The Anna Maria Island Sun Newspaper



Vol. 16 No. 34 - June 22, 2016

 

BUSINESS

Son joins Island Animal Clinic

LaPensee Plumbing Pools Air

Submitted

Jeannie, Connor and William Bystrom celebrate
Connor's graduation.

If there's a special place in heaven for those of us who love and care for animals, then veterinarians will be first in line at the pearly gates. And it's equally special when caring for those animals becomes a generational legacy.

The Island Animal Clinic was purchased by Dr. William Bystrom in 1989 from retiring Dr. Henry Stevens. Prior to owning the Island Animal Clinic, Bystrom started the Palma Sola Animal Clinic at 6116 Manatee Ave. W. in Bradenton in 1984. He currently offers veterinary services in both locations.

Although Bystrom is not native to Anna Maria Island, coming from Nebraska, he found his way to Florida via Pass-a-Grille where his grandparents had a home. After receiving his Doctor of Veterinary Medicine degree in 1979 from the University of Missouri, he worked for the Animal Medical Hospital and Animal Emergency Hospital in St. Petersburg for five years. He was introduced to Anna Maria by his godfather who lived there and decided this was the place for him.

Bystrom's wife, Jeannie Holmes Bystrom, was born and raised in Holmes Beach. They have three sons Logan, Connor and Trevor, all of whom live on Anna Maria. Connor is the newest Doctor of Veterinary Medicine in the Bystrom family, graduating two weeks ago and starting work in his father's practice this week.

Connor attended St. George's University in Grenada and Auburn University and graduated in the top 20 percent of his class. While in school, he worked at both of his father's animal clinics, as well as observing surgeries at the Sarasota Veterinary Hospital. He's glad to be home and excited to get started helping the community's animal population.

The Island Animal Clinic, which is the only veterinary clinic on Anna Maria Island, offers a wide range of veterinary services including annual check-ups, surgery, dentistry, boarding, day boarding, micro-chipping, grooming, and pet supplies. It now has three full time veterinary doctors, Bystrom, Dr. Ashley Gardner and the newly minted Dr. Connor Bystrom, as well as Dr. Emily Murphy, who will continue on a part time basis. In addition, Bystrom has a large staff of over 15 people to help run the two locations. All doctors will cover both locations, enabling them to have more flexibility both on the island and in Bradenton, as well as the ability to add new patients.

Bystrom has been an active member of the Anna Maria community serving on the board of directors for the community center and Little League, as well as working for over 20 years with the Southeast Guide Dog organization. Both he and his wife are active in "Don't Cut The Line" seabird rescue, a particular passion of Jeannies. Weekly you'll find them cruising up to the Skyway Bridge in search of pelicans and other seabirds in danger. They also have recruited volunteers to monitor the birds in the rookeries by the Cortez Kitchen and at the north end of Anna Maria.

Needless to say, Jeannie and Bill Bystrom are over the top proud of their son's hard work and accomplishments. The addition of Connor to the staff will mean less wait time for your furry friends, and like the sign in Bystrom's Palma Sola Clinic says, "Doctor will be with you in a minute, sit-stay" only now the sit-stay will be shorter.

ISLAND ANIMAL CLINIC

5343 Gulf Drive, Suite 900, Holmes Beach

941-778-2445

www.Islandanimalclinic.com

islandanimalclinic@gmail.com

Monday, Tuesday, Thursday & Friday: 8 a.m. – 5:30 p.m.

Wednesday: 8 a.m. – 12 p.m.

Saturday & Sunday – Closed

MasterCard, Visa, Discover accepted

 

Anna Maria Island Sun News Story

Reverse mortgages worth another look

Investment Corner

I have written about reverse mortgages over the years, at least twice here in the Sun. My advice was that reverse mortgages were expensive for the borrower, but in the case where a retired person or couple had run out of assets, using the equity in their home through a reverse mortgage wasn't the worst idea in the world.

I'm bringing the topic back one more time because some changes in federal guidelines have made the reverse mortgage a more attractive option for those who are over age 62, that own their home free and clear of another mortgage and who are concerned about the possibility of running low on retirement income during their lifetime

Space limitations don't' allow us to go into a full primer on reverse mortgages, but let's hit some of the highlights.

• Fees are down: The up front mortgage insurance premium applied to all reverse mortgages was reduced from 2.5 percent of the loan amount to 0.5 percent by the Reverse Mortgage Stabilization Act of 2013, as long as the borrower doesn't tap more than 60 percent of the available credit balance in the first year. Other fees have been standardized and are roughly in line with a traditional home mortgage, but often lenders will issue credits to offset some or all of these other expenses.

• Education: Borrowers are required to attend a consumer counseling session to make sure they understand the nature of the reverse mortgage. The cost of this session is $125

• Borrowing limit: The limit for reverse mortgage credit lines depends on the age of the youngest borrower, current interest rates and the lenders margin. Generally, you can access about half of the value of your principal resident, up to a current maximum value of $625,000.

• Payments: You don't need to make payment on a reverse mortgage. The money you borrow and accrued interest must be repaid when you no longer live in the home. This can be through a move to another location, or if you pass away. The home will then be sold, the reverse mortgage paid off and any excess above that can be left to heirs.

In the past, advice was generally to take out the reverse mortgage as a last resort when it was obvious additional funds may be needed. Under current guidelines, that advice is outdated. Reverse mortgage lines of credit actually grow over time, giving the borrower the ability to borrow more. So, the current advice in most situations is to establish the line of credit in your mid-60s, when eligible, and instead of borrowing, just let the line of credit rest with a zero balance.

A line of credit for about $125,000 will grow to about $190,000 in 10 years, 290,000 in 20 years and over $440,000 in 30 years. Establishing, but not accessing the line of credit until later in retirement gives the retiree a lot of flexibility. The exact loan characteristics are influenced by the age(s) of the borrowers as well as the current level of interest rates.

In summary, for those who may find themselves real estate rich and liquid asset challenged, a reverse mortgage may be a good option.

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 www.breitercapital.com.

 


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