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

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's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Has any closed with 2-3 wks?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Started process 1/4/12, everything completed within 40 days, no issues with our home. In meantime, loan officer resigned, no one let us know, no one handling our loan, going through Christensen Financial..what a nightmare!! Now have someone handling it, but she can't get answers as to why closing not scheduled. CHristensen Financial is the worse!!! Never get involved with them!! Suggestions on what I should do? They keep saying "so close to closing, don't go elsewhere"!!!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank you for sharing your experience with us!! :) I will suggest you to cancel the loan with them and contact some other lender in order to get a reverse mortgage.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It was me above... just forgot to log in!!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

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