Reverse mortgage loans are a popular financing option for seniors in Palm Desert, California, allowing homeowners to tap into their home equity.
How Does a Reverse Mortgage Loan Work?
A reverse mortgage loan allows homeowners 62 or older to access a portion of their home’s equity without having to sell their home, give up the title or make monthly mortgage payments. Instead, the borrower must pay property charges, like taxes, insurance and home maintenance. The loan is paid back when the borrower no longer occupies the home.
The amount that can be borrowed depends on several factors, including the borrower’s age, home value, interest rates and the type of reverse mortgage loan. Borrowers have several options for receiving the funds, including a lump sum, monthly payments, a line of credit or a combination of these options.
Our Reverse Mortgage Loans in Palm Desert, California
Home Equity Conversion Mortgage (HECM)
This is the most common type of reverse mortgage loan and is insured by the Federal Housing Administration (FHA). This provides a host of consumer protections, such as a non-recourse feature that guarantees the sale of the home will cover the balance of the reverse mortgage loan, regardless of the market value of the home at the time of sale.*
HECM for Purchase (H4P)
An H4P is a type of reverse mortgage specifically designed for seniors who want to purchase a new home. This can be a useful option for seniors who want to downsize, move closer to family or relocate to a more accessible home.
It can greatly increase home buying power and enable borrowers to move to a more expensive area than their current residence. Like a traditional HECM, the borrower is not required to make monthly mortgage payments. Instead, they only need to take care of property charges like taxes, insurance and home upkeep.
Jumbo Reverse Mortgage Loan
Jumbo reverse mortgage loans are for high-value homes exceeding the loan limit of $1,149,825 set by the FHA for HECMs. The amount of cash available is based on the appraised value of the home, and borrowers typically have more flexibility in payment options.
Reverse Mortgage Loan Benefits
People get reverse mortgages for many reasons, including:
Reverse Mortgage Loan Eligibility in Palm Desert, California
About Palm Desert, California
Palm Desert, located in Southern California’s Coachella Valley, is a desert city known for its scenery, high-end amenities and relaxed lifestyle. Set against the Santa Rosa Mountains, the area features golf courses, resorts and a variety of shopping and dining choices on El Paseo Drive. Palm Desert hosts the annual Coachella Valley Music and Arts Festival, attracting festival-goers from around the world.
Palm Desert for Seniors
Palm Desert, California, offers a mix of relaxation and liveliness to seniors, with a range of outdoor activities, such as expansive hiking trails and world-class golf courses. With a pleasant climate year-round, seniors can find a welcoming environment to enjoy their later years in Palm Desert.
Fun Facts About Palm Desert, California
- Palm Desert is home to the College of the Desert, which hosts the Street Fair at College of the Desert every weekend.
- The Living Desert Zoo and Gardens is not your typical zoo—it focuses on desert conservation and showcases both flora and fauna native to desert ecosystems. It offers an opportunity to see animals like bighorn sheep, cheetahs and meerkats.
- The Indian Wells Tennis Garden, located nearby, hosts the BNP Paribas Open, one of the most prestigious tennis tournaments outside of the Grand Slam events.
- The Palm Springs Aerial Tramway, near Palm Desert, features the world’s largest rotating tramcar. It transports visitors from the desert floor to the wilderness of Mount San Jacinto State Park.
Interested in a Reverse Mortgage in Palm Desert, California?
Fill out the form and Rob or a member of the Kanyur Team will be in touch!
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes and insurance and maintaining the home. Credit subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
**This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.