Lake Oswego Reverse Mortgage Loans
Many Seniors today are using a Lake Oswego 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 Lake Oswego OR
The best way to find out if a Lake Oswego 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 Lake Oswego 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 Lake Oswego 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 Lake Oswego reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Lake Oswego reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Lake Oswego
- To receive personalized Lake Oswego 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
Lake Oswego Tidbits
Lake Oswego had a population of 35,728 people according to the census that was taken in 2000. By 2010, the population had increased to 36,619, which represents a 3.8% increase over the 2000 census. During the late 19th century, Lake Oswego was the center of the brief iron industry in Oregon. The community was founded as a town in 1847 and was incorporated in 1910. The city is located south of Portland and has become an affluent neighborhood of Portland. It is mainly in Clackamas County with small parts that extend into neighboring Washington and Multnomah Counties.At one time the Clackamas Indians occupied the land that is currently known as Lake Oswego. However, most of these Native Indians were killed by the diseases that were transmitted by traders and European explorers. In 1855, the Native Indians who remained ceded their territory to the Federal Government and moved to the Grand Ronde Reservation in the close by Yamhill County. The region between the Tualatin River and the Willamette River was home to some early pioneer farms and homesteads prior to the influx of white settlers via the Oregon Trail.
In 1847, a man named Albert Durham established the community that he called Oswego. Mr. Durham secured the first Donation Land Claim and named the community for his New York birthplace. He built a sawmill on Sucker Creek, which is currently known as Oswego Creek, and the first business in the community.
Iron ore was discovered in the Tualatin Valley in 1841. However this wasn't accepted as fact until 1861. The Oregon Iron Company incorporated in 1865. This was the first of three businesses that were intended to make Oswego an industrial center, otherwise known as the Pittsburg of the West.
Oregon Steel and Iron began developing land following the demise of the iron industry. Between 1905 and 1909, the developer constructed a power plant on Oswego Creek. The year 1910 brought the incorporation of Oswego as a city. Then, the developer wanted to provide electricity to the small community and sought permission to erect power poles. Large tracts of some 24,000 acres of land that it owned were sold to land developers, such as the Ladd Estate Company and Paul Murphy. A residential community was soon under development. The first City Hall was constructed on A Avenue between First and State Streets in 1926.
In 1867, the first iron smelter, in what is currently known as George Rogers Park, went into production. Up until 1881, this continued to operate intermittently under another corporation, known as the Oswego Iron Company. It was succeeded by the Oregon Steel and Company, which, up until 1885, operated at the old factory. On the current Oswego Pointe site, the operators constructed a new smelter in 1888. The new smelter had five times the capacity of the old factory.
The iron industry employed about 300 men during its peak. About 12,305 tons of pig iron were produced in 1890. The community of Oswego was booming. There was Davidson's drug store, nine saloons, three churches, two hotels, two barber shops, a bank, four general stores, and an ever increasing population. Another profitable investment was the opera house.
Oswego was a rather remote location until a narrow gauge railroad between Oswego and Portland was constructed in 1886. Until then, the community could only be reached by narrow dirt roads and river boats. Prior to the 1900s, the Southern Pacific Railroad acquired the line and widened it to standard gauge. The line was electrified in 1914. Between the 1920s and the 1930s, residential growth was stimulated in Oswego by these quiet, clean, and rapid trains.
In order to promote Oswego as a place to live where you play, the Oswego Lake Country club was developed by a man named Paul Murphy. The growth of the community as an all-year-round living environment was going well by the 1930s. Between the 1930s and the 1940s, Mr. Murphy encouraged some noted architects to design some fine homes and he constructed the first water system to serve the west end of the community. This is what brought on the reputation of Oswego as a community of people with taste in fine homes.
Between the 1940s and the 1950s, there was an acceleration of residential development around the outskirts of Lake Oswego. The name of the community was changed to Lake Oswego in 1960 with the annexation of part of Lake Grove to the west.
Oregon Motor Stages provided mass transit service once the service by electric interurban ended. However, in 1954, after a driver's strike, that company suspended all operations. A recently formed private company known as Intercity Buses Inc started operating a bus service that connected Oregon City and Downtown Portland with Lake Oswego in 1955. In 1970, this service was overtaken by TriMet.
These days, most people consider Lake Oswego to be one of the finest residential communities in Oregon.
