Tacoma Reverse Mortgage Loans
Many Seniors today are using a Tacoma 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 Tacoma WA
The best way to find out if a Tacoma 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 Tacoma 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 Tacoma 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 Tacoma reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Tacoma reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Tacoma
- To receive personalized Tacoma 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
Tacoma Tidbits
In 1841, the inlet of Commencement Bay was discovered. In 1852, when a creek entered the head of the bay, a sawmill that was powered by water was built. Although they evacuated during the Indian War that occurred between 1855 and 1856, around that sawmill a small community of white settlers was established. The name of this small community was Eureka, later Tacoma.A man named McCarver began a campaign to attract the Northern Pacific railway and settlers. This railway selected Commencement Bay for its westernmost terminus in 1873. The railway built its depot on a location two miles south of Tacoma City and called it New Tacoma. In 1887, the transcontinental link arrived and the two communities had united to become Tacoma.
In 1889, the future looked bright for Tacoma as a result of statehood and the connection of the transcontinental railway system. By 1890, the population had increased to 36,006 people from 1,098 people in 1880. Although grain terminals and warehouses lined the waterway, in 1901, the boom went bust during the Panic of 1893. A Supreme Court decision broke up monopolies and trusts in 1904, and in Tacoma, the lock on Northern Pacific's wharf space and rail service was broken. In 1912, the Milwaukee Road, Union Pacific railway, and Great Northern Railroad all built transcontinental connections to Commencement Bay. As a result of these railroads, Tacoma grew much larger.
Between 1900 and 1910, Tacoma was booming. New residents moved into the community as an industrial boom was brought on, which fed the area's shipyard business, as a result of WWI in 1917. On 70,000 acres that were bought by the voters in Tacoma, the US Army built Camp Lewis. The voters developed the Port of Tacoma, which started to improve the facilities and the waterways in 1918.
The price of lumber dropped dramatically and agriculture slumped after WWI. Tacoma built additional hydroelectric plants and improved the water system during the 1920s. In 1929, the Great Depression wreaked havoc on the economy in the region. In 1940, with the defense buildup in anticipation of WWII, things turned around in Tacoma. Sailors, soldiers, and war workers crowed into Tacoma. In 1942, the Army ordered the evacuation of Japanese-American immigrants from the West Coast.
There was an opportunity for interurban cooperation during the air age. In the early 1920s, the Mueller/Harkins airfield was built in Tacoma. In 1928, north of Fort Lewis, the Tacoma Municipal Airport was built in Pierce County. However, in 1938, the Army took it over. In 1944, Sea-Tac was developed as the result of an agreement between Seattle and Tacoma to build a new airport between the two communities at Bow Lake. The only condition was that the name had to reflect both communities.
In 1951, a legislative committee for the state held hearings on vice and organized crime and the sense of tranquility vanished in Tacoma. A picture was painted of official corruption and widespread vice. Ever since 1910, Tacoma had used a commission styled government. Separate officials were elected to control public safety, public works, and utilities. However, this system resulted in dishonesty and ineptitude. WWII revealed that the system was obsolete although there was growth and a business boom. The voters approved the mayor-city manager form of government in 1952.
A postwar urban planning was enjoined by Tacoma as a federal pilot project during WWII. Voters approved recreational facilities, a civic auditorium, port development, improvements to the street and sewer system, and new schools in 1944. This urban renewal resulted in the downtown having terraced walls and parking garages following the war. However, the automobile and suburbanization put the businesses downtown into competition with shopping malls and the once rural communities such as Gig Harbor and Fife. In 1950, the Tacoma Narrows Bridge was completed and in 1965, Interstate 5 was completed, which shifted local transportation to highways from ferries and rails.
In the 1970s, during the construction of the Trans-Alaska Pipeline, Tacoma became an important link to Asia and Alaska. The tidal flats provided the space required to construct the buildings that would be shipped to the oil fields and the pipeline. Tacoma had the opportunity to take advantage of some new technology because the container terminals needed space to move and store the big boxes.
In 1990, in an old newspaper building, the Tacoma branch of the University of Washington was developed and later had its own campus. In 2002, on some industrial land next to the Thea Foss Waterway, the Museum of Glass opened. In 2003, the new art museum opened. In 2004, a new convention center opened, both of which attracted additional visitors. The downtown area is connected to Interstate 5 via a dramatic bridge that is stayed by cables.
