Kennewick Reverse Mortgage Loans
Many Seniors today are using a Kennewick 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 Kennewick WA
The best way to find out if a Kennewick 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 Kennewick 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 Kennewick 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 Kennewick reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Kennewick reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Kennewick
- To receive personalized Kennewick 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
Kennewick Tidbits
Between 1905 and 1806, Lewis and Clark (1770-1838) found the area around what is currently known as Kennewick to be well used area. There were a large number of Native Indians waiting to greet them when they arrived at the location of what is known today as the Sacajawea State Park. There were great numbers of salmon that had recently spawned and numerous Indian lodges.However, the only settlement in the area was the lush Walla Walla River valley between the 1830s and the 1880s. In 1859, traffic by steamboat started on the Columbia River. Between the 1860s and the 1870s, the region was sparsely populated. Only bands of Native Indians still camped and fished close to the rivers and some hardy stockmen who were running horses and cattle into the bunchgrass meadows.
It wasn't until 1879 that the communities in the region currently known as Tri-Cities existed. The original community in the region was Ainsworth. This was a railroad camp for the building of the Northern Pacific Railroad.
A man learned that a new railway line would be constructed up the Yakima Valley on the Kennewick side of the river in 1884. The man purchased some land on the old picnic grounds and relocated his family across the Columbia River.
By late 1884, railroad workers and other residents followed soon thereafter and the booming little construction camp was named Kennewick. In the Native Indian language, the name Kennewick translates into grassy place. However, the original name of the small community was supposedly Te He.
Regardless of the name, the first version of the community didn't survive long. There were three distinct phases that the early Kennewick went through before finally becoming established permanently. In 1887, the railroad camp phase was nearly completely dismantled following the completed construction of the track and a completed railroad bridge over the Columbia River.
In 1892, an ambitious irrigation project known as the Yakima Improvement and Irrigation Company started bringing water to the dry land around Kennewick. There was a site for a new community that was platted. Farmers and other people started arriving. The small community had a population of about 400 people and had a school, a newspaper, and a three story hotel. However, in 1893, the financial panic ruined the irrigation company and Kennewick was again all but abandoned by 1899.
During the third phase the community was again reborn when the Northern Pacific Railroad took over and completed the irrigation project in 1902. The railroad brought in business and settlers and the desert around the community started to bloom.
Kennewick had three lawyers, two doctors, a jeweler, a billiard hall, three hotels, and 30 businesses by 1903. The population had increased to 350 people. The year 1904 brought the incorporation of Kennewick as a town.
The population of Kennewick increased to 1,219 people by 1910. Kennewick was a modern town with a lively main street, many different church spires, three railroads, and a network of power lines. By 1920, the population was 1,684 people.
The most common crop in Kennewick during the 1910s was primarily Concord grapes. Kennewick was host to the annual Grape Festival. In 1922, Pasco was connected with Kennewick by a new automobile bridge. The concept of the Tri-Cities didn't yet exist. Kennewick and Pasco were sometimes called the Twin Cities, but Richland wasn't much more than a village. During the 1920s, the population of Kennewick actually decreased and by 1930, it was 1,519 people.
During the Great Depression of the 1930s, Kennewick was hit hard. However, the population of Kennewick had increased to 1,918 people by 1940. The Tri-Cities and Kennewick were changed dramatically by WWII. In 1943, a remote desert location known as Hanford was selected as the location for a super secret, new engineering project known as the Hanford Engineering Works. The federal government condemned the much smaller Richland. All of its residents were evacuated in order to make way for a new Richland that was being built by the government for numerous new scientists and workers.
The population of Kennewick had increased to 10,106 by 1950. However, by this time Richland was now more than twice as large as either Pasco or Kennewick. During the 1970s, the construction of three WWPPSS (Washington Public Power Supply System) nuclear facilities in Hanford provided a boost to all of the Tri-Cities. This made the combined metro area one of fastest growing in the country.
By 1980, Kennewick had a population of 34,397 people, which was the largest of the Tri-Cities. The community now had frozen food warehouses and chemical plants.
There was an economic downfall of the entire region during the 1980s when the WPPSS projects collapsed. This increased the interest in merging the three cities and making the Tri-Cities concept a reality. However, primarily because the three communities wanted to retain their separate identities, the interest waned.
In 2007, Kennewick had a population of about 62,250. It is the location of the Columbia Center Mall and the retail center of the Tri-Cities.
