The Anna Maria Island Sun Newspaper

Vol. 13 No. 28 - April 24, 2013


Keyes is the key to fishing fun

Anna Maria Island Sun News Story

louise bolger | sun
Jonny, Joe and Jim Keyes are ready to assist
you in all your fishing needs.

It may take a village to raise a child, but does it also take a village to catch a fish? You’ll probably need a different kind of village, but to those who take fishing seriously it's one that’s just as important.

Jim Keyes and his family had been owners of Island Discount Tackle since 2009 when the opportunity presented itself to take over the marina operation in 2011. At that time, they decided to blend both the tackle shop and the marina together under the ownership of the Keyes family. Paul and Sally Keyes and their three sons Jim, Joe and Jonny, have created a family owned and operated business catering to the needs of local fishermen and tourists.

The tackle shop stocks a full line of rods and reels like Shimano, Peen Reels, St. Croix Rods, G. Loomis and Star. They have live and frozen bait as well as a large assortment of boating gear and fishing licenses. They are staffed by fisherman, not salesmen, who really understand the needs of the recreational fisherman.

They also have an on-line store that is accessed through their website where you can order fishing gear or a gift certificate for the hard to please fisherman. But according to Jim Keyes, what Island Discount Tackle is really valuable for is in dispensing advice and acting as a clearing house of information about local fishing grounds provided by the charter captains and fisherman passing through the shop.

The 19-slip marina adjacent to the tackle shop provides transient, weekly and monthly slip space for boats up to 30 feet. Keyes Marina has the only mid-island commercial slips available and is a great asset for seasonal residents. Another great feature is a mechanic’s shop on site for engine repairs or to get you going for the season as well as gasoline at the marina.

If you’re interested in hiring a fishing captain for a half or full day, just call Keyes Marina, and they can set you up with an experienced captain. No need for you to make several calls checking on an individual captain’s availability Keyes can coordinate a charter that fits your schedule.

If you just want to fish off one of the piers or wade in the water they can point you in the right direction or just for fun stop by the marina in the afternoon when the charters return to watch the pelicans dive while the fish are being cleaned.

Keyes Marina has a parasail boat and snorkel, dolphin and sightseeing tours leaving from their docks and they plan on being involved in any future island shuttle service. Their goal is to tailor and grow their business to the needs of both tourists and locals.

Stop by Anna Maria’s own fishing village where it’s one stop shopping for all your fishing, charter, marina and entertainment needs. Does it take village to catch a fish? Maybe that and a couple of well placed hooks.


5501 & 5503 Marina Drive
Holmes Beach


7 a.m. every day
Closes to accommodate the season
All major credit cards accepted


Anna Maria Island Sun News Story

Reverse mortgage land mines

Investment Corner

This last weekend I saw former Sen. Fred Thompson promoting reverse mortgages in a TV commercial. About a decade ago I wrote here in The Sun about “Reverse Mortgages,” which are a vehicle that can be used by seniors to convert the equity in their primary residence to an income stream by borrowing against that very equity. My conclusion was that this vehicle should not be used unless the homeowner had no other solution to generate income to support their lifestyle, with the negatives being the very high fees to establish the reverse mortgage and the eventual end to the income source when the equity value was fully tapped.

A lot has changed since the time that article appeared in 2003. The residential housing collapse which began in 2007 caused the banks involved in reverse mortgages to take large losses as the equity value they loaned to seniors evaporated. Bank of America, Wells Fargo and Met Life have all exited the reverse mortgage market and are no longer writing loans. Their exit has paved the way for dozens of smaller, potentially less savory firms to come into the market and create danger for homeowners.

First, let’s review the concept of a reverse mortgage. A reverse mortgage allows you to receive either a lump sum or monthly distributions, which essentially amount to borrowing a portion of the equity in your home and using the money for whatever you desire. The company underwriting the reverse mortgage charges interest on the amount borrowed, but unlike a traditional home equity loan, no monthly repayment of principal and interest is required.

The amount borrowed and the accrued interest continues to accumulate until you sell or no longer live in the home. At the time the home is sold, the reverse mortgage balance paid off. While in the home, the homeowner is still responsible for maintenance, taxes and insurance on the home.

To take advantage of a reverse mortgage all owners of the home must be at least 62 years of age, and the home must be your principal residence. Because of the up-front origination fees you should only consider a reverse mortgage if you plan on living in the home for at least five years. Also, there cannot be any other mortgages on the property. Any small remaining mortgage balances can be paid off using funds from the reverse mortgage.

I suggest visiting to learn more about the concept of reverse mortgages and to learn about lenders active in our area. I think it is important to be careful about selecting a lender, as stories are emerging about some seniors losing their homes because one spouse was not added to the reverse mortgage deed, and had no rights to the home when the other spouse passed away.

Normally, under a proper reverse mortgage arrangement, a homeowner should never be forced from their home, assuming of course they can continue to pay the taxes and insurance which is their obligation under the reverse mortgage arrangement. Retaining an attorney to review the reverse mortgage documents would be a good idea. I still consider the reverse mortgage as a last resort, and advise you to proceed with caution in selecting a lender if you decide to proceed.

Tom Breiter is president of Breiter Capital Management, Inc., an Anna Maria based investment advisor. He can be reached at 778-1900. Some of the investment concepts highlighted in this column may carry the risk of loss of principal, and investors should determine appropriateness for their personal situation before investing. Visit


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