Interim Editor: Ellen Book, d007078c@yahoo.com
CLUB'S WEBSITE:
www.southmiamirotary.org

HIGHLIGHTS:

- Announcements
- Meeting Functionaries
-
It's Your Turn
- Future Speakers
-
Today's Speaker
- Sponsors
- Calendar

Tuesday, September 11, 2007

Today's Events:

President Mike Mills presiding

ROTARY
THEME
2007-2008

We welcome all of our Visitors:

A table of beautiful women all Guests of Capt. Asaad:
Ilaria Belloni Barreto – Caldwell Banker
Marisa Mion Chisena – Caldwell Banker
Myrtle P. Alexander – A Lift in Life, Inc.
&
Isis Masoud

* * * A N N O U N C E M E N T S  * * *

Saturday, September 29, 2007 from early morning until 1pm

The Fellowship of Hunting and Fishing Rotarians

Alaska Fishing Trips

Living in Florida, some kids rarely get to see the ocean.
Join the group helping teach disadvantaged youth how to fish. ~Sandwiches provided~

PAL group from N. Miami kids are over 50% girls
We need female anglers to help!! 
It’s catch and release.
Contact Fabio for more details: 
fernandezfabio@bellsouth.net / 305-476-8338

South Miami Rotary Art Festival
Saturday & Sunday, FEBRUARY 23 – 24, 2008www.southmiamiartfest.com

Visit the club’s NEW MYSPACE page: 

www.myspace.com/southmiamirotaryclub

TURN IN YOUR FOOTBALL MANIA $ MONEY $

September 9th was the 1st NFL game of the season.

Group Study Exchange (GSE)

District 4920 Buenos Aires GSE team partnership

When: Incoming team: October 29, 2007 – November 24, 2007.
Sign up TODAY for club presentations by our incoming team!!

Contact: Deborah O’Connor doconnorweston@aol.com

President Mike Mills giving Linda Kaplan her Past President’s badge

MEMBERSHIP

Share your motivation and enthusiasm!

 

To welcome our guests, the position of “Greeter” will be at the door.
Our newest members will be welcoming…

September- Felipe
October – Sunita
November – Jennifer
December - Neil

Hampton Booker:

Spare change fundraiser:

Toss your coins into the jug at the Sgt. Of Arms table.  Make a wish!!!

 

$$$ PRINTER CARTRIDGES FUNDRAISER $$$

We are accepting empty inkjet cartridges for recycling.    Bring them to the meetings or take a postage-paid plastic envelop home –  ask Mike Mills

DID YOU MISS A MEETING ‘CAUSE YOU WERE AWAY?

Our club goal is 100% Attendance! If you miss a meeting, it can be made-up within 2 weeks, before or after, of the missed meeting date.

For online make-ups:

http://www.rotary.org/newsroom/downloadcenter/pdfs/eclub_list.pdf

Visit www.rotary6990.org to find a club to make up an absence.
Attendance credit for a 30-minute interactive club Web site activity offers an alternative to making up a meeting at another club. To earn this credit, Rotarians log on to the site, read up on a range of subjects, post comments, & submit a form to the club secretary.

For make-ups anywhere around the world when traveling internationally: http://rotary.org/support/clubs/index.html

NOTIFY DOREEN REITNAUER, SECRETARY, OF ALL MAKE-UPS:   dhiker217@aol.com

Mark Your Calendars

September
29-30, 2007
&
February
2-3, 2008

Rotary Leadership Institute

Leadership institute – leader and facilitator training to empower you for Rotary assemblies and conferences. 

A second Part I class has been added to the September 2007 Rotary Leadership Institute being held at American Intercontinental University in Weston.  You can again register at the below link.  Be aware that once this additional class is filled that’s it – no more can be added for this session.  So don’t delay, register today.

www.rlitraining.org

A reminder that for prior attendees – Parts II and III are still available on Saturday (9-29-07).  Part III is still open on Sunday (9-30-07). 

We look forward to seeing you at this very rewarding and enjoyable event.  Please feel free to contact D6990 RLI Director PDG Bob Spano or me if you have any questions.

Douglas R. Maymon

RLI Promotions Director

Rotary District 6990

Phone: 1-800-253-2955

DRMaymon@AMILink. com

Thursday – Monday November 15-19, 2007

 

District Conference aboard the

     phone Carnival at 866-721-3225 and give them booking #4NX070 to register for your cabin now!!

Meeting Functionaries

Invocation:

Donna Gaines

Pledge:

Jennifer Dewsnap

Guests:

Kathy Miller

Happy $$:

Capt. Asaad Masoud

Door Prize:

Ann Fisher

$$$ Prize $7 / $128:     

Felipe Vidal

It’s Your Turn ( in alphabetical order)

September 18, 2007

Door Prize: Marty Rosen Dessert: Ann Fisher

September 25, 2007

Door Prize: Doreen Reitnauer Dessert: Otto Fuentes

October 2, 2007

Door Prize: Diana Phillips Dessert: Donna Gaines

October 9, 2007

Door Prize: Jodi Perlmutter Dessert: Roy Gonas

October 16, 2007

Door Prize: Mike Newman Dessert: Maxene Graham

October 23, 2007 Door Prize: Mike MIlls Dessert: Pansy Graham

Future Speakers:

September 18, 2007

Lieutenant Colonel Darrin S. Kneller, US Army Recruiting Battalion Miami

September 25, 2007

Bud Wallen – District Director – Employer Support of the Guard and Reserve, Florida

October 2, 2007 TBA
October 9, 2007 TBA
October 16, 2007 TBA
October 23, 2007 TBA

2007-08 RCSM OFFICERS:

President:  Michael Mills
millsmike@aol.com
President Elect:  Bill Enright
bill@handsonmiami.org
Vice President: Linda Kaplan
lk@lindakaplan.com
Secretary:  Doreen Reitnauer 
dhiker217@aol.com
Treasurer: David Jacobs
david@jnccpas.com
Sergeant at Arms:  Hampton Booker
Hg262@bellsouth.net

To send an E-mail to the Rotary Club of South Miami’s Board of Directors, board@southmiamirotary.org

South Miami Rotary Club:
www.southmiamirotary.org

Rotary District 6990:
www.rotary6990.org

World Organization:
www.rotary.org

Mission Statement

The mission of Rotary International, a worldwide association of Rotary clubs, is to provide service to others, to promote high ethical standards, and to advance world understanding, goodwill, and peace through its fellowship of business, professional, and community leaders.

THE 4-WAY TEST OF THE THINGS WE THINK, SAY OR DO:       

Is it the TRUTH?
 Is it FAIR to all concerned?
Will it build GOODWILL and BETTER FRIENDSHIPS?
Will it be BENEFICIAL to all concerned?"

Benefits of Being A Rotarian (Membership)
Rotary membership provides the opportunity to:
  • Become connected to your community.
  • Work with others in addressing community needs.
  • Interact with other professionals in your community; assist with RI's international humanitarian service efforts.
  • Establish contacts with an international network of professionals.
  • Develop leadership skills.
  • Involve family in promoting service effort

Renewing or Joining
To Renew ($250) or to become a New Member ($300) contact
Asaad Massoud, at www.racharters.com

Fundraisers
Interested in putting together a fundraiser? Contact Club Service Chair Linda Kaplan at lindakaplan@lk.com

Programming Chair 2007-08:  Roy Gonas
Members responsible for programming by month:
September - Marty
October – Bob
November – Suzanne
December – Bill
January – open
February – Wendy
March – Otto          
April – Ann   
May – Ed

Marty Rosen introduced

Rotarian RONALD LIEBERMAN

American Reverse Mortgage Company

www.americanreverse.com / 888-370-6620

305-613-6744 cell

President Mike Mills with today’s speaker Ron Lieberman, a local attorney, past associate editor of district 6990 newsletter, twice Asst. Governor, and member of the Miami Dadeland Pinecrest Rotary Club.

speaking on:

REVERSE MORTAGES

A cornerstone of Rotary is to better the life of seniors who have inadequate finances.  Many find that their wealth is locked in their home since they own the property free and clear.  They make take a sub-prime loans (where their payments go up) to renovate, afford to pay taxes and insurance.  Their income is not keeping up with inflation and cost of living.

About ¼ of those aged 62+ could use this product but aren’t familiar with this federal program. 
Two ways to make money from your home:

1.  Sell your home and move
2.  FHA’s Home equity conversion mortgage – never pay it back as long as you live in the house
•  If the value of the home plummets the amount owned will never exceed the value of the home. 
•  No payments
•  No income or credit requirements
•  Equity pays us

Eligibility: Age 62+
  You must live in the home as your primary residence.
  Must have equity in the house. 

BENEFITS:

Funds are not taxable / Money received is tax free
The home can be sold at any time without prepayment penalty
The borrower always retains title to the home
The loan is HUD designed and FHA insured.
No debt is ever passed on to your estate.
All retained equity is paid to your heirs.
The house continues to appreciate
The lender never owns your home
The borrower can never owe more than the home’s value at the time the loan is repaid – within one year of the senior citizen’s death.

Owner must maintain the property and pay property taxes.  If there is a sandwich generation in which families with multiple generations living together, the owner could quit claim the property to the grandparents (or someone over 62+) for a reverse mortgage. 

HOW CAN THE BORROWER RECEIVE THEIR MONEY:

•  

Lump sum
•   Regular monthly payments
•   Place money in a growing line of credit to increase the available equity that is spendable
•   Or combination of the above

HOW THE MONEY IS PUT TO USE:

•   Improves standard of living
•   Help family members
•   Long term care
•   Replace the income of a deceased spouse
•   Stop making house payments
•   Additions and repairs to the home

HOW MUCH MONEY CAN THE BORROWER RECEIVE:

•   Age of the youngest borrower on the deed must be at least age 62.
•   The FHA appraised value of the house
•   Current treasury interest rate – growth of 2% per year or 5% during the lifetime of the loan

JUMBO LOANS
$362,000 capped loans – FHA bases its loans on this value.
Private industry will offer a cap of $7 million – proprietary loans which are not insured by FHA.

FEES:

•   This is not a product for someone who will be moving within the year.
•   2% origination fee – payment of mortgage broker
•   2% PIM fee – FHA mortgage insurance – not on jumbo loans
•   $375 application fee for appraisal – which is returned
•   Stamps
•   Close to 6% to the loan amount taken out of the gross amount of the loan.
•   Charged interest at approx 6% (right now) comes out of the gross amount of the loan. Interest is paid at the end when the loan is paid.  Negatively amortizing. 
•   Monthly statement from the bank. Bank of America’s set aside fee - $30 to send statement.
•   Closing done with a notary public

SPONSORS

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