Redmond Reverse Mortgage Loans
Many Seniors today are using a Redmond 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 Redmond WA
The best way to find out if a Redmond 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 Redmond 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 Redmond 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 Redmond reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Redmond reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Redmond
- To receive personalized Redmond 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
Redmond Tidbits
In 1871, two men named Warren Perrigo and Luke McRedmond arrived in the region. Mr. Perrigo took up a claim just east of the Sammamish River while Mr. McRedmond took up a claim next to the Sammamish River. Mr. McRedmond immigrated to the US after leaving Ireland during a potato famine in 1850. He settled in Port Madison in Kitsap County after traveling around the nation. There, Mr. Perrigo, who was a veteran of the Civil War, and his wife Laura traveled from New England around Cape Horn. Mr. McRedmond took up service as sheriff and a county commissioner. Both men settled in Kitsap County.They both wanted to homestead. They elected to file claims in the Sammamish Valley, where the water was abundant and the soil was fertile, after they had visited regions east of Seattle. They began clearing their land immediately after they filed their claims.
Mr. Perrigo built a house that doubled as an inn because he realized that many hunters and travelers would be passing through the area soon. They named it Melrose House after Mr. Perrigo's Massachusetts hometown. While they were scouting out their claims, many early pioneers stayed there. Mr. Perrigo also blazed many early roads and trails. With his inn at the center, he created a network among the other fledgling communities in the area. He also became the best trader in the area.
Luke McRedmond had begun to create a small community. He initially called it Salmonburg after the abundance of dog salmon in the streams and rivers. However, he later changed the name to Melrose because of the popularity of Melrose House. In 1882, he officially renamed the community to Redmond when he became postmaster. This resulted in bitterness between the McRedmond and Perrigo families for years to come.
The name really didn't matter to other pioneers. They took jobs as loggers in the foothills of the Cascade Mountains. Other hunted and fished at Lake Sammamish. For those who wanted to buy or sell their goods, Kirkland had an easy ferry service to Seattle. In 1889, Redmond received rail service. The Lake Shore, Seattle, and Eastern Railroad were built through the community.
Redmond started prospering. In 1897, the first school opened. There were shingle mills and lumber mills all over the countryside. Mr. Perrigo became a leader who was fighting for better roads. The population of Redmond was 271 people by 1900. Redmond was home to both merchants and laborers.
A man named James Clise, who was a prominent businessman and banker from Seattle, liked what he saw when he visited the region. He constructed an elegant home for him and his family on 78 acres south of Redmond that he purchased in 1904. The Clise family liked visiting it so much, they moved out of their Seattle mansion in Seattle to their new home that they named Willowmoor.
The population of Redmond was 299 people in 1912. They voted to incorporate. The son-in-law of Mr. McRedmond, a judge named William White, opposed the incorporation because the community didn't have 300 residents that the law required. However a baby boy had been born some weeks earlier and hadn't yet been listed on the rolls. A vote was taken and on New Year's Eve in 1912, Redmond was incorporated as a town. Redmond acquired the amenities of a small community during the next few decades such as paved roads, retail shops, schools, telephone service, and churches. At the ferry landing in Kirkland, there was a stage service that also included an open air bus for sightseeing.
Redmond suffered and then persevered during the Great Depression of the 1930s. The Redmond Bike Derby is one of the legacies of that period that still survives. In 1939, the derby was intended as a fundraiser for school athletic equipment and Christmas decorations. It is still the oldest bike race in the country. Signs that lead into Redmond still proclaim the community as the Bicycle Capital of the Northwest. After bridges were built over Lake Washington during the late 1900s, the neighboring communities of Bellevue and Kirkland began thriving. In the meantime, Redmond was quietly growing and would experience its own massive spurt of growth spurt by 2000.
Microsoft Corporation was founded by Paul Allen and Bill Gates in 1975. The company was looking for a location to place its corporate campus after outgrowing its office in Bellevue during 1985. Mr. Allen and Mr. Gates selected Redmond for their headquarters. Microsoft controlled approximately 355 acres of land in Redmond by 2004. Later that same year, the company announced plans to purchase the corporate headquarters of clothing retailer Eddie Bauer, which was in financial trouble. An additional 20 acres came with this acquisition. Everybody has heard of Redmond if they have ever used or owned a computer anywhere in the world. That is a considerable amount of change for a little community once named Salmonburg.
