Santa Monica Reverse Mortgage Loans
Many Seniors today are using a Santa Monica 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 Santa Monica CA
The best way to find out if a Santa Monica 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 Santa Monica 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 Santa Monica 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 Santa Monica reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Santa Monica reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Santa Monica
- To receive personalized Santa Monica 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
Santa Monica Tidbits
A Spaniard named Juan Rodriquez Cabrillo dropped is anchor on Santa Monica Bay in 1542. A Franciscan in the expedition party of Gaspar de Portola named Father Juan Crespi named the region after Saint Monica, who wept for her wayward son, in 1769 because he was inspired by the free flowing natural springs in the region. The fertile open country of Saint Monica stays under the rule of the Spanish in 1770. After being freed from Spain in 1828, Mexico divides the region into three expansive land grants named Rancho La Ballona, Rancho Boca de Santa Monica, and Rancho San Vicente y Santa Monica.Santa Monica becomes a resort area in the wintertime for wealthy Easterners during the 1850's, and the commercial opportunities are booming. For a sum of $54,000, a Colonel from Rhode Island named Robert Baker buys the Rancho San Vicente y Santa Monica in 1872. For the sum of $40,000, his wife purchases what is currently known as Pacific Palisades. The man who is considered the founder of Santa Monica named John Jones, who was a senator from Nevada, buys control of Rancho Santa Monica for $162,000 in 1874.
Senator Jones and Colonel Baker plot the physical layout of the community including many different amenities such as ample promontories and parks in 1875 as Santa Monica begins to take shape. That same year the first residential lot sells for $300 and Senator Jones donates the 26 acre Palisades Park to the community. The population of Santa Monica has increased to 1,000 people in only nine short months.
One of the several grand resort hotels that grace the seashore of Southern California, which in the opulent Arcadia Hotel, is constructed in 1886. The year 1887 brought the incorporation of all 8.3 square miles of Santa Monica as a city. Although the location was originally sited for a grand hotel, on a city block along Ocean Avenue, the famous Miramar Mansion of Senator Jones is constructed in 1888.
The mile long wharf is constructed in Santa Monica in 1893 as the community flourishes as the major port of call for Los Angeles up until 1903. The famous pier of Santa Monica opens in 1909. This is the oldest pleasure pier on the West Coast that attracts an international crowd of enthusiasts. The Ocean Park Bath House is built on the shore in 1910 and the beautiful Million Dollar Pier is constructed across the street that same year. However, in 1970, the pier is dismantled.
The population of Santa Monica has increased to 37,000 people by 1920 and Santa Monica has become home to the rich Easterners and A-listers of Hollywood. Douglas Aircraft Company is established by aviation pioneer Donald Douglas that same year. Later, during WW II, this company would provide much needed jobs. The humorist Will Rogers purchases 345 acres in Rustic Canyon and builds a polo field for his fellow players, Walt Disney, Robert Montgomery, and Spencer Tracy as well as a horse ranch in 1922. The mansion owned by Senator Jones is renamed to the grand Miramar Hotel in 1924.
Constructed at the foot of the Santa Monica Pier in 1924, the 10,000 person La Monica Ballroom attracts dancers from all around the world. As her first residence in the United States, Greta Garbo checks into the Miramar Hotel in 1925 as the gold coast of Santa Monica becomes a hot realty. On Will Rogers State Beach, William Randolph Hearst constructs a beautiful Georgia style mansion that has 37 fireplaces and 545 rooms in 1926. An international fitness craze is ignited in Muscle beach at Santa Monica State beach in 1934.
The 345 acre Will Rogers State Historic Park is inherited by Santa Monica in 1955. World class dining is offered and becomes extremely popular in Santa Monica during the 1980's. There are two first class beachfront hotels open that attract international acclaim. In 1989, the Third Street Promenade opens. The refurbishment of the historic carousel kicks off an aggressive $45 million dollar multiple stage Pier restoration project in 1984.
The Third Street Promenade is opened 1989 that attracts as many as 7,000 visitors every day. The new millennium is marked by a massive redesign of the beachfront, including the opening of two new hotels on the beachfront, which are the last businesses to be constructed next to the shoreline of Santa Monica, as well as the rebirth of the legendary Muscle Beach in 1999. The downtown Big Blue Bus Transit is redeveloped in 2001.
In Santa Monica Place Mall, a new Visitor Center is opened in 2002, which serves both residents and visitors. The Santa Monica Visitors and Convention Bureau is relocated to its current location on Main Street in 2005. This bureau celebrated its 25th anniversary in 2007. The Santa Monica Pier celebrated its Centennial in 2009. The new Santa Monica Place was opened in 2010.
