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Vol. 16 No. 35 - June 29, 2016

BUSINESS

Island Time celebrates five years

LaPensee Plumbing Pools Air

LOUISE BOLGER | SUN

Bill Herlihy has been a driving force behind the success
experienced at Island Time.

Everyone knows that island time is the best kind of time. And where’s the best kind of place to enjoy the best kind of time? Island Time Bar & Grill in Bradenton Beach.

For five years, Island Time Bar & Grill has contributed to the lively activity at the Bradenton Beach roundabout on Gulf Drive. Offering indoor and covered outdoor seating, the sidewalk seating features eye-catching red umbrellas that make this trendy, casual eatery an inviting local hot spot.

President and General Manager Bill Herlihy, originally from the state of New York, grew up in the restaurant business. His father was a chef, and he started working in restaurants as a teenager, learning the business from the ground up.

In Februrary 2011, Herlihy and his partners, John Hardesty and Keith Daum, opened the Bridge Street Bistro in the space above what is now Island Time. They knew immediately that what was being utilized as a gound-level parking garage was destined to become much more, and that vision was right on target. Within a few months, they created an attractive, street-level restaurant right across from the beach, at one of the busiest intersections on the Island. After opening that Fourth of July weekend, Island Time Bar & Grill quickly became a focal point on Bridge Street and has been going strong for five years.

Island Time has a humongous bar with 10 flat-screen TVs, happy hour every day until late afternoon and entertainment nightly. You can check out the entertainment calendar at the Island Time website or on Facebook. Island Time is pet friendly, has a complimentary parking attendant and also offers takeout food service.

Island Time's menu should satisfy everyone’s appetite and features the popular crunchy grouper sandwich that is never frozen, fresh Florida grouper, great chicken wings and their New York-style burger. There is also a large appetizer menu that includes ahi tuna, coconut shrimp, chips with salsa and guacamole, baskets of fries and onion rings and more. Entree offerings include cedar-planked salmon, filet mignon, coconut and almond-crusted mahi, a broiled seafood platter and a selection of entree-style salads. Island Time also offers side salads and soup, including lobster bisque and French onion; a wide array of sandwiches; lobster mac and cheese; fish and chips and many delicious desserts. The list goes on, and Herlihy says you can get anything from chicken wings to filet mignon, and it all comes out of the same kitchen that serves the Bridge Street Bistro.

After more than 30 years of working together, Herlihy's friend, business partner and executive chef, Daum, has retired, but he will remain as a consultant. Taking his place is Chef Nicholas Jorge, who was Daum’s sous chef for over three years and took the helm when Daum took off during the summer months.

Former manager and bar manager Eric Fleishman is returning as general manger for both the Bridge Street Bistro and Island Time Bar & Grill.

With his new team in place, Herlihy’s plan is continue improving the menu and offfering great service and fun for patrons. And speaking of fun, Island Time will celebrate its five-year anniversary during the Fourth of July weekend, with extended hours Saturday and Monday, and food and drink specials all weekend.

Rain? No problem. Sun? No problem. The beach? No problem. Parking? No problem? So don’t worry, be happy because you’re on island time at the Island Time Bar & Grill. Stop in and help them celebrate five years at Bradenton Beach’s iconic corner.

ISLAND TIME BAR & GRILL

111 Gulf Drive S.

Bradenton Beach

941-782-1122

www.islandtimebarandgrill.com

Open every day

11:30 a.m. – 11:30 p.m.

Happy hour: Tues.-Sat., 11:30 a.m. – 4 p.m. and

Sunday, 11:30 a.m. – 5 p.m.

All major credit cards accepted

Entertainment nightly

Pet friendly

 

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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