Gig Harbor Reverse Mortgage Loans
Many Seniors today are using a Gig Harbor 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 Gig Harbor WA
The best way to find out if a Gig Harbor 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 Gig Harbor 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 Gig Harbor 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 Gig Harbor reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Gig Harbor reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Gig Harbor
- To receive personalized Gig Harbor 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
Gig Harbor Tidbits
Captain Charles Wilkes brought in his small boat to the harbor to find protection against a heavy storm in 1840. Wilkes named the bay Gig Harbor in the publication of his 1841 Oregon Territory Map. Many immigrants from Norway, Sweden, and Croatia came to the Gig Harbor area. Samuel Jerisich, a fisherman, came to the area in 1867. Alfred M. Burnham platted the town in 1888.The date of Gig Harbor's official incorporation was on July 12, 1946. Boat building, commercial fishing, and logging were the main fuel for the economy. The Tacoma Narrows Bridge was built in 1940. Before the construction of the bridge, the main way to get between the economic center of Tacoma and Gig Harbor was to go by way of steamship. Steamships started to go up and down the waters of Puget Sound starting in 1836. Gig Harbor was not able to be reached by horseback or by car. The only way it could be reached in that manner was by going on an arduous and long trip around the south of Puget Sound and Hammersly Inlet. Gig Harbor was isolated from Seattle and Tacoma. The boom was not very long-lived, unfortunately, as the bridge collapsed only a few months after it was constructed. Another bridge could not be constructed until 1950 due to the demands of resources from World War II. In the middle of the time between when the second bridge was finished and the first bridge collapsed, a ferry service that was state-run delivered drivers into Gig Harbor's downtown area. The ferry dock's remains can still be found right outside the harbor's mouth at Harborview Drive's Southeast end. This area was transformed into a park where visitors can look at a panoramic sight of Pt. Defiance, the Cascade Mountains, and Mt. Rainier.
After the replacement bridge was finished in 1950, Gig Harbor and the area surrounding it developed into a suburb of Tacoma, a neighboring city. The area first saw increased residential development as residents of Tacoma left the city seeking waterfront lots and tree-lined neighborhoods that the Gig Harbor Peninsula offered. The primary residences and homes for people were once summer cabins. People who started to live here commuted every day over the new bridge to Tacoma. New houses were built in Gig Harbor. In the 1980s and 1990s, there was a lot of development in the retail sector in Gig Harbor. This development occurred close to State Route 16 to help cater to the increasingly large residential population. This shifted the economic center away from Gig Harbor's downtown. City leaders weren't sure of how to control the growth of Gig Harbor. For a time, they did not know what to do preserve the city's character while still keeping the growth in check. In the end, the city decided to annex the rural areas surrounding Gig Harbor and turn them into housing and commercial areas. This would change the environment and landscape of the rural area forever. On the positive side, the downtown area of Gig Harbor would be preserved and its original character would be retained. Local merchants started to promote the area of downtown, citing its historic value and charm. Tourism was able to flourish in Gig Harbor because of the attraction of the downtown area. There is dining, shopping, and recreation on each block of Gig Harbor's downtown. The area draws many tourists to the area and is a very active place. Recently, a large area of waterfront property was developed into the headquarters of the Russell Foundation. It was named after George Russell. He was the founder of Russell Financial. This area was previously undeveloped at the South side of downtown.
Even though there is a long history of building boats in Gig Harbor, there is little manufacturing that exists in Gig Harbor today. Gig Harbor Boatworks is the only boatbuilder left in Gig Harbor. This company constructs sailing and rowing dinghies. Tiderunner Boats used to have a manufacturing facility on the bay's north end. Other boatyards have remained idle or have converted into facilities for other uses.
Fishing commercially still has a big cultural importance to Gig Harbor. Its economic importance is not as great, but there is still a great fishing culture here. There are many commercial fishing craft that call Gig Harbor their home. They go north to Alaska to find their profitable catch there. The fishing fleet of Gig Harbor gathers every first weekend in June to celebrate in the Maritime Gig Festival. The Blessing of the Fleet ceremony happens every year, which celebrate the fishing fleet of Gig Harbor. Pleasure craft have participated in the ceremony in recent years, which made it more popular, but decreased its authenticity. There has been a new Tacoma Narrows Bridge that was built next to the existing bridge in 2007.
