Renton Reverse Mortgage Loans
Many Seniors today are using a Renton 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 Renton WA
The best way to find out if a Renton 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 Renton 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 Renton 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 Renton reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Renton reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Renton
- To receive personalized Renton 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
Renton Tidbits
The Duwamish Indian tribe lived in a village at what is currently known as Renton long before white settlers arrived in the region. The location was close to the confluence of the Cedar and Black Rivers. The Black River carried runoff into the White River and the Cedar River flowed in a southeastern direction into Lake Washington. The White and the Black River both flowed into the Duwamish River, which then flowed northwards towards Seattle. Human engineering changed this configuration much later, but at that time, the rivers were important avenues of commerce and resources.A man named Henry Tobin rowed his boat up the Duwamish River and staked a claim after seeing the meeting place of the rivers in 1853. Access to the lake offered the potential for many different types of businesses and the running waters were an ideal location for a mill.
Living next to Mr. Tobin was a man named Dr. Bigelow. Dr. Bigelow discovered a seam of coal on his land a year later. Dr. Bigelow and Mr. Tobin went into business and a mill was constructed in order to provide timber for the mines.
Having never seen a mill before, the Indians were at first fascinated with it. However, it wasn't long before the Indian way of life was interrupted as a result of the ever increasing number of white settlers who came into the area. In 1855, this resulted in what came to be known as the Indian Wars. These wars ended when all of the Indians within the territory were resettled.
However, the white settlers were mostly driven away and the mill burned down during this brief war. Dr. Bigelow elected to leave the area and some warriors from the Cascade Mounters killed some of the backs of Mr. Tobin after he died of poor health. Somebody else would have to cultivate their dreams of success.
In 1857, Diana, Mr. Tobin's widow, remained the owner of the claim that her husband had made. She and a landowner named Erasmus Smithers met and soon fell in love and married. They wound up owning almost 500 acres of land. Mr. Smithers filed the first plat for what would become Renton. In 1875, additional white settlers started relocating to the region.
A few years earlier, a man named Captain William Renton established the Renton Coal Company. The community was named after Captain Renton. Captain Renton had bought the mine from Mr. Smithers and expanded it even further as a result of his financial backing. Captain Renton was also known for his successes on Puget Sound with the famous Port Blakely Mill.
Access to the rivers and lakes permitted Renton to become the center of the coal industry while other coal mines dotted the mountains and hills east of Renton. There was a need for improved transportation routes as a result of all of this activity. Therefore, Renton was connected to Seattle by road. Renton was also a center for railroads by the late 1800s.
Renton was also a commercial center because of the productive agricultural land in the river valleys. Other businesses included lumber mills, a glass making plant, a cigar factory, and tile and brick factories. In many ways, Renton was a prosperous community by the early 1900s.
The year 1901 brought the incorporation of Renton as a town. As the result of heavy industry, Renton earlier became known as a rather rough community. There were no churches and nine saloons in 1885. However, by 1910, Renton had a bank, newspapers, an icehouse, more lumber companies, a bottle factory, schools, and churches because incorporation had resulted in a more civilized and organized community.
In 1916, the community underwent a change in topography. The canal between Lake Union and Lake Washington was completed. The water level in Lake Washington receded by nine feet as the waters merged. The end result was that the Black River dried up and was never seen again.
In 1941, the Boeing Company relocated to Renton and opened for business, which was probably the single greatest influence in the success of Renton. The Boeing plant in Renton was producing B-29 aircraft at a rate of six per day during WWII. This was the same time that PACCAR was producing 30 Sherman Tanks a month. The women in the community did the majority of this difficult work since most of the men had left to fight the war.
Following the end of the war, the women relinquished the jobs they had held during the war to the returning men. Although the slowdown was only temporary, there wasn't much of the military work left to do. However, there was federal funding available which provided Renton with a small fortune towards infrastructure work, street repairs, and housing. In addition, Boeing would start to develop jet transportation within a few years. Renton was ready to meet the challenge when Boeing entered the jet age.
