Pledge/Prayer: President Peter
Song: Andy Anderson
Guest: D.J. Nucci
Brents Flim/Flam: The dealer won high hand (Brent)
Raffles Winners: Charlie Norz, Brent (again!), Ken Roche
HAPPY BUCKS:
Gerri happy for a sunny morning.
Bill Suits claims he gives his mailman his Xmas present in the summer, to be better
remembered.
Red Socks fans are happy, for now.
More lack of pin fines, although Gerri had a supply handy for those that needed them,
President Peter happy for a new grandchild. The baby was born with some medical
problems that seem to be under control now. The whole club wishes the family well!!
ANNOUNCEMENTS:
Gerri received a letter on the "Gateway Project" wanting to know if the club would
donate funds to tree planting on the new site. Gerneral feeling was yes, but needs
to go before the board.
John Donnelly said our exchange stundent, Zuka, will be arriving tonight at 6:10PM
at JFK and would like to have someone meet him if possible. Keith very
graciously volunteered to drive to JFK and meet him. Many thanks Keith!
Bob Chase said our August 29th dinner meeting will be at the Pavilion with a buffet
served by Dave and Sharon. Cost $15 per person, BYOB, beer and wine only.
Mike indicated some dues are still due. Also make ups can be done 2 weeks
prior, or 2 weeks after the missed O.S. meeting. Also Rotary business such as
conferences, seminars and such activities as working our food booth count as a
meeting. If in question, ask Mike.
PROGRAM:
President Peter introduced our speaker, D.J. Nucci, a mortgage specialist with
"Reverse Mortgage of New England". Ms. Nucci described the reverse mortgage as
a 'need based loan', available to folks over the age of 62. The loans are backed by
the FHA and HUD. The loans provide the homeowner needed cash in either a lump
sum, monthly payment, or a draw. There are no monthly payments. Homeowners
still retain title to their homes. If the homeowner dies, or moves out of the home, the
mortgage loan balance is due. The amount of equity you might recieive on this loan
is government regulated and is based on your age. In 2006 60,000 loans were written,
so far this year there have been 80,000 written and we're only into August. I guess
there really is a 'need' out there. Interest rates on the loans are pegged against the
10 year T. Bill. Many of the earlier loans have been ARM's but the trend seems to
be more to a fixed rate loan. The closing costs for this type of instrument is in the
$16,000 range, making this really a 'need based loan' as Ms. Nucci stated.
Needless to say there was much discussion on the topic.
al
