North Bend Reverse Mortgage Loans
Many Seniors today are using a North Bend 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 North Bend WA
The best way to find out if a North Bend 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 North Bend 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 North Bend 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 North Bend reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your North Bend reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving North Bend
- To receive personalized North Bend 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
North Bend Tidbits
North Bend is located in what is currently known as the Snoqualmie Prairie between the Middle Fork and the South Fork of the Snoqualmie River. The Snoqualmie Indian tribe has inhabited the entire Snoqualmie Valley for hundreds of years. The major villages of the Snoqualmie Indian tribe were located downstream from what is currently known as North Bend.Up until the 1800's, when new settlers and explorers started arriving from the area around Puget Sound, the Snoqualmie Indian tribe was living relatively undisturbed. Over the centuries, the Yakama and the Snoqualmie Indian tribes developed many cultural and marriage ties. In 1851 a man named Samuel Hancock, who was an early explorer, and some Indian guides, canoed up the Snoqualmie River. Mr. Hancock considered the region to be very desirable with plenty of water power and timber as well as thousands of acres of fertile land.
During the 1850's, the Snoqualmie Indian tribe became involved in the Indian wars, first fighting against and then fighting for the forces of the US Army. Although the tribe never received its own reservation, the Point Elliott Treaty was signed by Chief Patkanim.
In 1858, the first pioneers started arriving in the Snoqualmie Valley. The first was a young farmer from New York named Jeremiah Borst. Mr. Borst gradually acquired large chunks of land in the Snoqualmie Prairie. The first pioneers to live close to North Bend were the niece of Mr. Borst named Lucinda Fares and a man named Joseph Fares. In 1862, a man named Josiah Merritt arrived and staked a claim on a large plot at the foot of a towering and massive mountain close to the Middle Fork of the Snoqualmie River.
A former British Royal Navy sailor and a Dane by the name of Matts Peterson arrived and constructed the first cabin on what is currently known as downtown North Bend. A key figure in the history of North Bend was a man named William Taylor, who arrived in 1872. Mr. Taylor roamed around the area working some jobs, such as clearing roads and trails for Mr. Borst.
Mr. Taylor filed many different claims in the Snoqualmie valley over the years. However, in 1876, and again in 1878 he departed to work some mining claims in Northern California. Mr. Taylor returned to the area with his new bride Mary, also known as Molly in 1880 and moved into the old Peterson cabin. Mr. Taylor had become such a prominent citizen that by 1888, he was elected as the commissioner of King County.
In the history of North Bend, the most critical year was 1889. The Eastern, Lakeshore, and Seattle Railroad was being built eastward from Seattle, with eventual planning to meet up with other railroad lines arriving from the Cascade passes. On a farm owned by Mr. Taylor, the railroad needed a station at the approximate location of what is currently known as North Bend. Mr. Taylor immediately understood that the railroad would ignite an economic boom by making the Snoqualmie Valley much more accessible.
The railroad also determined that having two depots only a few miles apart named Snoqualmie Falls and Snoqualmie was just too confusing. Therefore, Mr. Taylor returned from a trip to California only to learn that the railroad wanted him to change the name of his community. Although the railroad didn't like the name, his first chose was Mountain. Then they recommended North Bend, which was approved. Eventually the name of the community of Snoqualmie Falls was changed to simply Snoqualmie.
It wasn't long before the small community had a small hotel, a cobbler shop, a general store, and a saloon. Around the business district, new houses were being built. Soon, the North Bend Community Church raised enough funding for a building on a lot that was donated by Mr. Taylor. In 1890, a one room schoolhouse was constructed.
A new era of the railroad arrived in 1909, when what was known as the Milwaukee Road, routed its primary line through North bend on its way to Puget Sound after tunneling under Snoqualmie Pass.
Around 1900, agriculture was being rivaled by the sawmill and logging industry. The small community experienced a logging boom in 1908. For numerous years, one of the economic mainstay of North Bend would become logging.
The year 1909 brought the incorporation of North bend as a town. The 1910 census showed a population of North bend of 299 people. The first mayor of North bend was a man named Peter Maloney. By the 1920 census, the population of north bend had increased to 387 people. The population again increased to 548 people by 1930
Over the next several decades, the community didn't shrink but rather grew. The population increased to 1,701 people in 1980 from 1,625 people in 1970 and from 945 people in 1960.
The population of North bend increased to 4,746 people in 2000 from 2,578 in 1990. The population again increased to 5,731 people according to the 2010 census. North Bend had developed into a thriving bedroom community for people who work in the eastside suburbs of Seattle.
