Snoqualmie Reverse Mortgage Loans
Many Seniors today are using a Snoqualmie 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 Snoqualmie WA
The best way to find out if a Snoqualmie 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 Snoqualmie 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 Snoqualmie 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 Snoqualmie reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Snoqualmie reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Snoqualmie
- To receive personalized Snoqualmie 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
Snoqualmie Tidbits
Snoqualmie, Washington is located just above Snoqualmie Falls, next to the Snoqualmie River approximately 30 miles east of Seattle. It is a rural community that was established early in the history of the Puget Sound area. The beautiful Snoqualmie Falls was formed by the convergence of three forks of the Snoqualmie River close to the community. The Snoqualmie Falls are considered to contain powerful magic for peace by the Snoqualmie Indian tribe. The Snoqualmie Indian tribe has at times been maybe a too peaceful Indian tribe. Chief Patkanim sided with the pioneers against the warrior tribes, when they first arrived during the 1850's. In 1855, the Point Elliott Treaty, which ceded all of the land owned by the tribe to the US, was signed by Chief Patkanim. In return, the Americans never provided them with a reservation or repaid them. Many of the Snoqualmie Indian tribe wound up living on land that was once theirs in poverty.Land was opened up for homesteaders when the treaty was signed. Although they only stayed for a few years, the first white pioneers in the Snoqualmie Valley were the Kellogg brothers. Many consider a man named Jeremiah Borst to be the first permanent pioneer close to the falls, in 1858, after he arrived. During the California Gold Rush, he had made enough money to relocate to Washington State to purchase land, which he did very vigorously. Mr. Borst was certainly far and away the richest man in the valley by the 1880's.
There were three consecutive wives of Mr. Borst, the last of whom was a relative of Mr. Patkanim named Kate Kanim Smith. It appears that she was also somewhat related to Chief Seattle. In the surrounding communities, Kate was well respected and was also very intelligent. Over the years she always enjoyed discussing the numerous changes that she had seen in her lifetime and made many friends.
Many other people were purchasing land as was Mr. Borst. The valley was profitable for the farmers and jobs were provided for the loggers by the timber next to the mountainsides. There were many tales are told about a niece of Mr. Borst named Lucinda Fares. Nicknamed Lucindy, she was a large woman that had a heart of gold. Partaking of her pioneer hospitality, numerous travelers stayed overnight at her farmhouse. She once adopted a young boy whose parents had abandoned him, while passing through.
Milking cows on her farm turned out to be a large chore for Lucindy, because she weighed nearly 350 pounds. Rather than moving from one cow to the next, she trained all 30 of them to come to her when called by name. White settlers remember the sight of each cow lining up one after the next in order to be milked.
It was a challenge to live in the rural community, particularly for young children. There were some children who received education from people with questionable credentials. Asa Storey was the first teacher in the region and taught out of his dilapidated shack. His own children were considered to be wild things from the woods. Al Fiske was the second teacher, and insisted that his pupils learn that two times zero was two, three times zero was three, and so on. The students got up and went home after walking out of class. Another teacher was beat up for whipping a young boy by some young girls, and ultimately left the area.
Hop farming became very successful in the valley in the 1880's. Many Indians who arrived for all over the Northwest to work on a hop ranch were hop pickers. Another successful industry was the lumber mills, which survived long after the 1900's when aphids wiped out the hop crops.
The year 1889 brought the incorporation of Snoqualmie as a village. This occurred at approximately the same time that railroad service became available to the upper valley. An excursion was the first train in the region, which was indicative of the charm of the region as a destination for tourists. Snoqualmie was also a desirable place to live because of the accessibility to Puget Sound. There were less than 50 people living in the whole valley in 1870. However, there were 429 people living in the community of Snoqualmie by 1900.
Although, the timber industry became of less importance to the economic health of the community, it continued to operate throughout the 1900's. Snoqualmie was a popular stop for visitors either by road or by train because of its proximity to Snoqualmie pass and the spectacular waterfall.
During the 1940's, when Highway 10, which is currently known as I-90), the community suffered a loss of tourism because it bypassed Snoqualmie. However, the leaders of the community provide a bright image of the community as a great destination for local and visiting travelers over time. In 1974, the rail line was abandoned, but Snoqualmie remains a peaceful and pleasant community, in part as a result of the magical powers of the falls.
