Lynnwood Reverse Mortgage Loans
Many Seniors today are using a Lynnwood 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 Lynnwood WA
The best way to find out if a Lynnwood 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 Lynnwood 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 Lynnwood 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 Lynnwood reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Lynnwood reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Lynnwood
- To receive personalized Lynnwood 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
Lynnwood Tidbits
The history of Lynnwood began with the treaty signed at Point Elliott, which is known now as Mukilteo. The treaty established the land known as Snohomish County. This took place on January 22, 1855. Sawmills appeared in the area shortly after the treaty was signed. Snohomish County became organized in 1861. In 1862, there were 44 settlers as counted by the first census by Salem Wood. William Morrice bought 100 acres of land that is known now as Alderwood Mall.The area that Lynnwood now occupies used to be a part of the Puget Mill forestland. This is back during the early 1900s. Puget Mill started to log the land in Snohomish County during this time. At the same time, the trolley began its daily service of runs between Everett and Seattle. The 29 miles between Greenwood and Everett included 27 stops and was 70 minutes long.
In 1916, the large trees suitable for timber were mostly gone and Puget Mill had the logged land cleaned up. The Admiralty Logging Company took control of the land for only $17 an acre. The logging company used $41,085 to build a demonstration farm to explain to buyers how to make money off of logged over land. There was a big movement during the 1920s to encourage city folk back to farming. Many people were enticed by the movement. Money-hungry salesmen pitched their reasons why buying the logged over land was a good idea. Potential buyers could even get a taste of how everything worked thanks to the demonstration farm. After most of the land was sold, the demonstration farm was closed down. The demonstration farm actually lost money in terms of what was produced versus the expenses required to keep it running. However, the sales of land that resulted from the demonstration farm were quite profitable. Land that was valued at $17 per acre sold for $200 per acre. They also sold the new farmers supplies at a hefty markup.
The completion of Route 99 created a big change to Snohomish County. The railway was made obsolete by the rise of the automobile and highway roads. The construction of the state route started in 1927. After World War II, Alderwood Manor rose as a thriving business community that served those who owned a car. The explosive growth of the area brought in the need for public services. These included fire, police, sewer, and other important services. The need for these important services started the effort to incorporate Lynnwood. In 1959, Lynnwood was incorporated as a city.
The city started out with a modest population of about 6,000 residents. The city was dubbed as the Hub City. With the expansion of more roads and highways, such as Highway 405 and Interstate 5, Lynnwood enjoyed more growth and economic opportunity. Lynnwood eventually grew to over 34,000 residents by the year 2000. With over 150,000 populating the city during the daytime, businesses thrived and prospered in the area. The continual push from forest land to a city has modernized Lynnwood.
Lynnwoods population of 35,836 during the 2010 census makes it the fourth most populated city in Snohomish County. In Washington, Lynnwood is the 29th most populated city. There is plenty of retail shopping in Lynnwood. Compared to Seattle, Lynnwoods climate is very cool. Lynnwoods area is 7.86 square miles according to the United States Census Bureau. Lynnwoods most well-known education centers include Central Washington University and Edmonds Community College.
There are many famous landmarks in Lynnwood. The Pine Cone Cafe is a very historic landmark in Lynnwood. It drew bikers from all over and was a popular hangout for those that were into the biker culture. Pinball machines were in the back of the cafe and drew teenagers who came in the restaurant only to play pinball. The cafe is now no longer a restaurant. It is now a smoke shop. A burger restaurant named Jimbos was a popular place for families to eat. It closed down in 2006 because of excavation. There is Keelers Corner, which used to be a gas station that is now out of service. The Pantry Cafe burned down in a fire in 2004. Before that, it was legendary to the locals who knew about it.
There are very many local neighborhood parks that locals frequent. Some of them include Daleway Park, Gold Park, Meadowdale Park, Pioneer Park, Scriber Creek Park, Spruce Park, and many more. Some community parks in Lynnwood include Lynndale Park, Meadowdale Playfields, Scriber Lake Park and Wilcox Park. Some mini parks in Lynnwood include Veterans Park, Maple Mini Park, and Mini Park at Spragues Pond. There are many facilities in Lynnwood such as a golf course, senior center, and recreation center. Many trails run through Lynnwood such as the Mesika Trail, Scriber Creek Trail, and the Interurban Trail.
