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Reverse Mortgages in Palmdale
Palmdale has thousands of homeowners who bought before prices doubled. That equity sits locked in homes while retirees stretch fixed incomes.
Reverse mortgages let you access equity without selling or making payments. The loan balance grows over time and gets repaid when you sell or pass.
You must be 62 or older and own your home outright or have substantial equity. The property must be your primary residence.
Credit score matters less than with traditional loans. Lenders verify you can cover property taxes, insurance, and maintenance going forward.
Most reverse mortgages are FHA-insured HECMs. A handful of proprietary products exist for homes above FHA limits or younger borrowers with high equity.
Rate structures vary widely. Some lenders push adjustable rates because they earn more. We compare fixed and adjustable options across our network.
Half the borrowers I talk to don't realize the loan balance compounds. If you take $200K today and rates are 6%, you'll owe $358K in ten years.
I push clients to delay if they can. Every year you wait past 62 increases how much you can borrow and reduces total interest accumulation.
HELOCs require monthly payments but cost far less in interest. Home equity loans work if you can afford payments and want a lump sum.
Reverse mortgages make sense when income is tight and you plan to stay long-term. If you might move in five years, the upfront costs hurt too much.
Palmdale property taxes run lower than coastal LA County cities. That helps you qualify since lenders verify you can cover ongoing expenses.
Desert heat means higher HVAC costs and roof wear. Lenders want proof you can maintain the property since it secures their loan for decades.
Only if you stop paying property taxes, let insurance lapse, or stop living there as primary residence. Keep those current and you stay put.
Depends on your age, home value, and interest rates. At 62 you might access 50% of equity. At 75 that jumps closer to 65%.
They inherit whatever equity remains after the loan balance is repaid. The loan is non-recourse so they never owe more than home value.
The loan becomes due when the home stops being your primary residence. You'd sell or refinance to pay it off within six months.
No. The IRS treats them as loan proceeds, not income. You're borrowing against equity you already own.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.