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Does anyone know how long it takes between the appraisal and closing when doing a reverse mortgage? My father is doing one and the lender (Wells Fargo) got the appraisal back yesterday. How much more time until my father receives his money?

1 Thought on How long between reverse mortgage appraisal and closing?
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    March 18, 2012 at 9:24 am

    There is no exact time for all loans, however, generally the average is about 4-5 weeks from the time of the application. Usually the appraisal is about a week after the application, so probably about 3-4 more weeks. That is the average for most loans. If there are any problems or issues in underwriting, then anything can happen from a day or so to a couple of months. Rarely do they have such problems, but it can and does happen from time to time. The only other major exception to this rule, is if there is a foreclosure in progress, in which case the time frame usually goes to about 1-2 weeks from application as they are moved to the top of all other applications.

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