgage? or is there something we should do. Thanks for your response.

jenkin7 · Posted: Wed Aug 05, 2009 12:24 am Post subject:

Hi blancheholt,

It generally takes about 45-60 days to close on a reverse mortgage loan. If everything including appraisal, inspection etc. has been done, there should not be any delay in closing the loan. It could be possible that they have received a huge number of loan application in the recent time. That is why they are taking more than the normal time to close on the loan.

Guest

I have done 2 of these, with the second in process, one with Financial Freedom. Figure a minimum of 60 days; my first one took 77 days and this one is now at 67 days. And you are right, they will not contact you, and if you call often enough they get really slow in calling back. Still it did go through. My biggest complaint is that there was less money available to me than they first told me, as Fin Freedom devalued the appraisal. They said this was HUD/FHA rule.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Thats correct noramll this will take any where between 45 - 60 days

Some of the are very responsive and some of them take their own time and approach

Guest

Has any closed with 2-3 wks?

smithsussane · Posted: Mon Jun 14, 2010 11:56 pm Post subject:

Hi Myrna!

Welcome to forums!

Whether or not lenders have originated a reverse mortgage will vary from one lender to another. If you want a reverse mortgage, you can get in touch with your local lender and apply for the same. If you meet the required criteria of the lender, then you would be able to qualify for a loan.

Feel free to ask if you've further queries.

Sussane

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

How long does it take to process and close a reverse mortgage