Palm Desert Reverse Mortgage
Palm Desert homeowners age 62 and older can convert part of their home equity into cash with an FHA-insured reverse mortgage (HECM). There are no monthly mortgage payments, you keep the title to your home, and the 2026 FHA lending limit is $1,249,125. Most borrowers access roughly 35 to 60 percent of their home's value, depending on age and interest rates.
Why Palm Desert homeowners use reverse mortgages
Palm Desert was built for retirement and still lives that way. Between the country club communities south of Highway 111 and the established neighborhoods north of it, a large share of the city is already past retirement age and owns outright. Values here sit well under the federal lending limit, which keeps the standard FHA program straightforward for most Palm Desert owners.
The money is yours to use how you want: paying off an existing mortgage to end the monthly payment, covering in-home care, home repairs, everyday bills, or simply a cushion that lets you stop worrying.
How it works in Palm Desert
- Free estimate. We run your age and your Palm Desert home's value through the FHA formula and show you what you could get.
- Independent counseling. You meet with a HUD-approved counselor who does not work for any lender. California then gives you a 7-day no-pressure period. Your California protections, explained.
- Close and get funded. Any existing mortgage is paid off first, and the rest comes to you: lump sum, monthly payments, or a line of credit. Most loans close in 30 to 45 days.
Palm Desert by the numbers
Census figures for Palm Desert (American Community Survey, 2023 five-year estimates):
- 42.9% of residents are 62 or older, the age a HECM requires.
- 64.4% of homes are owner-occupied, and roughly 14,252 residents 62 and older own their home here.
- Median home value: $491,600.
That median sits under the $1,249,125 FHA limit, so the standard HECM generally covers Palm Desert homeowners without needing a jumbo program.
Palm Desert details
- County: Riverside County