Reverse Mortgages Near You - Cathedral City Reverse Mortgage Lender
Meet Todd Walcott
Todd Walcott
Senior Loan Officer, CRMP, CMPS
NMLS #183784 | CA DRE #02227563
(760) 784-7860
Get the best reverse mortgage deals in Cathedral City, California.
Todd Walcott and Contempo Lending are the professionals you should talk with in Cathedral City if you are keen to explore the possibilities a reverse mortgage can offer you.
Whether you’re in Palm Desert, Rancho Mirage, Indian Wells or anywhere in the Coachella Valley region of Riverside County, Todd’s your man.
Todd has been working in the mortgage industry since starting as a summer temp in 1985.
He openly admits he has no other skills because “this is the profession I enjoy”.
Todd has worked for mortgage brokers, national banks, national independent mortgage bankers – he even ran his own mortgage broker business in Oregon for a decade before relocating to Palm Springs.
He said the job is his passion because mortgage brokers are not limited to the offerings of specific banks or institutions.
“We act as fiduciaries for our clients, something not required of big-box lenders,” Todd said.
“Over the years, I’ve learned that my job is a lot about educating the client about the process, identifying everything that could possibly go wrong and creating a contingency plan ‘just in case’.
“There shouldn’t be any surprises with mortgages. If there is an area of concern with the loan, I’ll be upfront and tell you the plan to work through it.”
Todd is a Certified Reverse Mortgage Planner (CRMP) meaning he is held to a higher ethical standard and has passed a rigid set of guidelines and exams as well as a detailed background check every three years.
That makes Todd someone you can trust!
He is even qualified to teach continuing education classes to CPAs, financial planners and realtors throughout California.
“Reverse mortgages seem like a complicated product but they come with fewer risks and a lot of flexibility and benefits most people don’t appreciate,” he said.
"I look beyond just the current 30-year fixed rate to examine how your mortgage debt aligns with your overall financial goals.
“A 15-year loan sounds great until you remember your children will attend college in the next few years.
“Owning your home free and clear in retirement sounds like a solid plan but drawing down retirement accounts in a stock market downturn or relying solely on Social Security benefits could impact your future financial security.
“Those pains could be mitigated by using the draw features or monthly tenure payments of a reverse mortgage.”
What is a reverse mortgage?
A reverse mortgage is one of the financial system’s most powerful yet largely untapped products.
Why? Because not enough people understand how it can help them.
It is specifically tailored for retirees who are at least 62 years of age and have equity in their homes but are finding daily living expenses are rapidly dwindling their nest eggs.
A reverse mortgage allows them to convert that equity into retirement cash flow so they can live in the home they love for the rest of their life.
Say goodbye to sleepless nights worrying about having to downsize or move into a retirement home against your wishes.
There are a number of different ways that homeowners can access their equity including a lump sum, monthly instalments or a line of credit - even a mix of all three.
One of the best features of this loan is that as long as the terms are met, there is no need to repay it until either the homeowner either sells the residence or the last surviving borrower passes away.
Housing prices in Cathedral City have increased by 0.1% over the last 12 months to a value of $491,311 as of December 2024 (https://www.zillow.com/home-values/96744/cathedral-city-ca-92235/).
Overall, 2,021 Cathedral City residents have used a reverse mortgage with 107 of them doing so in the last 12 months.
About Cathedral City, California
Cathedral City, California, fondly referred to as “Cat City” by locals, is a vibrant and diverse community located in the heart of the Coachella Valley. Nestled between Palm Springs and Rancho Mirage, this charming city offers a mix of cultural attractions, natural beauty, and family-friendly amenities. Its name originates from the nearby Cathedral Canyon, where rock formations were said to resemble the spires of a cathedral, adding a unique and historical touch to the city’s identity.
Cathedral City is known for its revitalized downtown area, which serves as the hub of the community. Featuring a variety of restaurants, shops, and entertainment venues, downtown also hosts the Mary Pickford Theatre, a modern cinema named after the silent film icon. Residents and visitors can enjoy a wide range of cultural and community events, including the annual Cathedral City Hot Air Balloon Festival, which paints the desert skies with vibrant colors.
Outdoor enthusiasts will appreciate the city’s numerous parks and recreational spaces, such as Panorama Park and Ocotillo Park, which offer playgrounds, picnic areas, and sports facilities. Cathedral City is also home to the Desert Memorial Park, the final resting place of many notable figures, including legendary entertainer Frank Sinatra. For golf enthusiasts, the city boasts several premier golf courses that attract players from all over the region.
Cathedral City’s strong sense of community, coupled with its affordability compared to neighboring desert cities, makes it an attractive place to live for families, retirees, and professionals. The city takes pride in its inclusive and welcoming atmosphere, fostering a diverse population that contributes to its rich cultural tapestry. With easy access to the surrounding cities of the Coachella Valley, residents enjoy the best of both worlds: a peaceful suburban setting and proximity to world-class dining, shopping, and entertainment.
As a reverse mortgage loan officer serving Cathedral City, I’m here to help homeowners explore financial solutions tailored to their needs. Whether you’re looking to supplement your retirement income or access your home equity, I’m committed to providing guidance every step of the way. Cathedral City’s blend of natural beauty, vibrant community, and endless opportunities for relaxation and recreation make it an exceptional place to call home.
Contact your Cathedral City reverse mortgage lender today.
Todd and his Contempo Lending team are standing by to offer anyone guidance about the value of a reverse mortgage.
As a mortgage professional with more than 30 years of experience, my passion is to find financing solutions for all my clients whether you’re a first-time home buyer, wanting to trade up, entering retirement or even if your loan was declined by someone else,” Todd said.
I solve problems so you can realize your dreams.
Give me a call today on (760) 808-4500.
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