Irvine Reverse Mortgage Loans
Many Seniors today are using an Irvine 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 Irvine CA
The best way to find out if an Irvine 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 an Irvine 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 Irvine 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 Irvine reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Irvine reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Irvine
- To receive personalized Irvine 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
Irvine Tidbits
It has been established by archeological research that somewhere between 12,000 and 18,000 years ago prehistoric man inhabited the Irvine region. In the underdeveloped parts of the community there are rock shelters and scattered evidence of early campsites.Some 2,000 years ago, the Gabrielino Indians relocated into the Irvine region and established numerous villages. One village was located close to what is currently known as the San Joaquin golf course and another close to what is currently known as the San Joaquin marsh.
The language group of the Gabrielino Indians was the Shosonean. They enjoyed an abundant supply of food such as land animals, waterfowl, and shellfish. They excellent makers of stone and seashell jewelry and basket weavers and lived in woven, round huts.
The original inhabitants of what is currently known as Orange County were the Gabrielino Indians. In 1769, a Spanish explorer named Gaspar de Portola, arrived in the San Joaquin Valley, which ended the tranquil life of the Gabrielino Indians rather abruptly. Herds of cattle, missions, and forts can with the Spanish. The King of Spain started parceling out lands for some large private land grants and some missions. The government of Mexico secularized the missions and assumed control of the land holdings and started distributing ranchos to the residents of Mexico who applied for grants after they gained their independence from Spain in 1831.
There were three large Mexican/Spanish land grants that comprised what is currently known as the Irvine Ranch, These were the Rancho Lomas de Santiago, the Rancho San Joaquin, and the Rancho Santiago de Santa Ana. The government of Mexico confirmed an early grant from Spain of the Rancho Santiago de Santa to the Yorba family.
Don Jose Sepulveda was granted the San Juan Capistrano mission lands in 1837. Later these mission lands became Rancho San Joaquin. In 1846, Teodosio Yorba was granted Rancho Lomas de Santiago. The Army of Mexico was defeated that same year during the Mexican/American War. California was annexed to the US after the Treaty of Guadalupe was signed.
In order to get a valid title to their ranchos, landholders were forced to reapply to the Board of land Commissioners by the Congressional Act of 1851. However, the original grantees had resulted in large families who were trading, selling, and deeding parts of their large ranchos to outsiders and family members.
Tangled titles were the demise of the Rancho Santiago de Santa Ana. An outside investor named Able Stearns won his law suit to dissolve the rancho and divide the land among the claimants in 1868. Four of these claimants were prosperous sheep ranchers named James Irvine, Llewellyn Bixby and Thomas and Benjamin and Flint. In the meantime, the owner of Rancho San Joaquin, Jose Sepulveda was heavily indebted. For the sum of $18,000 Sepulveda sold 50,000 acres of land to Mr. Bixby, Mr. Flint, and For the sum of $7,000, Mr. Irvine. Mr. Bixby, Mr. Flint, and Mr. Irvine purchased the acre Rancho Lomas de Santiago, which was 47,000 acres large in 1866. Although the rancho did secure valuable water rights by bordering the Santa Ana River, much of it wasn't suitable to be cultivated.
Although during the 1870's tenet farming was allowed, the ranches owned by Mr. Bixby, Mr. Flint, and Mr. Irvine were devoted to grazing sheep. For the sum of $150,000, Mr. Irvine purchased the interests that his partner held in 1878. His 110,000 acres covered 23 miles between the Santa Ana river and the Pacific Ocean.
In 1886, Mr. Irvine passed away. James Irvine Jr., who was his son, inherited the ranch in 1893 and a year later he incorporated into the Irvine Company. James, Jr. started shifting the operations of the ranch to citrus, olive orchards and other field crops.
James Irvine I purchased one half interests in three major Southern California ranchos as a silent partner of Bixby, Flint and Company. On the Irvine ranch, there were 60,000 acres of lima beans grown as agriculture intensified during WW I. The Irvine Company sold land to the government on which two Marine Corps facilities were built during WW II.
The community of Irvine, California was still in its infancy some 30 years ago. These days, the community offers a team like lifestyle, excellent educational institutions, an enterprising business environment, and the most modern transportation systems and programs.
Because of its commitment to maintaining a reputation as being one of the business friendly and safest master planned communities in the nation, the businesses and residents have been selecting the community of Irvine California for 40 years. This commitment provides Irvine with a bright future and a glorious historical past for the many generations to come. It is a wonderful community to raise a family and to work, play, and live and will remain so for numerous generations in the future.
