The meeting was opened by Pres. Betsey at 6:05 with the Pledge and prayer delivered by Richard. A moment of silent prayer was held in memory of Bruce Skawinski who passed just before Christmas. He was a great Rotarian!
Guests: Denise Hubert and Merron Treadwell
Announcements:
Brief Derby Meeting to follow tonight’s program.
Ray sought members to do data entry Derby Weekend. He circulated a sign-up sheet requesting a maximum of two (2) time slots per individual to share the fun!
Rob announced that better cooperation with the State Gaming Commission could pave the way for a Casino Night in the fall. All present showed their enthusiasm! Rob will present it to the Board of Directors.
Betsey announced that she will have 2019 Derby merchandise for sale at the February 6 meeting at ‘bargain prices’.
Happy Dollars:
Teresa had a great time with family at a wedding in St. Louis. Ben spent Christmas Week in Daytona. Wendy was happy to welcome potential new member Merron. Anne was thankful for time with family over Christmas. Ray announced that he and Carol welcomed their entire family for the 26th year in row. Tom entertained four of six children and their offspring for Christmas. President Betsey remembered Bruce noting that she and Mike had built handicapped ramps for him. Peter Brothers was thrilled with his new hip! Chuck T. asked for prayers for Linda Hart (Glenn’s wife) who had sustained a serious heart attack.
Program:
Anne introduced program speaker Denise Hubert. Denise has been a reverse mortgage loan specialist with Meredith Village for 10 years and has been in banking for 38 years. She sees her primary role as educational. Reverse mortgages first appeared in the mid 90's and have become increasingly popular with the rising number of seniors. They are NOT for everyone but could be considered as a part of one’s retirement plan. Once considered a program of ‘last resort’, those eligible (62 yrs. or older) , gradually take equity out of their primary residence to use for other purposes such as to augment their social security; to pay for home health care; to payoff an existing mortgage; to cover increased Medicare premiums; and even to purchase a second home. No principal or interest payments are payable until the property is sold usually at the time of estate settlement. One pays interest only on the money withdrawn. In affect, it works as a ‘standby asset product’. An appraisal (maybe a second independent of the first) is required as part of the application. There are guidelines to protect one’s spouse. Reverse mortgages with HUD are guaranteed with insurance from HUD and are designed for the long term. A credit line can be set-up to augment monthly income.
Reverse mortgages are available at all branches of MVSB. Denise travels to all branches to meet with potential clients.
