Issaquah Reverse Mortgage Loans
Many Seniors today are using an Issaquah 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 Issaquah WA
The best way to find out if an Issaquah 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 an Issaquah 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 Issaquah 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 Issaquah reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Issaquah reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Issaquah
- To receive personalized Issaquah 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
Issaquah Tidbits
Long before any white settlers arrived, Native Indians lived in the Squak Valley. During the 1860s, relations with the Sammamish and Snoqualmie tribes were primarily peaceful when the first homesteaders arrived. In the Native Indian language, Squak translates into little stream. The land was rich, making it ideal for crops, especially hops.There was a hiring of local Indians to work on the farms. However, the clash of cultures caused problems. A married couple and their houseguest were killed during an Indian unrest in 1864. Many people left the valley even though another Indian killed the assailants.
The mountains that surrounded the valley offered a considerable amount of coal in addition to the fertile farmland in the valley. The discovery of coal was made in 1862, but it didn't become profitable until 1887 when the Eastern, Lake Shore, and Seattle Railroad arrived.
Until then, the primary industry in Squak Valley was hop farming. Many Indians labored alongside whites in the fields because unrest with the native Indian had slowed by the 1880s. Two brothers hired 37 Chinese to pick hops at a less expensive cost in 1885. Indian and White hop pickers demanded that they leave. The other workers murdered three of the Chinese workers when they didn't leave. The remaining Chinese workers left quickly. The murderers were all acquitted after the assailants were arrested.
In 1887, coal mining started in earnest when the railroad arrived. There was some rapid growth experienced by the small valley community. Looking for work, numerous men, many of them immigrants, relocated to the region. Many of the miners had saved up sufficient funds to send home for their wives and families, although there were harsh conditions in the mines. In 1888, the small community was platted. The year 1892 brought the incorporation of the community under the name of Gilman. In 1899, the village was renamed from Gilman to Issaquah.
Much of the hops crop was destroyed by aphids during the 1890s. However, lumber and sawmill companies in Issaquah cleared many of the trees in the Squak Valley, which exposed some great pasture land. In 1909, The Northwest Milk Condensing Company opened. It wasn't long before the small community was one of the largest milk suppliers to Seattle.
All during the 1900s, coal mining continued apace, and larger and newer mines were being developed. Two German investors financed the Superior and Issaquah Coal Mine. At the start of WWII, support dried up and the mine was closed. However, other mines were prospering.
Both the community and the logging industry continued to grow. There were tobacco shops, liquor stores, and saloons everywhere as in any boomtown. The residents of the community were enjoying banks, schools, indoor plumbing, and telephones by the 1920s.
During the 1920s, fuel oil started heating homes and the coal industry began dying out. In 1929, the logging industry was hit hard by the Great Depression. The boomtown days were over, but the dairy farms remained prosperous. The population of Issaquah was about 900 people and that population stayed the same for the next four centuries.
In 1918, the volunteer fire department developed Memorial Field, which became home to the annual rodeo, known as the Issaquah Round-Up. During the remainder of the year, the townsfolk would gather there for high school baseball and football games.
The community's sewer systems were replaced as a result of the Federal Works Progress Administration's efforts to provide jobs in 1936. Other jobs in the community were the construction of such buildings as the Issaquah Salmon Hatchery and the Sportsmen's Club.
During the 1920s, Issaquah became home to the Sunset Highway. The automobile age had come to Issaquah. In 1940, more people came to the East side as a result of the opening of the Lake Washington Bridge. In 1941, Issaquah grew somewhat when work at the sawmills was required for war effort and Highway 10 opened.
The residents from Seattle started relocating to the suburbs in Eastside such as Renton, Kirkland, and Bellevue following WWII. The train depot in Issaquah closed in 1958. However, some years later, work started on Interstate-90, which connected the community town to the west with Seattle, and to the east with other locations. This started the second boom in Issaquah.
The population of Issaquah had increased to 4,313 by 1970. There was an increase in gravel mining long after the coal mining days. Real estate became a booming business after remaining stable for decades. In 1972, the Issaquah Historical Society was established. The town hall and the old train depot have been restored and converted into museums by the organization.
The community of Issaquah has been centered on its downtown for the majority of its history. The community started annexing the surrounding area such as the Issaquah Highlands and much of Squak Mountain and Cougar Mountain as the number of people relocating to the valley increased. Developers started buying much of the farmland in the valley starting in the 1980s. Since then, the valley has filled with many businesses such as restaurants and shopping centers. Issaquah once again became a boomtown in the early 2000s. The census data showed that in 2003, Issaquah was the fastest growing community in Washington State.
