Olympia Reverse Mortgage Loans
Many Seniors today are using an Olympia 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 Olympia WA
The best way to find out if an Olympia 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 Olympia 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 Olympia 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 Olympia reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Olympia reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Olympia
- To receive personalized Olympia 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
Olympia Tidbits
A settlement of longhouses were built at a series of waterfalls on the Deschutes River by the Squaxon and Nisqually Native Indian tribes. These tribes called the river 'Tum-wa-ta', which translates into 'strong water'. In 1841, a US Navy lieutenant named Charles Wilkes name the bay Budd Inlet. In 1845, a man named Michael Simmons was the first American settler in the region. At the waterfalls on the Deschutes River, Mr. Simmons built a gristmill and a sawmill that he named New Market. During the 1860s, New Market was renamed to Tumwater.Two men named Edmund Sylvester and Levi Smith arrived in the area and filed claims on which Mr. Smith built a small cabin in 1846. Mr. Smith named the small community Smithfield. Although he accidently drowned on his way to the first session, in 1848, he was elected to the Oregon Territorial Legislature. By virtue of their joint claim, Mr. Sylvester inherited the land. Many settlers, including Mr. Sylvester, left the area for a short time as a result of the 1846 California Gold Rush. Mr. Sylvester returned with sufficient gold dust to start buying goods and land and established a community. By then, settlers were being funneled to Puget Sound from the Columbia by the Cowlitz Trail where Smithfield was located.
Mr. Sylvester held a dedication ceremony for his new community and invited fellow gold seeker and pioneer Isaac Ebey in 1850. Some investors, along with Mr. Ebey and Mr. Sylvester, bought the first ship in Puget Sound that summer named Orbit. A man named Michael sawed some pilings in his mill that the Orbit delivered to San Francisco and returned with goods for the growing community. In 1851, the US government opened a customs house in Olympia. The Collector of Customs set up shop in the largest building in the community.
A man named Isaac Stevens was appointed as head of the transcontinental railroad survey, Superintendent of Indian Affairs, and as territorial governor by President Franklin Pierce. In 1853, Governor Stevens arrived in Olympia. He designated the community to be a territorial capital. The community had a population of 100 people. Governor Stevens traveled about the area to convince the tribes to relinquish their title to the lands. In 1854, at Gold Bar Store, the first legislature convened. This started a cycle of legislative sessions that would define the culture and development in Olympia. The lawmakers elected not to grant women the right to vote and organized school districts. More county and state officers were appointed and counties were organized.
Treaties with the tribes that Governor Stevens signed relocated them to small reservations where they were expected to become farmers. Between 1855 and 1856, the Indian Wars were the result of the inequities of these treaties. During this same time, Olympia became the headquarters for the military of the territory. In late 1855, Governor Stevens declared the war over but Seattle was attacked the next month.
The year 1859 brought the incorporation of Olympia as a city. The population of the community was fewer than 1,000 people. The transcontinental railroad that Isaac Stevens surveyed was the key to the development of the area. Olympia was chosen as the terminus. The community had its future assured and the citizens of Olympia saw their community and a capital city as their best connection between Asia and the US because of its sheltered access to salt water.
Residents of Olympia came up with their own railroad. A narrow gauge railroad connected the Northern Pacific to Olympia in 1878. The state of Washington was admitted to the union in 1889. Olympia acquired the features of a real city including hydroelectricity from Tumwater in 1890, a proper connection to mainline railroads, telephones, a street car system, and water mains.
During the 1930s, Olympia suffered because of the Great Depression. The Unemployed Citizens League staged a march from Seattle to Olympia in 1933. They descended on the small community to demand that the legislature or the governor provide relief in the form of free gas, light, water, a prohibition on foreclosures, and unemployment insurance. They were met with State Troopers in the halls and locked doors.
With the advent of WWII, the Great Depression ended. The shipyards in Olympia were very busy. A mothball fleet of as many as 155 ships was moored at Gull harbor for the next 30 years following the war. The port continued to be busy during the 1940s.
During the 1960s, three large lumber mills were added to Olympia. The Evergreen State College opened on 1,000 acres on Cooper point with both innovative educational and original architecture strategies in 1972. Olympia was one of the fastest growing regions in the US by 1977. Tumwater, Lacey, and Olympia grew into one metropolitan region, although they are politically distinct.
During the 1990s, the downtown was revitalized with a historic preservation program to rehabilitate old buildings and to identify the significant properties. The Old Olympia Firehouse and the Thurston County Courthouse were renovated and placed back in action. The population of Olympia increased to over 200,000 people between 1960 and 2000.
