Mt Vernon Reverse Mortgage Loans
Many Seniors today are using a Mt Vernon 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 Mt Vernon WA
The best way to find out if a Mt Vernon 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 Mt Vernon 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 Mt Vernon 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 Mt Vernon reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Mt Vernon reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Mt Vernon
- To receive personalized Mt Vernon 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
Mt Vernon Tidbits
For over 11 centuries, humans have inhabited the basin of the Skagit River. This land is the ancestral home of the native Skagit Tribe. Their tribal identity was divided into the Upper Skagit and the Lower Skagit tribes. Then, they were further divided into ten or 11 smaller tribes. Those that lived the closest to what is currently known as Mount Vernon were known as the Nookachamps.Both the Lower Skagit Tribe and the Upper Skagit Tribe were signatories to the 1855 Point Elliott Treaty. In 1873, the Lower Skagit tribes moved to the Swinomish Reservation after being consolidated with other Coast Salish bands and tribes into the Swinomish Tribe.
Between the 1850s and the 1860s, the earliest significant white settlement was located in what is currently known as the Island and Skagit counties. Approximately ten 10 miles upriver and very close to what is currently known as Mount Vernon, before the point where the river divides, all navigation was blocked by two massive logjams.
These logjams might have dated back to the 18th century when there were reported eruptions of Mount Baker. However, this wasn't sufficient to deter a few determined men. Men named Joseph Dwelley, Jasper Gates, and David Kimble were the earliest settlers on record.
Apparently, the Dwelley, Gates, and Kimble families were joined by many other families close to the logjam in 1877. That same year, a man named William Bice built the first residential home in Mount Vernon. In 1878, a man named Jonathon Schott built the hotel in the community. In 1879, there was a saloon and by 1889, there was a drugstore and a large hotel. In 1876, a company was formed by a group of settlers to clear the logjam. Originally, the effort was funded by public subscription. By the middle of 1876, a 250-foot channel had been cut through the lower logjam and by 1878, the upper blockage had been breached. Although the group kept at it, it was very dangerous and laborious work.
The logjams had been cleared by mid-1879, or at least sufficiently to allow navigation above and through and Mount Vernon. Around 1878, gold was discovered close to Ruby Creek. This attracted additional prospectors and more settlers to the region. The population of Mount Vernon was 75 people by 1881. The first community newspaper was published in 1884. A new county was successfully petitioned by the territorial legislators from Whatcom County in 1883.
In 1884, voters chose Mount Vernon as their county seat. However, they still hadn't petitioned the territorial legislature for official incorporation. The population of Mount Vernon was 1,000 people in 1888. However, in 1889, a Judge named Cornelius Hanford refused to do so, ruling the Territorial Community Incorporation Law unconstitutional. Therefore, Mount Vernon remained unincorporated.
In 1881, the first school opened. Also in 1881, statehood was granted to Washington. In 1883, a regular steamboat mail run began. In 1883, a larger school was built. By 1855, the population of Mount Vernon was greater than 2,800 people. By this time, both the judge and the law had changed so Mount Vernon tried for incorporation again. The year 1890 brought the incorporation of Mount Vernon and 43 other communities. New settlers were being attracted to Skagit County because of its abundant resources including rivers that teemed with fish, very fertile soil, extreme amounts of old growth timber, and minerals in the mountains. In 1887, the Skagit Manufacturing and Sawmill was incorporated. In 1888, the first mill was constructed on the riverfront. In 1889, the first church congregation of Baptists was formed. In 1892, the first opera house opened.
In 1893, the Skagit County courthouse had remained in LaConner following Mount Vernon becoming a county seat, which was a source of significant irritation. However, in 1893, the courthouse was packed up and relocated to downtown Mount Vernon. Also, in 1893, the first wooden truss bridge was built across the Skagit. In 1900, the federal census included Mount Vernon for the first time and the population was 1,120 people. In 1901, the Skagit County fairgrounds were established. In 1905 and 1908, new schools were opened. The population of Mount Vernon was 2,381 people according to the 1910 census. The economy diversified and steady development continued. The first electric interurban train arrived in Mount Vernon in 1912.
In 1922, a new high school and a new courthouse were built in Mount Vernon. In 1926, Skagit Valley College was established. In the late 1920s, Highway 99 was constructed. During the 1930s, the Great Depression caused Mount Vernon to suffer considerably. The population of Mount Vernon was 4,278 people by 1940.
Mount Vernon didn't fully recover from the great Depression until WWII ended. Between 1950 and 1960, a new college campus and several new schools opened. In 1958, the construction of the Skagit Valley Hospital was completed. During the 1960s, Interstate 5 was completed, which cut through Mount Vernon with connections to Bellingham, Seattle, and Everett. This interstate attracted more businesses.
Between 1970 and 1980, the population of Mount Vernon increased from 8,800 people to over 13,000 people. In 2010, the community started a major flood control project with the objective of protecting the community from the rampart waters of the Skagit River. In 2010, the population of Mount Vernon was over 32,000 people.
