Matt Moore Explains Reverse Mortgages

Posted by Carol Fye

PROGRAM:  WHAT IS A REVERSE MORTGAGE? Matt Moore, guest speaker at the June 15 meeting of the Austintown Rotary Club answered questions regarding the Reverse Mortgage. This is something we've all been hearing about, but had questions regarding the advantages/disadvantages of entering such a contract.

The meeting was called to order by Karl Rein filling in for President Mike Cafaro.

 

INVOCATION: Invocation and pledge by Gary Reel.

 

VISITING ROTARIANS & GUESTS: Christina Dailey, Poland and Ray Pascarelli, Fital Records Storage.    

 

SONG LEADER: Hillary Prestridge led us in singing "America The Beautiful". Nice job.

 

ANNOUNCEMENTS:

  • Gary anounced that the Car Cruise netted $108.00 on the 50/50. Not a large crowd, but Mitch's son David managed to sell most of the tickets.  Good job!!
  • President's Party is set for June 27  at MOJO's. Sign up sheet being passed around.
  • 2008-09 Polio Plus Challenge update: This year the District had a goal of $48,000 and the clubs have raised $59,189.40. The district has given an additional $5,000 from District Designated Funds. Grand total for the District for this Rotary year is $64,189.64! 
  • Bike Night Rotary fundraiser July 2 at 6 PM until 9 PM at Quaker Steak in Austintown. This night will be busy. We need more volunteers than the Car Cruise probably 10-12 people. Sign up sheet next week. 
  • Decoration of float that week also. Think of ideas and be ready to help. We need all the hands we can get that week. 
  • NO MEETING JULY 6 because of Quaker Steak, the Float and the 4th of July Parade.  
  • Reverse Raffle is March 6 at the Maronite Center. We need 3 Committee Chairs: ticket sales, auction and event coordinating.  
  • The last board meeting of this year is Wednesday June 24th at Lucianno's at 7:30 AM.  All board members are encouraged to attend and needed. Let Mike know if you can't make it.
  • Pick up your new Rotary shirt if you haven't yet.

 

FELLOWSHIP:

Chuck Baker-breaking his trend not to fine Carol - did so this week and fined her for not

being fined 2 weeks in a row. (Pretty weak Chuck, if you ask me.) He also fined Mitch for his new car, Melissa for no badge, Frank for being last in, and last, but certainly not least, Karl who called us a "disfunctional" family. (Woo-woo!!) 

 

RAFFLE: Pink deck time again. Only 11 pretty in pink cards left. $3,000 in the jackpot.

Karl won the little one but missed the Big Pig Pot. (Say that fast).

 

PROGRAM:  WHAT IS A REVERSE MORTGAGE?  Matt Moore, guest speaker at the June 15 meeting of the Austintown Rotary Club answered questions regarding the Reverse Mortgage. This is something we've all been hearing about, but had questions regarding the advantages/disadvantages of entering such a contract.

          A reverse mortgage is a unique loan that enables senior homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment.  The reverse mortgage is aptly named because the payment stream is "reversed". Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.  Eligible property types include single-family homes, manufactured homes built after June 1976, qualified condominiums, and townhouses. 

          Before processing a reverse mortgage, you must meet with a counselor. A list of approved counseling agencies nationwide is posted online by the U.S. Department of Housing and Urban Development, or you can schedule a counseling session with an AARP-approved telephone counselor at 1-800-209-8085. The counselor's job is to educate you about reverse mortgages, to inform you of other alternative options available to you given your situation, and to assist you in determining which particular reverse mortgage product best fits your needs.