The reverse mortgage application process typically takes 30 to 45 days. If you’re eligible for a reverse mortgage and decide it’s the right decision for your family, you’ll start with a consultation with a licensed professional to get an estimate of how much equity could be available and a preliminary proposal. Weigh your options carefully to ensure you pick a reputable company. Before completing an application, you must meet with a HUD-approved mortgage counselor to get a HECM where they will review with you the proposal(s) you got to ensure you understand the terms and charges. Finally, you will complete your application, complete the home appraisal, and close on the reverse mortgage loan.