Bremerton Reverse Mortgage Loans
Many Seniors today are using a Bremerton 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 Bremerton WA
The best way to find out if a Bremerton 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 Bremerton 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 Bremerton 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 Bremerton reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Bremerton reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Bremerton
- To receive personalized Bremerton 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
Bremerton Tidbits
William Bremer planned the town of Bremerton in 1891. He was a German immigrant who became an entrepreneur in Seattle. In 1891, A.B. Wyckoff, a Navy Lieutenant, purchased about 190 acres of waterfront at the Sinclair Inlet. The Bremer family owned this territory. A U.S. Navy commission came to the conclusion that Point Turner, sandwiched by the waters of Dyes and Sinclair inlets, would be the optimal location in the Pacific Northwest to build a shipyard. Bremer and his brother-in-law, Henry Hensel, bought the land by Point Turner at the price of $200 an acre. Bremer sold 190 acres to the Navy for $50 an acre. The land would become a part of the Puget Sound Navy Yard.The city of Bermerton incorporated in 1901. Alvyn Croxton was the first mayor of the city. The city faced a big problem. In 1902, Navy Secretary Charles Darling had the repair work moved to the Mare Island Navy Yard. It was located in California. There were reports that the waterfront of Bremerton was plagued by opium houses, prostitution, and robberies. There were also political struggles in the city of Bremerton. The incorporation of the city meant that the shipyard became landlocked and there was not room for expansion. Mayor Croxton and three members of the city council had a dispute. Croxton wanted all the saloons in Bremerton shuttered. The city council members wanted to block his efforts. Croxton won the battle between them. The council had a vote to revoke every liquor license in 1904. Darling then had the navy yard reestablished as a port of call. Within two years, however, saloons returned to business.
Union High School and the city library were established in 1908 to serve the educational minds of the 2,993 residents of Bremerton. The addition of a third drydock and submarine construction during World War I made the workforce of the shipyard skyrocket to over 4,000 employees. Growth due to the annexation of Manette and the war effort is easily seen by looking at the 1920 census. The census reported a population of 8,918 people. Charleston, a city to the south of Bermerton, was also absorbed by Bremerton in 1927. In 1930, the population ballooned to 10,170.
The Manette Bridge linked Bremerton and Manette. The bridge was constructed in 1930 and was 1,573 feet long. Before the bridge was built, the crossing could only be done via a long trip around Dyes Inlet through Silverdale, Cico, and Tracyton on roads in disrepair or by ferry. The bridge was eventually replaced by a steel and concrete structure in 1949. It was again replaced by a new bridge in 2011. The Hammerhead Crane No. 28, which is 250 feet tall, was finished in 1933. It was one of the country's largest cranes. It can lift up to 250 tons. It dominates the Bremerton skyline even today.
The area of Bremerton was the home of an estimated 80,000 inhabitants because of the workload of repair, shipbuilding, and maintenance necessary to fuel the Pacific war effort during the peak of World War II. The mass relocation of people to help the war effort was only temporary, and by 1950, most people left to return home. Only 27,678 people inhabited Bremerton in 1950. Both Harry S. Truman and Franklin D. Roosevelt paid a visit to Bremerton. Roosevelt made a stop on his campaign to give a speech at the Puget Sound Naval Shipyard in 1944. He gave a national radio address with a backdrop of civilian workers behind him. The president was believed to have suffered an angina attack. He experienced severe shoulder and chest pain. An electrocardiogram showed nothing abnormal. President Truman had a tour of Washington State in 1948 that lasted two days. He spoke from the balcony of the Elks Club during the morning of June 10. When World War II veterans came back home, there was a need for a college education for the veterans. The officials of the Bremerton School District recognized that need. Olympic Junior College had its doors opened to the first 575 students in 1946. It initially occupied the former Lincoln School facility. The college gradually moved itself to other buildings. At the first commencement held in 1948, around 100 students received associate's degrees. President Truman was there and was awarded the first honorary degree. The State of Washington took control of the operations of the college from the school district in 1967.
The 1950s and 1960s were a time of great stability for Bremerton. In 1956, a second high school opened its doors. East Bremerton showed growth, which meant that construction of another bridge across the Port Washington Narrows was necessary. The bridge, which was constructed in 1958, was necessary to allow for increased traffic on the state highways. While the Vietnam War started protests on the Olympic College campus, the city was relatively calm during the 1960s.
