The Flywheel

January 19, 2018

NEXT MEETING: January 19, 2018

Club Assembly

Don’t miss the Richmond Rotary’s quarterly Club Assembly! Rather than a featured speaker, members will have the opportunity to share ideas, participate in an engaging discussion and talk about future plans for the Club, facilitated by President Connie Tritt.

ANNOUNCEMENTS

The Annual Crab Feed is coming up on Saturday,  January 27. Grand Crab Master Erle Brown has unofficially counted 116 guests as he climbs towards the 150 goal. Please pay David Brown cash or credit card: $50 each. Erle loves selling tables over individual seats.

You can use the PayPal button on the right to order your tickets now.

MEETING OF January 12, 2017

Welcome

President Connie Tritt presided over the meeting. She was pleased that the Rotary/Chamber Mixer on the previous night was well-attended (around 80 guests) with good food and company. Rotary support was easily 50% of those in attendance, great for our club. The event appears to be a keeper for next year and everyone agreed!

Recognitions and Happy and Sad Dollars

The crowd’s response to Happy/Sad Dollars was initially lackluster but they soon warmed up.

  • Mey Saechao is happy to have attended last night’s mixer and today’s meeting too!
  • Jan Brown is happy to be at today’s meeting and last night too!
  • Hank was happy to see more Rotarians at last night’s mixer then today’s regular meeting. Someone said it wasn’t clear who at today’s meeting was at last night’s mixer.
  • Jon Lawlis responded that he keeps track; knows who’s showing up and who’s not; that’s why he’s Santa!
  • Erle Brown is just happy to be anywhere!

PROGRAM

Why Are Reverse Mortgages Making Headlines?

Speaker Cheryl McCarthy (www.cherylmccarthy.com) is reverse mortgages specialist. She assists home owners to enhance their retirement by helping them convert the equity in their home to meet their specific needs and goals.

Reverse mortgages are not what they used to be. Reverse mortgages are getting lots of positive press as a way for homeowners to access the equity, age in-place, and have a successful retirement! Beginning in 1989 when they qualified as an FHA-insured loan, protections have been put in place to make the HECM (Home Equity Conversion Mortgage) a loan of choice for homeowners 62 years or older.

  • No loan payments for as long as you live in the home as your primary residence, maintain the property and pay property taxes/insurance
  • Non-recourse loan – you (or your heirs) will never owe more than the house is worth
  • No prepayment penalty – may be refinanced or paid off at any time
  • Can be used to purchase another home
  • Once in-place, guaranteed access to funds

The loan amount loaned is based on:

  • Appraised value or product maximum $679,650, whichever is lower
  • Age of youngest homeowner
  • Current interest rates

- Darlene Drapkin, “Rotating Editor”