Rob Kanyur and the Kanyur Team are your licensed reverse mortgage specialists in Palm Springs, California.
Reverse mortgage loans are a popular financing option for seniors in Palm Springs, California, that allows homeowners to tap into their home’s equity.
How Does a Reverse Mortgage Loan Work?
Reverse mortgage loans allow homeowners aged 62 and older to convert a portion of their home equity into cash. If there is still a balance on the home, the reverse mortgage pays it off, which eliminates the burden of obligatory monthly mortgage payments. All the borrower needs to take care of are the property charges, such as taxes, insurance and maintenance. The cash from a reverse mortgage is considered loan proceeds, which means it is generally tax free.*
Our Reverse Mortgage Loans in Palm Springs, California
Home Equity Conversion Mortgage (HECM)
HECMs are the most common type of reverse mortgage loan and are insured by the Federal Housing Administration (FHA). A HECM allows homeowners who are 62 or older to convert a portion of their home’s equity into cash, which can be received in a lump sum, line of credit, monthly payments or a combination of these options.
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 upkeep.
Jumbo Reverse Mortgage Loan
This reverse mortgage loan is for high-value homes that exceed the $1,149,825 loan limit set by the FHA. 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 Springs, California
About Palm Springs, California
Palm Springs is in Southern California’s Coachella Valley. Its mid-century modern architecture adds a touch of nostalgia, while the hot springs, once cherished by Native American communities, bring tranquility. The Palm Springs Aerial Tramway offers stunning vistas, and Palm Canyon Drive boasts a mix of art, shopping and dining. The city appeals to outdoor enthusiasts and culture aficionados alike.
Palm Springs for Seniors
Palm Springs offers a number of attractions for seniors, including a pleasant year-round climate, a range of outdoor activities, a robust healthcare system and much more. However, the cost of living is higher than many other American cities. This makes HECM reverse mortgage loans an excellent option for seniors in Palm Springs to enjoy where they live and their standard of living.
Fun Facts About Palm Springs, California
- Palm Springs has a long history as a celebrity getaway, attracting stars like Frank Sinatra, Marilyn Monroe and Elvis Presley.
- Despite its desert location, Palm Springs has a lush oasis called the Indian Canyons, offering hiking trails, palm groves and year-round flowing water.
- The San Gorgonio Pass Wind Farm, just northwest of Palm Springs, is one of the largest wind farms in the world.
- The city’s name comes from its natural hot springs, which were initially sought after by Native American tribes for their healing properties
Interested in a Reverse Mortgage in Palm Springs, California?
Fill out the form and Rob or a member of the Kanyur Team will be in touch!
*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.**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.