Reverse Mortgages Near You - Palm Springs 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 Palm Springs, California.
Todd Walcott and Contempo Lending are the professionals you should talk with in Palm Springs 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 Palm Springs have remained reasonably steady over the last 30 months since soaring 69% in the two years to July, 2022.
They have witnessed a 6% correction since that record high and sat at $640,626 as of October 2024 (https://www.zillow.com/home-values/46965/palm-springs-ca/).
All that additional equity has encouraged 1303 Palm Springs residents to buy a reverse mortgage with 89 of them doing so in the last 12 months.
About Palm Springs, California
The name Palm Springs doesn’t sound overly complex.
But its origins are far from straightforward and appear to be a conjunction of two separate references.
Early Spanish explorers dubbed the area La Palma de la Mano de Dios or “The Palm of God’s hand”.
Later in 1823, two Mexicans sent by their government to find a route from Sonora to Alta California, named it Agua Caliente or ‘hot water’.
By the start of the 20th century, Palm Springs had become a tourist Mecca, especially for those craving dry heat.
Hotels and resorts quickly met the growing demand throughout the Colorado Desert’s Coachella Valley.
By the 1930s, Hollywood had made it a destination for the rich and famous.
While its official population was just 45,000 at the time of the 2020 census, that number is known to triple in peak season, which is the cooler months.
The city remains famous for many reasons and as home to more than 100 golf courses, has earned the title of the “Golf Capital of the World”.
The Palm Springs Aerial Tramway was opened in 1963 and is the world’s oldest rotating tramcar, as well as being one of the steepest, in a 2 1/2 mile, 8516-foot climb along the cliffs of Chino Canyon.
Elvis and Priscilla Presley honeymooned at their “House of Tomorrow” in 1967 and it can still be visited today.
Palm Springs is also presently home to “Forever Marilyn”, a giant statue of Marilyn Monroe.
Contact your Palm Springs 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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