Posted on: 14th Jul, 2009 09:31 am
Our reverse mortgage has been in processing with the bank for 3 months, we have provided them with all documents that have been requested and they state that they have all they need.
Do they have a time limit in which to provide the loan? Are there any time constraints on processing such a loan?
Do they have a time limit in which to provide the loan? Are there any time constraints on processing such a loan?
Hi jfoster,
There is no time limit to the processing of a reverse mortgage. The time taken to process a loan depends on various factors and varies from lender to lender. However, the average time to process a reverse mortgage ranges from 6-8 weeks. You should call your lender and demand an explanation as to why the process is taking so long and how many more days you need to wait.
There is no time limit to the processing of a reverse mortgage. The time taken to process a loan depends on various factors and varies from lender to lender. However, the average time to process a reverse mortgage ranges from 6-8 weeks. You should call your lender and demand an explanation as to why the process is taking so long and how many more days you need to wait.
For a reverse mortgage, it usually takes 45-60 days for your loan processing... you should contact your bank....