The Flywheel

Program for January 26th, 2007

Tales from Siberia

Christoph Saenger, a Rotary Ambassador Scholar from Germany talks about his work in Russian Siberia. Wear a sweater.


Meeting of January 19, 2007

Welcome, Invocation, Thought for the Day

Prez. George Egan launched the meeting asking Stoney Stonework to lead us in a moment of silence for world peace and freedom.  There was a Pledge of Allegiance, and, there was thought for the day attributed to Winnie the Pooh.

Rotarians with Guests

Judy Kafka introduced her two guests Lynn and Barb along with the a challenge to the members to guess their occupations.  The challenge carried a $100 prize to the benefit of the club if anyone guessed correctly.  As both Lynn and Barb set a stylish trend line somewhat above club averages, there was a lot of talk about fashion, design and modeling.  Good sport Judy laughed and said, “No, one is a mechanical engineer and the other is in marketing”, and gave $100 to the club anyway.

Sunshine Report

  • David K reported that Dave Ninomiya is continuing his treatment as UCSF. For those of you who want to send a card his address is 239 Brannon, Apt. 10C, San Francisco.
  • Also, Troy Prewitt is a proud new father.  Details about the new Prewitt await Troy’s next “visit” to Rotary.


  • The Russians are still coming, The Russians are still coming.  Margaret Morkowski is still looking for people who can house one or two of our Russian visitors  for an or all of the three weeks they will be here, Contact Margaret if you can help.
  • Cornerstone of the club’s Rotary Foundation, Erle Brown, reminded the members that our annual goal is a $100 Foundation contribution from each member.  While we are doing good on average, it is because of a couple of major contributions and everyone should make arrangements to dip into their pockets for the goal amount. 
    Our contributions to Rotary Foundation support enlightened future based efforts like the Peace Fellows, Ambassador Scholars and Polio Plus.  In addition, the funds cycle back to the club as we receive 1/3 of our previous donations for our local program efforts.  Make your checks payable to the Rotary Foundation.

Special Events

District Governor Candy Pierce will be our featured program speaker March 2nd.  Her last presentation about Rotary received a standing ovation from the members present.  If you weren’t present you missed something.  And as my mother used to tell me, “If you want the good stuff, you need to be there”.  Do plan to attend.


  • Dandy Don Lau asked Schools Chief Bruce Harter if it was true he had a birthday on January 2nd.  Bruce said, “Maybe”. Don asked Bruce if he had a good time.  Bruce said, “It was no big deal.” Don asked Bruce how old he was and Bruce said, “It doesn’t matter.”  Dandy D. asked Bruce if he had anything for the club and Bruce said, “Probably”.
  • A somewhat frustrated Dandy Don then asked Lillian Koziol if it was true she just celebrated an anniversary.  Lillian said “yes, she did, but she didn’t remember what she did, but she was pretty sure it was fun.”  And Lillian made a contribution to the club, still having fun.

Happy and Sad Dollars

  • Elof Granberg had a Happy Ten Spot for the two new knees he is going to have this week.
  • Bob Dabney had Happy Dollars  for bio technology and his own new knee that supporting him well skiing at Sun Valley.
  • Erle Brown waved his Happy Ten Spot in a Hasta la By-By to the club as he will be relaxing in Mexico for the next five weeks.
  • Josh Genser had Happy Dollars to be back at the club as he has had more than enough time in court lately.
  • Judy Kafka had Happy Dollars for club optometrist Dan Sanders who diagnosed her glaucoma and is successfully treating it.
  • Jan Brown had Happy Dollars for her December stint on jury duty as it was a good reminder that we have a fine court system that does a good job of administering law and justice.
  • Margaret Murkowski had Happy Dollars for those Rotarians and others who have volunteered to host Russian delegates in their homes and a thank you to Tom Butt for hosting the delegation Welcome event.
  • Jim Young had Happy Dollars because his daughter’s beau finally made a much anticipated proposal of marriage to Zura last weekend.

Raffle Results

Today’s raffle was for $207, and it is true that Luck must be a Lady as Barbara M. again drew the orange ball after cleaning house a couple of weeks ago.  Makes one wonder how Barb will do at the upcoming Porker Night Fundraiser.


The Program

Reverse Mortgages explained:
Rick San Vicente

old and new buildngs

Jim Young introduced program speaker Rick San Vincente who discussed reverse mortgage instruments and the benefits they can provide to older home owners.  Rick holds a Bachelor’s degree in Economics from UCLA and an MBA in Marketing and Finance from UCLA’s Anderson School of Business. He lives in San Ramon with his wife Lisa (married 14 years), two kids, Alexa and Jack.  Rick started in baking in the 1970s with then Security Pacific National Bank and has also worked in television and advertising.  He currently works for Financial Freedom Senior Funding Corporation which specializes in reverse mortgage lending.  Financial Freedom Senior Funding Corporation is a subsidiary of IndyMac Bank F.S.B.

The highlights of this technical presentation are outlined below including recommended additional reading for those who are interested and contact information for Rick if you would like to ask him more questions.  The editor notes that all loan programs have costs and benefits and this presentation is offered as information without recommendation or warranty.

  • Home owners need to be 62 to qualify for a reverse mortgage. 
  • The mortgage can be structured like an annuity making monthly payments to the home owner or as a line of credit that can be borrowed, repaid and borrowed again.
  • There are no monthly payments during the life of the mortgage.
  • The debt is repaid when the last owner/spouse leaves the home.
  • The loan is a “non-recourse loan”, meaning the lender may recover the loan principal and interest only from the home/real estate equity and not from the borrower’s estate or other assets.
  • There are no restrictions on the use of loan proceeds.
  • There are two general types of reverse mortgage instruments, one regulated and insured by the Federal government through the Department of Housing and Urban Development.  The other is offered by lending institutions without as much regulation and programmatic restriction.

A lively Q&A followed Rick’s presentation and it covered topics too numerous and detailed to cover here.  It is recommended that if you want more information, rates, terms and specific answers to specific examples you should contact Rick SanVincente at 925-848-6575 or Rick also recommends articles on the subject published in the following sources:

AARP magazine

CBS News

New York Times

Your Rotating Substitute Editor, Jim Young