The Anna Maria Island Sun Newspaper



Vol. 17 No. 25 - April 5, 2017

BUSINESS

Hurricane Hanks is happening

LaPensee Plumbing Pools Air

LOUISE BOLGER | SUN

New owners Sharon Evans and Brian Mathae welcome
locals and visitors to Hurricane Hanks.

It may be March, but there’s a new hurricane that just blew into town, only this one isn’t fueled by warm ocean temperatures. This one is fueled by old friendships, devotion to food and love of Anna Maria.

Hurricane Hanks restaurant and Hurricane Liquors next door have been in Holmes Beach for many years. The restaurant has been a magnet for locals and visitors alike with repeat long time customers, and the full-service liquor store also conveniently located dead center on the Island, stocks the largest selection of beer, wines and spirits on Anna Maria. So, it was no surprise that when they became available for sale it was quickly snapped up by Island loving partners.

Sharon Evans and her husband, Mark, bought a second home in Holmes Beach three years ago. While these Winnipeg, Canada, natives were vacationing in Naples, they decided to take a ride to Anna Maria Island. As soon as they crossed the bridge from Longboat Key, they knew they were never going back to Naples, and they didn’t. After checking into one of Anna Maria’s charming Gulffront hotels, they were totally convinced this was the place for them and bought a house the next day.

Brian Mathae became friends with Mark Evans in high school and with Sharon Evans in college. He took a trip to visit his old friends on Anna Maria in April last year, his first trip to Florida’s west coast. After returning to Winnipeg, he decided that he didn’t want to wait to retire to live in paradise. He resigned his position as director of sales for Blue Cross, and he and Sharon Evans started looking for a viable business on Anna Maria. In December, he moved to the Island, and in January this year, Sharon Evans and Brian Mathae became the new owners of Hurricane Hanks and Hurricane Liquors.

Mathae was originally in the restaurant business, moving up the restaurant ladder to the management level before he decided to go back to school and become a CPA, but his first love was always restaurants. He runs the day to day operation of both Hurricane Hanks and Hurricane Liquors, working every day, and as Sharon Evans says, hardly ever leaving the Island. Evans travels back and forth between Winnipeg and Anna Maria to oversee her ladies’ boutique in Winnipeg and keep track of the kids.

The transition from the old owner was seamless, all of the staff stayed on and the customers haven’t missed a beat, encouraging the new owners not to change a thing. Hurricane Hanks has a full bar and two different happy hours, Tiki Happy Hour between 2 and 4 p.m. every day and their new Retro Cocktail Hour between 10 p.m. and midnight where they will have a small late night menu and retro cocktails from your parent’s era. The lunch menu will also start to feature some healthier options.

Hurricane Hank’s menu choices range from soups, salads, sandwiches and burgers to beer battered baskets, entrees like stuffed grouper, shrimp and scallops or beef choices like ribeye steak and a killer beef filet mignon. There's something for everyone at competitive prices, and take out is available.

Hurricane Liquors has an enormous inventory and Mathae is reviewing the wine list with an eye to both higher end and everyday wine choices. They are considering adding delivery from the liquor store, which also stocks beer and soft drinks.

Evans and Mathae have given the restaurant a face lift and started upgrading equipment, but have not increased prices in either the restaurant or liquor store. They look forward to getting more involved in local charities and community events and are thankful to the loyal Hurricane Hanks customers who have made them feel welcome. They can rest assured that the Hank’s vibe will not change, and their goal is to make everyone happy and comfortable.

Great beaches, great restaurants and great people – that’s what these old friends have discovered on Anna Maria. They’re into the Island life and not going back; something most of us already knew.

Hurricane Hanks

5346 Gulf Drive

Holmes Beach

941-778-5788

Sunday to Thursday:
11:30 a.m. to 10 p.m.

Friday & Saturday:
11:30 a.m. to 11 p.m.

Tiki happy hour:
2 p.m. to 4 p.m. every day

Retro cocktail hour:
10 p.m. to Midnight every day

All major credit cards accepted

Hurricane Liquors

5344 Gulf Drive, Holmes Beach

941-779-2337

Open Daily: 9 a.m. –10 p.m.

All major credit cards 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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