Hi folks, Just left a board meeting, at which there were about 35-40 people. Some were realtors, one was a mortgage servicer who could not speak as they were not a Sun City resident, and almost the rest were there for one reason - Reverse Mortgages. Let us start with what a reverse mortgage does. It allows the homeowner to collect on their equity in the form of a monthly payment back to the homeowner, allowing the interest and the balance to accumulate until such time as the homeowner passes or the homeowner outlives their money, whichever comes first. Now think of having equity in your home and you need it to make ends meet. Perhaps doctor bills have piled up, maybe you have used all of your savings to pay for medical needs of a spouse, which has passed, or you need the money just to be able to meet your basic living needs. The difference between a reverse mortgage and taking out a new or second mortgage is the payments. With a reverse mortgage, the payment come to you. No need to qualify for a new loan as the house is its own value. Most times, the reverse mortgage is loaned to about 80% of value, so in case of another market downturn, no one is left in the cold. With a new mortgage or a second mortgage, a borrower would need to be able to qualify for the new payments. When you are down to nothing to draw on, you will not qualify for a new mortgage because your income it too low. When the owner dies the home transfers to the mortgage company, to collect their fees and resell the property. This is when the RCSC collects a PIF. Then when the house is resold, the RCSC collects another PIF. Sun City needs to honor the needs of its residents and put together a special Board Policy to address the waiver of the PIF for those applying for reverse mortgages only. Sun City will see another PIF collection when the house is sold again, so in essence, the RCSC does not lose out in the long run. It is a double collection of monies on the same property, or as it was stated today at the Board Meeting, "double dipping". Most other adult communities have made special conditions within their Corporate Documents that allows for the residents to gain a reverse mortgage, without the added burden of a second PIF fee. Sun City and the RCSC needs to step up and meet the needs of its cardholders and address this issue. When a homeowner is in tears at the podium, asking for relief, do it. Do it because it is the right thing to do. Do it, because your cardholders need you to do it. Overall, I don't think will affect more than about 100 properties. Out of the $12M the RCSC has in its coffers, I am quite sure the amount of the forfeited, one time PIF will be negligible. Your residents are needing you to step up, do it. Does someone have to die because they had no resources and the RCSC refused to change its policy? How will that law suit shake out? Sun City is known for its community spirit, its willingness to help one another when there is a need. Folks, there is a need, and it is now.