Salem Reverse Mortgage Loans
Many Seniors today are using a Salem 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 Salem OR
The best way to find out if a Salem 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 Salem 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 Salem 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 Salem reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Salem reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Salem
- To receive personalized Salem 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
Salem Tidbits
Salem, Oregon has a population of about 15,000 people and is the capital of Washington State. It is the 2nd largest city in Oregon. Although a small part of Salem within the incorporated limits is located across the Willamette River, known as West Salem, the community is also the county seat of Marion County.The Calapooya tribe named what is currently known as Salem, 'Chemeketa'. In the native language the word translates into 'resting place' or 'meeting'. For many years the tribe used the area for just that purpose. An Episcopal-Methodist missionary named Jason Lee relocated his mission to the region and named it Chemeketa in 1840. However, as a result of its close proximity to Mill Creek, the majority of the settlers called it The Mill. The mission founded the Oregon Institute in 1842. The institute eventually became Willamette after being a training school for the local Native Indians.
In 1844, the mission closed. However, a community was laid out on what is currently known as Salem in 1848. There is still some controversy about who really named the town Salem. However, most historians agree that it was either WH Wilson or David Leslie. In 1851, when the capital was relocated to Salem from Oregon City, a fierce battle over where to locate the capital of the Oregon Territory started. The Oregon State legislature started debating about whether to change the name of the community to Corvallis, Valena, or Thurston.
However, in 1855, a vote was taken and the community retained its original name. That same year the capital was again relocated but later in the year it was returned to Salem. In late 1855, the controversy was rekindled when the Capital building was destroyed by a suspicious fire. In 1859, Salem was granted statehood and was named the tentative capital. However, the community wasn't officially selected as the capital by election until 1864. The year 1860 brought the incorporation of Salem as a city. After the previous Capital building was destroyed by fire in 1935, in 1938 the current Capitol Building was built.
Salem has grown to become an important center for the processing of lumber and agricultural products after starting out as a wool processing center. The community is also a hotbed for information and technology businesses and new residents alike are attracted to the communities' modern amenities, surrounding natural beauty, and historic buildings. People of all ages who love the outdoors and life in general are attracted to the riverfront access, vibrant downtown life, sports venues, events, festivals, and parks in Salem. The over 20 miles of trails between West Salem, downtown, and South Salem and over 1,000 acres of parks are the last critical link of connection. When these areas are combined, the resulting acreage will be larger than Central Park in NYC.
Salem is the second largest city in Oregon and is its capital. The community is located only 47 miles from Portland and is in the center of the beautiful Willamette River Valley. Since 2009, City Council has had the objective of addressing the seismic needs of the Civic Center and the overcrowding of the Police Department.
The residents of Salem have a distinct opportunity to get involved with the decision making process within the state as a result of the close proximity of the government. The residents of Salem have also been long committed to community volunteerism and improvement. This commitment has been nationally recognized through the presentation of two All-America City Awards, one in 1960/1961 and another in 1982/1983.
Corban University and Willamette University make their home in Salem. The largest private employer in the community is the Salem Hospital. The largest public employer in the community is the State of Oregon.
Transportation includes noncommercial air travel at McNary field, Amtrak Service, and public transit from Salem/Keizer. The primary roads include Oregon Route 22 that connects West Salem to the Willamette River via the Center and Marion street bridges, Oregon Route 99E, and Interstate 5. Although the largest employer is the state government, Salem also serves as the center for the farming communities in the region. Salem is within a one hour drive to Portland, the largest city in Oregon. Next to the Interstate 5 corridor is a major agricultural food processing center.
During the 1990s, Salem became the home of many different computer manufacturing factories in an effort to diversify its economic base. One of these arrivals, known as SUMCO (Sumitomo Mitsubishi Silicon Group), announced in late 2004 that it would be closing its two silicon wafer plants. This would mean relocating production to two other factories and the elimination of 620 jobs.
Four state correctional facilities, including the Oregon State Penitentiary, which is the only maximum security prison in Oregon, and the headquarters of the Oregon Department of Corrections, are located in Salem. In the core of downtown, there are many different projects underway to increase the supply of housing. These projects will provide office and upscale high and low-rise condominium space.
