Manhattan Beach Reverse Mortgage Loans
Many Seniors today are using a Manhattan Beach 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 Manhattan Beach CA
The best way to find out if a Manhattan Beach 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 a Manhattan Beach 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 Manhattan Beach 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 Manhattan Beach reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Manhattan Beach reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Manhattan Beach
- To receive personalized Manhattan Beach 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
Manhattan Beach Tidbits
Although the history of Manhattan Beach covers a rather short span of time, communities like this don't simply appear. Manhattan Beach was parcel of land in the 10 mile stretch of ocean frontage of what was known as Rancho Sausal Redondo, which translates into Round Clump of Willows at one time. A man who owned a section of land in the north end of the community named George Peck named the region Shore Acres.A man named John Merrill purchased the south portion in 1901 and named is section Manhattan in honor of his old home, Manhattan in New York City. However, Mr. Merrill and Mr. Peck were unable to agree on a name for the new community and flipped a coin, and the name Manhattan won.
About 1901 Mr. Merrill built the first building in the downtown area, which was a small frame building that was later utilized for offices for the community. The year 1912 brought the incorporation of Manhattan Beach. In the sand on Manhattan Avenue planks were laid on the side streets for pedestrians, and next for the Strand for vehicles.
In 1901, two wooden piers were constructed, one at Marine Avenue and the other on Center Street. A wave motor that was used to generate power for the Strand lighting system was supported by the pier on Center Street. Supposedly, a portion of that wave motor is located at the shore end of the current pier, buried in the sand.
At the same location, the next pier was constructed, which extended approximately 922 feet into the ocean. The concept of the circular end for less damage and exposure to the pilings by the waves was developed by an engineer named A Harris. In 1920, this was dedicated and completed.
Because of the desirability of the region for living all year round, there was a large influx of people following WW II. There were numerous servicemen who visited the area during the war who were returning to live here. Many people went to South Bay to work and live as the result of the development of the defense industry. In order to house the influx of people, much of the land east of Sepulveda was developed.
Some of the first passengers on the railroad were entrepreneurs who envisioned their fortunes as well as a community that was built on the coastal sand dunes. In 1897, the Potencia Townsite Company was organized by a group of early investors from Pasadena. This company wanted to develop a seaside resort. The name of the development being Potencia, reflected the enthusiasm of the founder for an early hydroelectric plant that unreliably and only briefly lit the seaside boardwalk by harnessing the power of crashing waves.
If it weren't for another Pasadena developer who bought out the Potencia investors in 1901, and changed the name of the community to his hometown in New York named John Merrill Manhattan Beach might still be known as Potencia. Nr. Merrill laid out the original Townsite of Manhattan Beach, which was a 33 block beachside parcel between Center Street and First Street, which has since been renamed to Manhattan Beach Boulevard. A man named Frank Daugherty developed a parcel of land to the north that he called Highland Beach, There was also another developer named George Peck who established what is currently known as the North End section of Manhattan Beach. Much of the new street grid of the community was comprised of shifting sand dunes, while fertile soil could be found between 1,000 and 2,000 feet inland.
Manhattan Beach was promoted by the developers by organizing excursion trains on the Santa Fe Railroad for prospective buyers and touting projections of regional growth of the area as a forward thing investment in order to sell the sandy lots. Curious people from Southern California could also reach the community on an electric interurban line that made hourly runs to Manhattan Beach known as the Los Angeles Pacific Railroad starting in 1903. Later this railroad became part of the Pacific Electric Railway.
The founders of Manhattan Beach wanted a resort town that was family friendly. That was the reason that they instituted strict rules about everything from the consumption of alcohol to the bathing suits that women wore. Deed restrictions prevented the sale of intoxicating beverages and saloons were banned.
Ethnic minorities were also prevented from relocating to Manhattan Beach by deed restrictions, with the exception of a two block beachside tract that a developer named George Peck specifically set aside for minorities. The first African Americans to purchase land in this region in 1912 was a couple named Charles and Willa Bruce. After the Bruce's constructed a two story resort that was complete with a fishing pier and a dance hall, which functioned as a rare location where minorities could enjoy the shoreline of Southern California, the neighborhood came to be known as Bruce's' Beach. However, in the early 1920's, as the value of property increased, Bruce's beach was eventually claimed by racial hostility. Gangs of Ku Klux Klansmen used their intimidation tactics on the neighborhood. When they didn't failed remove minorities including the Bruce's from, the community that claimed that it had planned to construct a public park on that location in 1924, and used its power of eminent domain to evict the Bruce's' and seized the property.
