The Coachella Valley has long been one of the most desirable places in California to retire. From Palm Springs to La Quinta, the warm climate, golf courses, mountain views, and resort-style communities make it easy to see why so many people choose to spend their next chapter here.
But even with a lifetime of savings, buying a home in retirement can feel complicated—especially when your income comes from Social Security, pensions, or investments rather than a traditional paycheck.
At MortgageWorks, we specialize in helping retirees and soon-to-be retirees navigate the process with clarity and confidence.
The desert lifestyle offers something for everyone. Retirees drawn to Palm Desert and Rancho Mirage enjoy active adult communities with golf, social clubs, and wellness amenities. La Quinta offers luxury homes and gated neighborhoods close to hiking trails, while Cathedral City and Indio provide more affordable options for fixed-income buyers.
Whether you’re downsizing, buying a second home, or relocating full-time, the key is choosing the right financing strategy for your stage of life.
Many retirees are surprised to learn that they can still qualify for a mortgage—even without traditional employment income. Lenders evaluate your total financial picture, including assets, retirement accounts, and Social Security.
At MortgageWorks, we look at all eligible income sources, such as:
Social Security (with or without COLA adjustments)
Pension or annuity income
Required minimum distributions (RMDs)
Investment or rental income
Retirement savings and liquid assets
For clients with significant savings but limited monthly income, an asset depletion loan may be ideal. This program uses your assets to calculate a qualifying “income,” allowing you to secure a mortgage without relying solely on Social Security or pension income.
For retirees who want to preserve liquidity, asset-based loans allow you to qualify based on your savings and investments. You don’t need to withdraw funds—you simply need to show that your assets could support mortgage payments over time.
This option is particularly useful for clients with strong portfolios who want to keep their money invested.
If you’re 62 or older, you can use a reverse mortgage purchase loan to buy your next home with no monthly mortgage payment. You make a down payment (usually 40–50%) and finance the rest through a reverse mortgage. You’ll own the home, live in it as long as you wish, and never be required to make monthly payments.
This is a popular choice for retirees who want to right-size or relocate without taking on new monthly debt.
If you’re selling a larger property—perhaps in another part of California—you can use your existing home equity to pay cash or make a large down payment on your next home. We’ll help you evaluate whether it makes sense to pay cash, finance a portion, or even open a line of credit for flexibility.
Buying in the desert comes with unique factors retirees should plan for:
Homeowners Associations (HOAs): Many desert communities have HOA dues that vary widely. We’ll help you factor these into your loan approval and budget.
Insurance and Property Taxes: Insurance costs and property taxes can differ by city and neighborhood. Local expertise matters—we’ll make sure you know the full picture before you buy.
Accessibility and Long-Term Comfort: Many retirees choose single-level homes, energy-efficient upgrades, or gated communities for convenience and safety.
Future Financial Flexibility: A reverse mortgage or HELOC can help create a financial cushion for unexpected expenses later on.
A retired couple from Orange County recently worked with us after selling their longtime family home. They wanted to relocate to La Quinta and buy a home outright, but they didn’t want to tie up all their cash. Using a reverse purchase loan, they made a 50% down payment and financed the rest with no monthly mortgage payments. Today, they’re enjoying their new home and maintaining their savings for travel and healthcare.
Buying a home in retirement isn’t about limitations—it’s about opportunity. Whether you want a golf course view, a quiet community, or a lock-and-leave lifestyle for travel, there’s a financing solution designed to fit your goals.
At MortgageWorks, we take time to understand your priorities and create a mortgage plan that complements your retirement strategy—not complicates it.
Call Art Alvarez today for your personalized retirement home consultation. Your answers are on the house. 760-969-5023
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 337037
www.nmlsconsumeraccess.org
777 E. Tahquitz Canyon Way, Suite 200-47
Palm Springs, CA 92262
Phone: 760-969-5023
Fax: 760-969-5024
art@mwloan.com
Powered By LenderHomePage.com