Palm Desert Reverse Mortgage is a trusted reverse mortgage lender serving homeowners in Southern California, including Palm Desert, CA. There are dozens of reasons to seek a reverse mortgage loan. In doing so, many homeowners can gain access to more liquid funds in order to pay off unexpected expenses or even upgrade their currency lifestyle. So if you are a homeowner in Palm Desert, California interested in learning more about reverse mortgages or receiving payments from a lender, schedule a free consultation with us today!
What is a Reverse Mortgage?
A reverse mortgage is exactly what it sounds like: the opposite of a standard mortgage.
With a standard mortgage, a borrower receives a loan from a lender to buy a home. To pay off that loan, the borrower sends their lender monthly payments. Over time, as the borrower sends payments, they accrue equity in their home, which is essentially ownership. When the mortgage is paid off, the borrower fully owns their home and has total equity.
For example, if an individual buys a home worth $400,000 with a 10% down payment of $40,000, they would have $40,000 worth of home equity once the sale is finalized. In other words, they would own $40,000 worth of the home/property itself – not the entire worth. Over time, as they make payments to their home loan lender, they accrue more and more equity. When the loan is paid off, the buyer has 100% equity in their home, which is also 100% ownership.
Once approved for a reverse mortgage loan, a homeowner can convert the equity they own in their home into cash. Generally, the amount a homeowner can receive in payments will vary based on their age and the amount of equity they have in their home. To qualify for a reverse mortgage, a homeowner must be 62 years of age or older. Typically, older individuals with higher or complete home equity will receive the most in monthly payments.
For more information on reverse mortgage loans, check out our FAQ page, which addresses a variety of questions relating to reverse mortgage loans!
Why Trust Palm Desert Reverse Mortgage?
At Palm Desert Reverse Mortgage, we are premier reverse mortgage lenders that provide homeowners in Palm Desert, California with a local option for reverse mortgage loans with affordable pricing and fees along with exceptional customer service. We understand that receiving a reverse mortgage loan can be a sizable decision, so we offer our customers personalized service as well as mortgage counseling to help ensure that they are comfortable during every step of the process. With our first-rate services and expertise, we can offer homeowners in Palm Desert, CA a smooth, affordable, and rewarding experience.
Benefits of a Reverse Mortgage
Receiving a reverse mortgage loan from Palm Desert Reverse Mortgages can offer our customers in the area numerous benefits. With a home equity conversion mortgage, homeowners with total equity in their home are free to spend the money they receive however they like. As a result, they can experience the following benefits:
- Staying in their home
- Upgrading their lifestyle
- Paying off bills (such as medical bills)
- A greater ability to deal with unexpected expenses
- Securing & accessing their funds later
For homeowners with full equity in their homes, there are virtually no limits on what can be done with the money they receive. This allows them to live more freely and spend how they like. However, this is not necessarily exclusive to homeowners with total equity. Homeowners without full equity in their home can also benefit from a reverse mortgage loan and receive money to help pay off expenses, such as medical bills and more.
Schedule a Free Consultation Today!
Receiving a reverse mortgage loan from Palm Desert Reverse Mortgage can help homeowners in Palm Desert, California improve their liquid finances. As a reverse mortgage calculator and lender, we offer our customers personalized services and loans to help put more money in their pocket. Contact us today to schedule a free, no-obligation consultation to learn more about reverse mortgage loans and what they can offer you!