When it comes to retirement planning, timing is everything.
Many older Australians wait until a personal financial crisis hits—unexpected medical costs, rising living expenses, urgent home repairs—before seeking help. And while a Reverse Mortgage can be a powerful tool to access funds without selling your home, it’s not something that happens overnight.
The truth is:
The Reverse Mortgage process from application to settlement (funding) typically takes between 4 to 10 weeks, depending on the lender.
That’s why we always tell our clients: don’t wait until the very last minute!
FACT 1: according to a Seniors First customer survey, 62% of Australian Reverse Mortgage borrowers rank ‘speed to funding’ as a high priority when considering which lender to choose.
[ ALSO READ: The ‘Hidden Anxiety’ In Retirement: Why More Australians Are Using Home Equity ]
Why The Reverse Mortgage Application Process Takes Time
Increasingly we are seeing borrowers leave an application to the very last minute. However this can cause a lot of unnecessary stress, especially if the lender takes longer than expected to fund the loan.
Applying for a reverse mortgage is not ‘instant’ like applying for a credit card. It’s a carefully regulated financial product, designed to protect you and ensure you understand the implications. The full Reverse Mortgage loan application process typically includes:
- Initial Assessment – A Seniors First reverse mortgage broker gathers your goals and reviews eligibility.
- Loan Application. Once the lender is selected based on your needs and criteria, they then prepare the loan application with you and submit to the chosen lender.
- Property Valuation – An independent valuer assesses your home’s current market value
- Lender Approval – The lender reviews documents, performs checks, and issues a formal offer
- Legal & Financial Advice – Australian law requires you to obtain independent legal advice, and in some cases, financial advice too
- Settlement – Once contracts are signed, funds are released
FACT 2: the service standards of each of the Reverse Mortgage lenders is dynamic. How fast (or slow) a lender can approve and fund a loan often changes, due to a range of factors. Sometimes the lender with the lowest rate might be the slowest, and vice versa.
If your documents are all in order, then with some lenders this process can take as little as 3–6 weeks. But delays are common, especially if:
- Your title documents are not readily available
- You haven’t yet chosen a solicitor
- There is an issue or delay with the property valuation
- You’re dealing with urgent emotional or financial stress
- There are multiple family members involved in the process
- Refinancing of an existing mortgage home loan, or debt consolidation, is required
FACT 3: Reverse Mortgage brokers are constantly dealing with multiple lenders, and actively monitor the service standards of each. A specialist broker such as Seniors First is well-placed to advise you on which lender is best for the fastest access to funds (at any given time).
Why It’s Better to Apply Before You Are Totally Out Of Cash
✅ 1. Less Stress, Better Decisions
It’s difficult to make sound financial decisions under pressure. Applying just a bit early gives you time to think, compare options, and include your family in the conversation.
✅ 2. More Control Over Timing
If you know you’ll need extra funds in 3–6 months—for renovations, aged care planning, or replacing the car—starting now ensures the money arrives when you need it.
✅ 3. Avoid Desperate Moves
Waiting too long can force some seniors to sell their home, downsize under pressure, or take out high-interest loans. A Reverse Mortgage can prevent these scenarios if arranged ahead of time.
✅ 4. Use It for Planned Needs, Not Just For ‘Emergency’ Funds
Many Seniors First clients use their Reverse Mortgage for lifestyle upgrades:
- A cruise or holiday
- Home improvements
- Dental or medical work
- Helping family members
These are best enjoyed when planned—not rushed.
[ALSO READ: Reverse Mortgage to help your adult children? Here’s what you need to know ]
Think Ahead: Secure Your Financial Buffer
IMPORTANT: You don’t need to draw down all the loan funds (and therefore accumulate interest charges) right away . With a Reverse Mortgage, you can:
- Access only a small lump sum at the start
- Set up a cash reserve for future use
- Fund lifestyle or care needs gradually
This means you can prepare today and only use funds when needed, giving you peace of mind.
At Seniors First, We Help You Plan Smart
We specialise in helping Australians over 60 access the equity in their home—with no pressure and no rushed decisions. Our team walks you through the process, ensures you understand the product, and helps you find a Reverse Mortgage that suits your needs.
✅ Don’t Wait for a Crisis—Act Early.
Even if you don’t need the funds right now, it pays to be ready.
Call us for an obligation-free Reverse Mortgage assessment today.
📞 1300 745 745
🌐 Visit www.seniorsfirst.com.au
Note: All Reverse Mortgage loan applications require legal advice. Depending on the lender selected, it may take up to 8–10 weeks from initial consultation to settlement (when you receive funds). If speedy access to funds is important, a Seniors First broker can advise you on which lenders are currently best placed to meet your timeline.