Bellevue Reverse Mortgage Loans
Many Seniors today are using a Bellevue 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 Bellevue WA
The best way to find out if a Bellevue 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 Bellevue 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 Bellevue WA
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 Bellevue reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Bellevue reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Bellevue
- To receive personalized Bellevue 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
Bellevue Tidbits
In 1863, the first settlers started drifting across Lake Washington and claimed lands of what is currently known as Bellevue while Seattle was still a small community of scattered houses and dirt roads. It is believed that the first claim was that of some members of a famous family from Seattle named Aaron and Ann Mercer, who staked out 80 acres next to what is currently known as Mercer Slough. By 1869, they were living on the property. That same year, a baker from Seattle named William Meydenbauer staked out his claim around the bay that would bear his name in the future.More settlers arrived in the area between 1870 and 1880. During this period of time, the majority of the region was logged off, which left open areas that became berry farms, vegetable patches, and orchards. Bellevue provided a regular supply for fresh produce to a fast growing Seattle. During the 1880s, the communities on the Eastside were linked to the markets in Seattle by a regular ferry service that ran through Madison and Leschi Park. In 1883, the first school in Bellevue opened in a log cabin in the Enatai region. Since most of the farmers had families, they took advantage of the new school.
By 1900, the population of the greater Bellevue region was approximately 400 people. Soon, civilization was arriving. In 1907, mercantile stores opened in Bellevue and Medina, and phone service reached the Eastside. In 1913, ferry service aboard the Leschi started. Trips left Seattle's Leschi dock every 15 minutes with stops at Meydenbauer Bay and Medina.
During the first few decades of the new century, Bellevue and the surrounding communities gradually grew. By 1920, the population of Bellevue was approximately 1,500 people. In 1919, the American Pacific Whaling Company relocated its headquarters to Bellevue and wintered their boats in Meydenbauer Bay. In 1925, the first Strawberry Festival was held. The event attracted some 3,000 people, primarily from across the lake. The Festival became a yearly event, and Bellevue developed a reputation as a pleasant and peaceful farming community.
The end of the ferry service occurred when the Mercer Island Floating Bridge opened in 1940. The post-war housing boom went across the bridge and Bellevue was forever altered as a result of the availability of inexpensive land and an advertising campaign sponsored by the Bellevue Chamber of Commerce. Affordable and attractive homes became available to returning servicemen and their families as new subdivisions, such as Lake Hills and Newport Hills, were built next to the new highway at Eastgate.
The year 1953 brought the incorporation of Bellevue as a third-class city. That year, the population of Bellevue had increased to 5,940 people.
In 1946, a man named Kemper Freeman opened the Bellevue Square Shopping Center because the customer base was supported by a growing population. The first tenant of the new shopping center was the Bel-Vue Theatre. As the region grew, the neighborhood shopping districts of Northtowne, Lake Hills, Newport Hills, and Eastgate also opened. In 1960, the Crossroads Shopping Center also opened.
By 1970, the population of Bellevue had once again increased to 60,000 people. From the 1980s on, Bellevue became a major hub for business. The centers of business were the office buildings on 108th Avenue and the Puget Power building. After the failure of Boeing, residents from Seattle started looking east across the lake for employment. During the middle 1980s, the skyline of downtown Bellevue consisted of many different tall buildings next to 108th and the Paccar Building. Then from Eastgate to Factoria, large complexes of office buildings were being built next to Interstate 90. By 2000, Bellevue no longer had the status of a bedroom community since the community had fewer residents than jobs. During the 2000s, the largest employer in Bellevue was Microsoft, which absorbed much of the new office space downtown.
There were some amazing people responsible for the development of Bellevue. Hardy pioneers cleared the land back when Seattle was a rough-and-tumble community. Strawberries were provided for the first Strawberry Festival by Japanese farmers who had settled much of the region. The Microsoft workforce that came from all around the world has replaced the World War II veterans who were responsible for the first wave of growth. In the last 140 years, Bellevue has transformed from a forest into farms into suburbs into a global city. Even from the earliest pioneer days, Bellevue has always been a great place to visit, work, and live.
