Silverdale Reverse Mortgage Loans
Many Seniors today are using a Silverdale 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 Silverdale WA
The best way to find out if a Silverdale 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 Silverdale 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 Silverdale 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 Silverdale reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Silverdale reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Silverdale
- To receive personalized Silverdale 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
Silverdale Tidbits
Many people nowadays only know Silverdale as a hub for retail services and business, but Silverdale has a history that spans 156 years, long before it was a booming economic center it is today. There is ample opportunity to look at the many historic buildings that dot the streets of Old Town Silverdale. Old world charm, technology, and a beautiful waterfront setting turn Silverdale into what it is today.There were loggers who expanded their operations into the valleys. They built roads as they went along their path of expansion. Silverdale was eventually settled in 1854. In the 1880s, there were Scandinavian immigrants that were moving into this location to find work in the industry of timber. After most of the area was logged out, farming became the way of life for many settlers.
The conditions for farming were optimal and family farms thrived here. In 1887, The Farmer's Cooperative was formed. Chicken, dairy, and hog farms were in abundance through the mid 1950s. In 1878, Settler William Littlewood named the town Silverdale. Littlewood originally wanted the town to be named Goldendale, but another town already had that name. He changed the name to Silverdale.
In the mid 1880s, steamboats made trips from the Kitsap area to Seattle. The Silverdale Dock was the commercial trade well and center of entertainment all the way into the 1900s. The dock was located in what is now known as the Silverdale Waterfront. There are still remnants of Silverdale's humble beginnings as a timber and farming center. These remnants can be found in places like the Old Mill Site on Bucklin Hill Rd.
The modern Old Town Silverdale boasts a variety of art galleries, shops, cafes, and panoramic waterfront views of Sinclair Inlet. The favorite place to hike for locals is the beautiful Clear Creek Trail, which meanders through the remaining part of the urban area of Silverdale.
Silverdale is located on the Kitsap Peninsula. The city lies ten miles northwest of Bremerton and nine miles south of Poulsbo. Silverdale is located at the northern edge of Dyes Inlet, connecting it to Bremerton by way of Sinclair Inlet and the Pacific Ocean by way of Puget Sound. Silverdale has an area of 7.9 square miles according to the United States Census Bureau. .9 square miles of that area is water. 6.9 square miles of that area is land.
There were 5,867 households, 19,204 people, and 4,059 families living in Silverdale. There was an average of 2,277.9 people per square mile. There was an average density of 899.6 for each square mile. There were 6,246 housing units in Silverdale. The racial breakdown of Silverdale was 9.8% Asian, 74.9% White, 1.9% Native American, 3.5% African American, 1.45% from other races, 1.1% Pacific Islander, and 5.01% from two or more races. Latinos and Hispanics made up 4.4% of the population. Of Silverdale's 5,867 households, 39.3% of those households had children under 18 living with them, 9.3% had a female spouse without a husband present, 56.6% were married while living together, 30.8% were non-families, 6.1% of households had someone living alone who was 65 or older, and 22.7% of households were made up of individuals. The family size averaged out to be about 3.14 people.
In Silverdale, 28.0% of the population was under the age of 18. There was 12.2% that was from 18 to 24. 31.1% of the population was from 25 to 44. 19.7% were from 45 to 64. 9.0% consisted of those who were 65 or older. 32 years was the median age in Silverdale. There were 96.9 males for every 100 females. There were 97.0 males for every 100 females 18 years old or over.
$48,164 was the median income for a Silverdale household. $54,538 was the median income for a family living in Silverdale. Females had a median income of $28,414. Males had a median income of $38,504. $21,763 was the per capita income for Silverdale. 4.8% of the population and 2.8% of families were under the poverty line. This includes 6.4% of those 65 and older and 5.1% of those under age 18.
Kitsap Mall, a retail center in Silverdale, contains many businesses. There is a Target, Best buy, Costco, T.J. Maxx, and Trader Joe's in the area. There are also other small businesses in the area, such as Pip's Bagels.
Central Kitsap School District is home to 11,000 students between kindergarten all the way to 12th grade. There is one secondary school for grades seven to 12, two high schools for grades 10 to 12, three junior high schools for grades seven to nine, 12 elementary schools, three satellite programs, and a home-school support program. The district has high school and junior high alternative programs available. The statewide rate for graduation as of 2010 is only 72%, while the graduation rate for Silverdale is 89.4%.
