Spokane Reverse Mortgage Loans
Many Seniors today are using a Spokane 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 Spokane WA
The best way to find out if a Spokane 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 Spokane 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 Spokane 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 Spokane reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Spokane reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Spokane
- To receive personalized Spokane 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
Spokane Tidbits
In 1870, Spokane was settled as a small community and it was soon the regional center for medical services, education, transportation, timber, agriculture, and mining as well as the county seat of Spokane County. In the less populated area of plains and between Seattle and the Mississippi River, Spokane provided a welcome urban oasis.The reason for both the habitation of Native Indians and the later white settlers was an especially beautiful series of falls on a tributary of the Columbia River known as the Spokane River. The Native Indians, known as the Spokanes, were sustained by the large population of salmon in this river. Other tribes of Native Indians joined the Spokanes at the falls for socializing, celebrating, games, trading, and fishing during the salmon runs. In the Native Indian language, 'Spokane' translates into 'Children of the Sun'.
The Native Indian way of life that was based on salmon ended when dams were built on the Spokane River. The conflicts between the Native Indians and white settlers increased as the population of white settlers increased. Northwest of the current city of Spokane, the Spokane Reservation was established in 1881.
The first people of European descent to arrive in the area were missionaries and fur traders. The white settlers who visited the region were impressed with the potential economic importance and the grandeur of the falls. On the south bank of the river, a sawmill was built in 1871. Soon, there was a general store. Additional families started settling on the south side of the river. Flour and lumber were available at the general store.
In 1877, it became clear that hotels were needed and the Western House was built as more white settlers arrived. The first newspaper was established in 1879. The temporary county seat of Spokane County was established that same year. In 1895, a chateau styled country courthouse was built.
Prosperity and growth were abundant during the 1880s. The population of Spokane was approximately 1,000 people in 1881. Spokane saw incorporation that same year. In 1883, the future of Spokane was assured when the Northern Pacific Railroad was completed.
Spokane had become a major center for conventions, fairs, and agriculture by the 1880s. In 1887, the Washington Idaho Fair went on to become the Spokane Interstate Fair. Although the fair was brought back in 1952, it was discontinued during the Great Depression. Between 1908 and 1916, the annual National Apple Show was held in Spokane.
In 1889, much of the center of Spokane was destroyed by fire. In 1890, Spokane hosted the first industrial fair in Washington State known as the Northwest Industrial Exposition. In 1893, there was a panic which brought on the loss of fortunes for many as well as much unemployment. Mining and railroad men emerged as new generation of wealthy leaders during the period after the panic.
The population had increased to nearly 40,000 people by 1900. Spokane was linked to surrounding communities by an interurban railroad. Street railways were electrified. Supposedly, there were 26 millionaires in Spokane by 1909. By 1910, the population of Spokane had increased to 100,000 people as the result of the tremendous boom in immigration. In 1910, women got the vote in Washington State.
In 1918, over 1,000 deaths were attributed to an epidemic of the flu. Spokane became a center for military, commercial, and private aviation in the 1920s. That same year, the Mamer Air Transport Company pioneered a mail route and commercial route between Minneapolis/St. Paul, Spokane, and Seattle.
The Great Depression, the Roaring Twenties, and Prohibition were all experienced in Spokane during WWI. In the 1920s, many farms were foreclosed upon as the result of an agricultural depression. The unemployment rate soared in Spokane and banks and businesses failed during the Great Depression.
In 1977, an annual footrace known as Bloomsday was founded and attracted approximately 50,000 participants. The supposedly secure family waged industries, including Kaiser Aluminum, was bought out, which dramatically reduced their pensions and workforce during the 1990s. Spokane regained some optimism during the late 1990s. The medical fields flourished during this period.
In 1999, a private/public venture, designed to return the vitality to the center of Spokane, created a parking garage and a mall downtown known as River Park Square, which is the most contentious and dramatic recent development. Technical support to Spokane is provided by educational programs offered by a consortium of regional universities that expanded its campus in Spokane. Spokane should have a competitive edge as a result of a new convention center, which is currently under construction. Technical and service opportunities are replacing the dwindling manufacturing jobs. The future of Spokane looks promising although problems remain in the areas of pockets of poverty, comparatively low wages, public services, aspects of the city government, infrastructure, and the tax base.
