How Long Does it Take to Get a Reverse Mortgage?

A reverse mortgage is a potent wealth mobilization tool for homeowners aged 62 years and older to access their home equity and top up their retirement income. The loan allows you to convert a chunk of the property’s value into easy-to-access liquid cash without selling your property. Being a significant financial step, most people are interested in the reverse mortgage timeline. It pays to be informed about the process so that you are aware of what you reasonably can expect and plan for.

The duration for obtaining a reverse mortgage may vary, but the majority of the applications typically take between 30 and 60 days. How long does it take to get a reverse mortgage for you? This will occur depending on how fast you finish the required steps that you have to undergo, the level of complexity that your finances have, and the effectiveness of the lender that you have chosen. Working with our skilled brokers at BrickWood Mortgage will certainly make your life easier! 

The Reverse Mortgage Process

Once you’ve spoken to a broker and confirmed that this is a good step, you may submit your application. Your lender will then order a property appraisal to establish your home’s current market value, a major factor in determining the size of your mortgage. At the same time, the lender will perform a financial review to evaluate your credit history and confirm your ability to manage regular property costs such as taxes and insurance. 

Many applicants might ask, how long does a reverse mortgage take? Upon the completion of the appraisal and the financial checks and your successful application, you will enter the final stage of closing, where you sign the last loan documents.

Why a Mortgage Broker Should Assist

It may seem complicated to navigate the reverse mortgage process, so it’s often a good idea to work with a seasoned mortgage broker. Our seasoned brokers are your expert advisors, guiding you through the selection of a quality lender and explaining each step. 

In fact, if you are searching for reverse mortgage lenders in South Carolina, a broker can recommend trusted local options. We can help you collect the required paperwork, arrange the necessary steps, and interact with the appraiser and underwriter. With these wheels in motion, we help you avoid roadblocks and keep the process running smoothly week to week, perhaps trimming the overall duration. Our experience is reassuring and keeps the experience seamless from beginning to end.

Closing Your Reverse Mortgage

So, how long does it take for a reverse mortgage? While the average time for a reverse mortgage is one to two months, you have the power to expedite the process. Proactive measures are important. Get professional advice from BrickWood Mortgage and have your financial information – the income verification, property tax notices, and homeowners insurance information – in front of you when you submit your application. Getting back to your lender’s requests early will also help you bypass unwanted time losses. Being organized and using a respected professional will help you easily walk through the steps and access your home’s equity sooner!