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.

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!

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.

Recognitions

Happy and Sad Dollars

Norm’s Nonsense

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

NEXT MEETING: January 12, 2018

Why Are Reverse Mortgages Making Headlines?

Cheryl McCarthy is a local specialist and speaker on reverse mortgages. She assists homeowners ages 62 years and older to enhance their retirement by helping them convert the equity in their home to meet their specific needs and goals.

Cheryl will cover:
• New Thinking about Reverse Mortgages
• Myths and Misconceptions
• How to Tell if a Reverse Mortgage is Right For You

MEETING OF January 5, 2018

Welcome

Prez Connie welcomed all to the first meeting of the new year! Erle Brown lead us in the pledge to the flag waving in the rain. Alan Baer asked for a moment of silence for peace and freedom.

Visiting Rotarians and Guests

Darlene Drapkin introduced us to her guest Polo Valdovinos (more later). Edgar DeLeon brought as his guest his son John, a student at U Mass.

Announcements

• Grand Crab Master Erle Brown reminded all that our Annual Crab Feed will be on January 27 at Salesian High School. Tickets are $50 cash or credit (see button on right) to Treasurer David Brown (no relation). No Pay No Eat!
• Josh Surowitz invited all to the Richmond Chamber Mixer co-sponsored by our Rotary Club and the Richmond Chamber of Commerce, this Thursday, January 11 at Richmond Country Club, 5 -7 PM.  This is a terrific opportunity to interest potential new Rotary members. And what better place to have a drink and get out of doing the dishes?
• Final total for our Holiday Auction: $33,700!! Thanks to all for being very generous!

Recognitions

Happy and Sad Dollars

Norm’s Nonsense

PROGRAM

Stacey Street introduced out guest speaker Amiko Foster who is the President/CEO of Youth Finance Institute of America (YFIA). Amiko grew up in Albany and attended Cal. YFIA’s goal is to educate youth about basic personal finance life skills.

Started in 2015, YFIA works with youth 14-24 years of age in low to moderate income communities. YFIA works with many partners in the community particularly Richmond Community Fund and Richmond Promise. The three programs offered by YFIA are: Money Talk; Foster Youth Financial Coaching and Cash for College.

Amiko posed a question to the Rotarians looking for answers that she could share with the youth she works with: “What advice would you give to your 16 year old self about planning for your financial future?” Many very wise suggestions were made include don’t screw up your credit, pay your obligations, be entrepreneurial, do not co-sign anything, and surround yourself with responsible people.

For more information on YFIA you can go to their website: www.yfia.org