Palm Springs Reverse Mortgage Loans
Many Seniors today are using a Palm Springs reverse mortgage to enhance their retirement. The Home Equity Conversion Mortgage or (HECM) is the government insured mortgage provided by private lenders and insured by the Federal Housing Administration.A reverse mortgage may be a good option for you if you would like to:
- Live independently in your own home and maintain ownership
- Make home improvements and other enhancements
- Eliminate the monthly principal and interest payment on your mortgage
- Have more liquidity with a line of credit
The question that most people ask is how exactly does this all work.
You may qualify if:
- One homeowner is at least 62 years’ old
- The home is your primary residence
- The loan proceeds are enough to pay off your existing loan and closing costs
- Pass Financial Assessment in underwriting
Reverse Mortgages Broker Palm Springs CA
The best way to find out if a Palm Springs reverse mortgage is right for you is to begin with education. Our President, John Barlow, has written an informative book called “Understanding Reverse Mortgages”. He discusses all of the ins and outs of this product and shows three examples of clients using a Palm Springs reverse mortgage who have different situations. You can find the book here on Amazon, www.amazon.com/author/jbarlow. The next phase is to give us a call to see what your loan proceeds will be and which advantages apply to you. The loan amount will be determined by the appraised value or max claim amount, age of the youngest borrower or a non-borrowing spouse, and the expected interest rate.Reverse Mortgage Palm Springs CA
Sound Financial Mortgage LLC believes in supplying our customers with a solid education, outstanding service, and a wide variety of product options to meet your needs. We believe in honesty and integrity and we will always work to maintain your trust. If you are interested in learning more about Palm Springs reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Palm Springs reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Palm Springs
- To receive personalized Palm Springs reverse mortgage information
- Like to learn more about how it works and if it is right for you
- To find out more information about reverse mortgages
- If you are interested in learning more about the advantages vs. disadvantages
- If you would like more information on reverse mortgage counseling
- To determine eligibility requirements and how much you may qualify to receive
Palm Springs Tidbits
The Coachella Valley was home to the Agua Caliente Band of Cahuilla Indians for thousands of years. They would establish their village next to the natural hot mineral springs, which is the current location of the Spa Resort Casino in the wintertime. In the summertime the small band would move into the canyons in order to escape the extreme temperatures of the desert floor where it was more comfortable as the result of the higher elevation. Most of these Indians had never seen a white man.The railroad line was established between the Pacific Ocean and the desert by the Southern Pacific Railroad in 1877. It was established by Congressional policy that every odd section, defined as one square mile of track, of land for ten miles on both sides of the track became railroad property. The federal government retained possession of the sections that were even numbered.
In 1884 a Judge named John McCallum and his family, from San Francisco, was the first non-Indians to locate in this area. With the assistance of some local Indians, Judge McCallum constructed a stone lined ditch that was 19 miles long between Palm Springs and the Whitewater River to be used for irrigation.
Although it wasn't until 1853 that the US Topographical Engineers referred to the oasis of springs and palm trees, which they named Palm Springs, various soldiers, colonizers, and explorers arrived in the desert throughout the 1800's. However, at that time the name didn't take. Many different stage routes crossed over the desert and the freight line owned by Big Bill Bradshaw started stopping at what Mr. Bradshaw named Agua Caliente in 1850 once California had become a state. Up until a man named Harry McCallum called the region Palm Springs in a letter to his post office in 1890, the region was known by one or another variation of the name Palm Valley.
A doctor and his wife named Dr. and Mrs. Murray from close by Banning, California opened the first hotel in Palm Springs named the Palm Springs Hotel. This hotel was conveniently located where the guests of the hotel could take advantage of the curative, warm waters directly across the road from the Indian bathhouse.
A sanatorium was established by a woman and a doctor named Nellie Coffman and Dr. Harry. The name of their sanatorium was the Desert Inn, which originally was a place to treat those who were struck down by tuberculosis. Later this Inn became a world class resort hotel that catered to the very rich, which included well known millionaires including the Hearst and the Vanderbilt Families as well as some captains of industry.
There were many new businesses and housing developments during WW II, which sparked rapid growth in Palm Springs. In 1938, the Desert Museum was completed, and in 1939, a public library opened. In 1951 the Desert Hospital opened its doors.
The Palm Springs Union High School District opened what was the first high school in Palm Springs in 1938. This high school district was combined with the Desert School District in 1948 to form the Palm Springs Unified School District. The high school student had been bused daily to close by Banning, California before this.
Some of the more famous guests were little Shirley Temple, who learned how to ride her two wheel bicycle on the grounds of the Desert Inn, Mayer Jimmy Walker from New York, and FBI Director J. Edgar Hoover in addition several other celebrities and notables. Palm Springs was becoming a flourishing resort.
The year 1938 brought the incorporation of Palm Springs. The first Mayor was a man named Philip Boyd. There were many new businesses and housing developments brought on by WW II, which sparked rapid growth in Palm Springs.
Approximately 3,000 parcels were transferred to the Agua Caliente Band of Cahuilla Indians during the 1950's. This resulted in a pattern of growth that was checker boarded, which is still evident in the region these days. The title to the Andreas and Murray Canyons, and the fan palm oases of Palm are still held by the Agua Caliente.
Around 1919, Palm Springs was discovered by Hollywood. For many silent films, the desert was considered the best filming location, and such stars as Theda Bara, Ernest Torrence, and Rudolph Valentino could easily be easily found in the community. Since that time, Palm Springs is currently known as the playground of the stars. Several of the stars have stayed at famous places including Charles Farrell's Racquet Club or the El Mirador hotel or had homes in Palm Springs. It is a common occurrence to see a movie star in a restaurant, shopping in a luxury store, or walking down the street. In spite of all of its fame, Palm Springs is still a family oriented community, with a bright future and a wonderful place to work, play, and live.
