Reverse mortgages in Palm Springs and the Coachella Valley
The reverse mortgage conversation I’d have with my own mom.
My Promise: If a transaction wouldn’t pass the test of what I would recommend to my own mother, I will not write it.
Todd Walcott, CRMP
In mortgages since 1985
Your anonymous estimate
No name, no email, no phone number. Just a number to sit with.
Stand-in text for Todd and Contempo Lending to approve. Estimate only; not a loan offer, commitment, or approval. Actual available loan amount depends on the borrower's age, current interest rates, home value, existing liens, and underwriting at the time of application, and will vary by lender and investor guidelines. Uses HUD's principal limit factors (Mortgagee Letter 2017-12), the 2026 HUD limit of $1,249,125, an expected rate of 6.25%, 2% upfront FHA mortgage insurance, HUD's maximum origination fee and $3,500 of other estimated closing costs. Nothing you type is sent or stored.
Todd Walcott, NMLS #183784, CA DRE #02227563. Contempo Lending, Inc., NMLS #287912, CA DRE #01837324, responsible broker. 1800 E Tahquitz Canyon Way, Ste #200, Palm Springs, CA 92262, (760) 778-5111. Equal Housing Opportunity. Not affiliated with HUD, FHA or any government agency. Privacy Policy
CRMP
Certified Reverse Mortgage Professional
Exam, annual education and background checks
206
One of only 206
CRMPs in the country
[Todd to confirm]
1985
In mortgage lending
Since my first job, as a summer temp
Broker
Independent broker
Not limited to one bank’s product shelf
▶
Hear it from me before you hear it from a lender.
From the If It Were My Mom series: 5 Times I Tell People NOT To Get A Reverse Mortgage.
“I believe in full transparency. Before we ever sit down to discuss your finances, I want you to know exactly who I am, how I think, and why I treat your retirement like my own family’s.”
Todd Walcott
I won’t ask to see the other lender’s quote.
“When I am being shopped, I don’t even ask to see the quote of a competing lender. If I didn’t offer you the best terms when you asked for my help, I didn’t EARN your business in the first place.”
The standard I hold myself to
“I’ve worked with this product for years, and I approach every client with the same standard: how would I want my mom to be treated?”
Three times the honest answer is “don’t.”
A reverse mortgage is a loan, and it isn’t right for everyone. These are the situations where Todd tells people to walk away.
1
Moving within two years
If you plan to relocate within 24 months, upfront costs make this unsuitable.
2
Taxes and insurance would be a stretch
You must remain capable of paying property taxes and insurance.
3
A move to assisted living is coming
Locking equity before a planned move to assisted living reduces flexibility.
If It Were My Mom, free to read.
The advice Todd would give his own mother about a reverse mortgage, written down so you can read it at your own pace — and pass it to the rest of the family.
Name and email only. Todd Walcott, NMLS #183784, CA DRE #02227563. Contempo Lending, Inc., NMLS #287912, CA DRE #01837324, responsible broker. 1800 E Tahquitz Canyon Way, Ste #200, Palm Springs, CA 92262, (760) 778-5111. Equal Housing Opportunity. Not affiliated with HUD, FHA or any government agency. Privacy Policy