Palm Springs Reverse Mortgage Lenders
All Reverse Mortgage® is headquartered in Southern California, but lends in many states nationwide, including Palm Springs, 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 Springs 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.
Palm Springs Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in Palm Springs (est)
||Avg. Home Value
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 Springs 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 Springs Lending Limits
Located in Riverside County, California, Palm Springs is a desert resort city that is known for leisurely outdoor activities like biking, golfing, hiking and
horseback riding in the nearby desert and mountain areas. Before the war, Palm Springs was popular among the rich and famous of Hollywood in
addition to tourists and retirees. But between the 1950’s and 1960’s over 2,000 homes were built, which doubled the city's capacity.
Today, the city is still a popular destination for retirees as the weather is pleasant all year round and there are golf courses in abundance.
The total population of Palm Springs was 44,552 as of April 2010 and almost 8,000 of the population are made up of homeowners 62 and over.
The average home value in Palm Springs 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.
For adults who do retire in Palm Springs there is never a shortage of things to do. The city is home to the Palm Springs International Film Festival and plenty of
lizards. There is also the Palm Springs Art Museum, a multitude of restaurants, and in close proximity to Joshua Tree National Park.
If you’re into architecture, Palm Springs is also known for its modern architecture and celebrates it during the annual Palm Springs Modernism Week.
If you reside in Palm Springs, 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