Torrance Reverse Mortgage Loans
Many Seniors today are using a Torrance 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 Torrance CA
The best way to find out if a Torrance 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 Torrance 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 Torrance 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 Torrance reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Torrance reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Torrance
- To receive personalized Torrance 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
Torrance Tidbits
A man named Juan Dominguez was granted the land currently known as Torrance, California by Spain in 1784. The original grant of land was comprised of considerably more than the region that eventually became known as Torrance.This grant of land was reconfirmed 13 years after Mr. Dominguez died, and was formerly passed to his nephew, named Cristobal Dominguez. The original community of Torrance has a street that is named after his son, Manuel, who was the next executor of the estate.
The property passed to the wife of Manuel Dominguez after he died. She passed away within six short months, which left the land to their surviving daughters, who were Maria Jesus, de los Reyes, Maria Susana, Maria Victoria, Maria Delores, and Ana Josefa de Guyer. In honor of Judge George post, the street was renamed to Post Avenue although Guadalupe's name still is visible in the cement of the street corner. Judge Post established the first bank in the community known as the Torrance National Bank.
In 1907, the stage was set for the community of Torrance to be borne by the death of the sister, who equally left her portion of the estate to her remaining five sisters. In 1910, the remaining Dominguez sisters elected to establish a corporation that represented the Guyer estate. Soon, the Corporation, known as the Dominguez Estate Company held half of the original grant of Dominguez Land due to some additional land sold or deeded to the Company by the sisters. In order for them to each manage their estates, three of the daughters of Mr. Dominguez who were married, Susana, Delores, and Victoria each established a separate company. These were the Del Amo Estate, the Watson Land Company, and the Carson Estate Company. It wasn't long after the Dominguez Estate Company was established that the sale of land started.
A man named Jared Torrance was the namesake of Torrance and the president of the Dominguez Land Company. Mr. Torrance, who represented JH Adams and Company, Dr. Jarvis Barlow, John Cravens, Joseph Sartori, and Merris Hellman were all stockholders in the Dominguez Land Company. In order to create a new community, the Del Amo Estate Company sold 730 acres to the Dominguez Land Company and the Dominguez Estate Company sold the company 2,792 acres for $350 per acre.
Mr. Jared Torrance was a very successful businessman from Pasadena, California. The community that he wanted to create would have many different housing and occupational choices rather than a single company community. The community would provide ample employment with many major industrial factories. There would be many different home designs from which the employed man could select from. The employers would be provided with contented employees because of their pleasant surroundings both at home and at work. Home ownership was another major aspect of the vision that Mr. Torrance had. He believed that the working man would remain and contribute to his community if he owned his own home and was happy at work. Mr. Torrance envisioned a community where people were happy to play, live, and work. In addition to residential, business, and industrial areas, would also include opportunities for culture experiences, a hospital, schools, and a library.
It would take a considerable amount of money and some big names to bring his vision into a reality. In 1912, five years after the community was established as Mr. Torrance presented a glowing report on the community, he told the Torrance Chamber of Commerce something to the effect of having employed the most eminent landscape architect, the cost for the complete plans is $10,000. That distinguished community designer and landscape architect was Mr. Frederick Olmsted Jr.
This famous community planner and landscape architect was the progeny of Frederick Olmsted the famed 19th Century designer and architect of the national Zoological Park and the US Capital Grounds in Washington DC, The Mount Royal Park in Montreal, Canada, the San Francisco Public Grounds, the park system in Buffalo, New York, and Central Park in New York City. The father passed the philosophy of cooperating with nature in order to produce a soothing and calming force that can be enjoyed by everyone to his son named Frederick Olmsted Jr.
Mr. Frederick Olmsted Jr. lifted the visions of his father and mentor to new heights. He became the most respected and accomplished community planner and landscape architect in the nation. His prestigious accomplishments include creating planning reports for expansion and growth. The suburbia of such major communities as Rochester, New York, Pittsburg, Pennsylvania, Boulder, Colorado, Utica, New York, Detroit, Michigan, and Newport, Rhode Island is due to the genius of Mr. Frederick Olmsted Jr. He was the primary author of the comprehensive blueprint for guiding the prospective development of and the transformation of the vast nucleus of Washington DC. He served two terms as President of the American Society of Landscape Architects.
Another trademark of the design by Frederick Olmsted Jr. is districts. Torrance included a residential district, business district, an unclassified district for growth, and an industrial district. Each of these districts were intended to make the living and the working environment pleasant for the residents. Mr. Olmsted positioned the industrial district to take full advantage of the breeze from the Pacific Ocean, while the community would have the benefit of the wonderful California climate. This Pacific Ocean breeze would send the pollutants and smoke from the residents of Torrance. The business district was intended to be within walking distance of the eastern end of the beautiful tree lined El Prado parkway. The center of the residential district was the beautiful El Prado parkway.
