Gresham Reverse Mortgage Loans
Many Seniors today are using a Gresham 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 Gresham OR
The best way to find out if a Gresham 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 Gresham 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 Gresham OR
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 Gresham reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Gresham reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Gresham
- To receive personalized Gresham 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
Gresham Tidbits
According the census taken in 2010, Gresham, Oregon has a population of 105,594 people. The community was named after the Postmaster General and American Civil War General Walter Gresham. It is the 4th largest city in Oregon and is located just east of Portland in Multnomah County.In the middle 1800s when Powell Valley was named after three pioneer settlers named Jackson Powell and James Powell, the community of Gresham was established. In 1852, Jackson Powell relocated to Oregon from Missouri. In 1853, Dr. John Parker Powell relocated to Oregon. They elected to live in the shadow of Mount Hood at a location that is currently known as Gresham, although they were unrelated. In this land of opportunity, they had all endured rugged travel by Wagon Trains.
These early pioneer settlers spread out rapidly and many of their children were responsible for the growth of such nearby communities as Troutdale, Sandy, Rockwood, Pleasant Valley, Pleasant Home, Orient, Linnemann, Fairview, Estacada, Eagle Creek, Deep Creek, Damascus, Cottrell, Corbett, Bull Run, Boring, Barton, and many others.
In 1903, Gresham became home to Interurban streetcar service. Streetcars made regular trips at Anderson Station. A 36-mile line was established to Cazadero, Estacada, Boring, and Gresham from Mount Scott and Sellwood. The population of Gresham of only 150 people was growing so rapidly that by 1904, the service was increased to hourly for the 17-mile trip. It wasn't long before the population had increased to 1,000 people.
In 1871, the first Post Office was opened in the region. It was known as Camp Ground, but in 1884, it was closed. Later in 1884, a new Post Office opened and other developers and settlers relocated to the region. The new community was named after the US Postmaster General, Walter Gresham.
During the Civil War, Walter Gresham had been a famous Colonel in the Union Army. He relocated his command to Atlanta after being promoted to General and a successful campaign at Vicksburg. His military career ended when he suffered a shattered knee. After the war, Walter Gresham returned to politics and his law practice. Between 1883 and 1884, he served as Postmaster General and between 1893 and 1895, he served as Secretary of State.
A business owner named Benjamin Rollins petitioned the Postmaster General for a post office in 1884. Mr. Rollins recommended naming the fledgling community after the postmaster. Another petition was circulated to have the community Camp Ground instead. The Postmaster General decided to the name the community in honor of him.
In 1904, the first city council and mayor were elected in Gresham. The year 1905 brought the incorporation of Gresham. In 1912, the first city hall was constructed in Gresham at the corner of Roberts and Powell for the cost of $3,000.
In 1907, the first county fair was hosted in Gresham, known as the Multnomah County Fair. The location of the fair area was once called The Flats. The amusement rides were the best in the county. The Agricultural Exhibitions had many different kinds of homemade delights as well as fresh vegetables and fruits. There was the Cow Barns, the horse track, and the grandstand. In 1969, after the fair closed, the county elected to relocate the County Fair from Gresham and the Foursquare Church bought the land. After the fair was relocated away from Gresham it wasn't nearly as popular. For approximately 20 years, the county fair was held at The Expo. The county fair has been a four day event at Portland Meadows for the past two years. For a short 100th Anniversary event, the county returned to Oaks Park.
A council/manager form of government operates in the City of Gresham. The city council and the mayor are elected to be the policymaking and legislative body for the city. A professional city manager is appointed by the city council. The city manager is responsible for the everyday operations of the city. In 2004, a man named Erik Kvarsten was appointed as the city manager of Gresham. Mr. Kvarsten has 20 years of experience as a professional city manager.
Six Councilors and the mayor make up the city council. They all serve terms of four years. During the even numbered years, elections are held in November. Three Councilors are elected during elections in years that are divisible by four, such as 2000, 2004, and 2008. The other three Councilors and the mayor are elected during elections in years that aren't divisible by four, such as 1998, 2002, and 2006.
It is difficult to imagine that a community of 3,000 people who grew berries during the middle 1950s could become the 4th largest city in Oregon. Over the years, the community has quietly prospered and grown and is apparently at a kind of crossroads. Some of the painful realities associated with larger cities have also been experienced by Gresham as a result of its rapid growth.
