Palm Desert Reverse Mortgage Lenders
All Reverse Mortgage® is headquartered in Southern California, but lends in many states nationwide, including Palm Desert, California.
All Reverse began in November 2007 and as the name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
We offer reverse mortgages to Palm Desert homeowners and our staff has a combined lending experience exceeding 100 years with national mortgage
banking experience on both coasts and points between. Due to this varied direct experience, All Reverse Mortgage® is well positioned to be able to assist
borrowers with all specific needs associated with the reverse mortgage program.
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate, underwrite and close the HUD Home
Equity Conversion Mortgage (HECM, or “Heck-um”). The HECM is HUD’s acronym for their reverse mortgage loan.
All Reverse Mortgage® originates in Palm Desert and closes both refinance loans, where borrowers already own their home and are looking to
either pay off their existing loan and have no more monthly mortgage payment, utilize their equity for other purposes if they have no existing loan,
or possibly a combination of both.
About All Reverse Mortgage®
The owners and management of All Reverse Mortgage® were part of the team that wrote and sold the first fixed-rate jumbo reverse
mortgage in 2008 and as such, have extensive experience in jumbo or proprietary loan programs as well. We are always looking for new products
to offer to borrowers of high valued homes in the higher home priced markets that the HUD HECM may just not serve well. Jumbo or proprietary
programs typically offer much lower Principal Limits as they relate to values, so not all borrowers are better served with the jumbo programs.
Only a seasoned originator can readily inform borrowers which program will best suit their needs and the positives and negatives of each
so that the borrower can make an informed decision. It is no longer uncommon anywhere in the country for a market to be a
solid HUD HECM market and then within just a short distance for a niche jumbo market to be located where there is a need for a jumbo program.
Therefore, homeowners aged 62 and above in all markets have seen that the reverse mortgage can be a very solid financial tool and many are now
seeking the reverse mortgage to augment their retirement plans and not so much as a mortgage of last resort. Everything from the elimination of the
existing mortgage payments to the line of credit that grows
make reverse mortgage borrowers understand that this program allows them to utilize their
homes to not only live comfortably in their family home, but to plan for the future as well.
Palm Desert Lending Limits
Located in the heart of the Coachella Valley, the City of Palm Desert is known as the cultural and retail center of
California’s desert communities. As such, Palm Desert has long been a popular destination for “snowbirds” who migrate to the city’s
arid climate to spend their retirement years.
Of the 48,443 people who lived in Palm Desert during the last census, residents age 65 and older accounted for 33% of total residents—one third of the
city’s population, according to U.S. Census Bureau data. Among this group are 13,700 homeowners age 62 and older who could potentially benefit from
a reverse mortgage.
The average home value in Palm Desert is $318,100, which is under the federal lending limit for HECMs, so many seniors in the area may be eligible for a
reverse mortgage. A reverse mortgage could help homeowners 62 and older live their retirement more comfortably without having to worry as much about outliving what they’ve saved.
Homeowners in Palm Desert have a median home value of $315,000, according to the Zillow Home Value Index. This means that while half of the properties in
Palm Desert fall below this price, the other half of homes in the area are more expensive than this price threshold. Either way, Palm Desert homeowners can
benefit from the uses of a reverse mortgage to supplement their retirement no matter where their home’s value falls on the price spectrum.
Currently, the HUD lending limit for HECMs is $636,150, which means properties appraised at or below this price may be eligible for a HECM reverse mortgage.
For more expensive properties that are priced higher than the HUD loan limit, homeowners may consider a jumbo reverse mortgage. These non-HUD loans are
offered by only a few lenders, but they might be worth considering depending on your home value and your current situation.
If you reside in Palm Desert, All Reverse Mortgage® is here to answer your questions. Access our free calculator to estimate
your reverse mortgage lending limit or call us Toll Free (800) 565-1722