Yakima Reverse Mortgage Loans
Many Seniors today are using a Yakima 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 Yakima WA
The best way to find out if a Yakima 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 Yakima 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 Yakima 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 Yakima reverse mortgages, we would be honored if you would consider Sound Financial Mortgage LLC as one of your Yakima reverse mortgage brokers.Contact us if:
- You would like to speak with a professional serving Yakima
- To receive personalized Yakima 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
Yakima Tidbits
Since the community was established over 125 year ago, Yakima has been the governmental health services, educational, business, and cultural focal point of the Central Washington area. Yakima has evolved from its agricultural roots to a diverse and vibrant metropolitan city that was initially built next to the new Northern Pacific Railway company line. Yakima is in the heart of Central Washington and has a bright future with a rich history.No one is certain exactly how the community was named. There are many different theories with regard to the origins of the name of the community. One of the more popular theories is based on a legend about the daughter of an Indian chief who broke some tribal rules and then left her home. The chief's daughter lived next to the Yakima River which is currently the same location of Yakima. Yah-kah, the plural form of the word "black bear" is another common belief for the origin of the community's name.
In 1805, the first American expedition arrived into the area. Explorers Lewis and Clark made their way through into the region and shared tales of rich soils and abundant wildlife. A Catholic mission was established in what is currently known as the Yakima Valley in 1847. President James Buchanan sent an American army garrison into the region to take care of the ongoing battles between the white settlers and the Native Indian tribes in the region and to build Fort Simcoe in 1858. Additional white settlers started arriving in the area when the Yakima Indian Wars were over as a result of the implementation of Fort Simcoe.
The year 1883 brought the incorporation of Yakima as a city. However, approximately one year later a dispute between the Northern Pacific Railroad Company and some land owners resulted in establishing a new community approximately four miles north of the original location. Over 100 buildings were relocated by using horses to pull them over rolling logs. In 1886, the new community known as North Yakima was officially incorporated. In 1918, the legislature of Washington State officially renamed the community Yakima.
The economy of Yakima economy has always been largely dependent on agriculture. There are many different crops that are raised in the Yakima Valley. The fact is that Yakima County is the leader in Washington State with regard to value of the agricultural products such as grains, vegetables, and fruits. The area has long been known as one of the leading producers of apples in the world. There are also other tree fruits, such as apricots, nectarines, pears, peaches, and cherries that are also grown in the valley. Some of the more than 30 different varieties of vegetables and fruits that are grown in the Yakima Valley include eggplant, berries, hay, and mint. Not many people know that this area is responsible for producing approximately 75% of the key ingredient in beer, known as hops in the US.
More than 250 manufacturing companies are also located in the Yakima Valley, and although Yakima is still dependent on agriculture to drive its economy, these manufacturing companies produce many different products such as communications technology products, recreational vehicles, plastic products, wood products, and aircraft parts. However, the fastest growing segment in the economy of Yakima is tourism. There are over 70 wineries located in the Yakima Valley that regularly attract visitors to sample and buy varietals that are renowned internationally. Yakima is a favorite destination for people from around the world as well as the Northwest as a result of the outdoor recreation, such as whitewater rafting, horseback riding, hiking, boating, fishing, and snow skiing.
Frequently the Yakima Valley is described as a somewhat arid desert. Yakima has four distinct seasons and boasts about the 300 days of sunshine each year. In the spring, some rain will probably fall and the temperatures in the daytime are usually between the 60's and 70's. Summers offer temperatures that range between the middle 80's and the middle 90's and are dry. However, sometimes during the day the temperature can reach as high as 100 degrees. The fall offers highs of 50 to 60 degrees, although during the nighttime it can cool down to between the 30's and 40's. Usually the winter temperatures range from the 20's to the 30's and snow is rather common. Overall, the climate in Yakima is mostly dry and mild and the region only area averages approximately eight inches of precipitation each year.
