Albemarle Tradewinds February 2020 Web Final

JIM KAIGHN INSURANCE AGENCY- HOME OF THE “INSURANCE DOCTOR”
Today’s article is off the beaten’ path a little!! I came to light
to me talking with two families within the past three months
on an unrelated subject within Real Estate financing. I, back
in the 1990’s, ran my own Real Estate office called “Property
Finders Reality” after I earned my salesman license and then
my brokers license.. One of the most confusing parts of the
financing procedure was PMI or Private Mortgage Insurance.. It
was not until recently, that I found out that some people had the
wrong idea of what this is, and if two families thought this, many
others might be trapped in this dilemma and potential nightmare..PMI
is simply insurance paid by the buyer of the property(
or person borrowing the money) in order to protect the bank or
lending company from losing a lot of money if the borrower defaults
on their loan and can not pay it.. When you go to the bank
to borrow money, say to buy a house, and you borrow almost all
the money and put very little down, the main bank you first see
can not lend you all the money by themselves.. it is just to much
risk for them to take, so they go to a secondary bank, to borrow
the rest so you can get all the money you need..But, they need
some kind of protection for this extra money THEY had to
borrow in order to close the loan..This is where PMI comes in, It
is for the protection OF THE BANK to get around 20 to 25% of
the value of the loan back to them if the borrower,(you) can not
pay and you default or are foreclosed on.. IT IS NOT FOR THE
BORROWER TO HAVE THE LOAN PAID OFF IF THAT PER-
SON DIES!!!!! repeat.. It is not for the person who dies to have
the mortgage paid off.. Even though the borrower pays an extra
premium within the loan amount they pay each month, it is not
Jakes Outdoor Adventures
In 2008, a group of men gathered on the Outer Banks
with the purpose of organizing a club for fishing. The
group consisted of small boat recreational fishermen who
wanted a club where they could share fishing stories
and learn from each other. The group was created and
adopted bylaws that stated the club was formed “for the
entertainment and education” of the membership that
would “promote safety, good fellowship and true sportsmanship
of their members.” This group of about eight
members grew to a group of over a hundred members
in a few years. This group is the Outer Banks Anglers
Club,and they just recently celebrated a decade anniversary
of fulfilling those ideals the charter members created.
I have been a member since 2011 when I joined at the
ripe age of 12!
The OBXAC meets the last Monday of every month at the
Kern-Pitts Center located behind the Southern Shores
Town Hall at 7:00 pm. The meetings are open to anyone,
whether they are an experienced fisherman or those
who are just starting out. At each meeting, the club has
a monthly guest speaker that may be a member, a local
fishing captain, biologists, state or local marine agencies,
or has a connection with fishermen. Also members will
discuss their fishing trips and share information and sometimes
pictures from the trips. Every month, members will
submit their exemplary catches for the Fish of the Month
contest. A break is taken where refreshments are served
and members and guests can network. After the break,
a short business meeting is conducted. Then there is a
raffle for a $50 gift certificate from TW’s Bait and Tackle,
as well as a 50/50 raffle.
The club also conducts several fishing tournaments for
its members during the year. There is a Catfish Tournament
in early spring, a Cobia/ Dolphin Tournament in
by Jim KAIGHN, CLU,CHFC,RHU,AABA, BSBA,LUTCF
set up to help out that family to have the home paid off..THAT Veteran of U.S. NAVY and COAST GUARD
IS FOR PERSONAL MORTGAGE LIFE INSURANCE TO DO
THAT!!! Imagine if a family believed that PMI was set up to pay
for the mortgage, say $300,000 balance, then someone died
and THEN they found out the hard way that it will not be...someone,
some family is going to be in for quite a SURPRISE!! Like,
LOSING THEIR HOME!!!!!!!!!! and that remaining family has no
recourse.. This MAJOR BOO-BOO is not the fault of you ,the
borrower, it is the bank or the Real Estate agent for not explaining
it correctly to you.. Now, for your knowledge, YOU CAN SUE
THEM for this gross goof up.. You see, they carry insurance
in case they goof up like this, called “Errors and Omission “
insurance, like doctors carry malpractice insurance in case they
cut off the the wrong leg..It would be hard to prove that they did
not tell you at the beginning, it is a chance for you !! So, please
make sure that you have personal LIFE INSURANCE that is
set up to pay off the balance of your loan, if a member of your
family dies and the money stops coming in.. and please do not
let the bank talk you into buying the insurance through them
and putting that premium into your loan,, Buy it yourself so you
can control the policy not them..I will explain more of this next
month.. Knowledge is Power!! if you wish to contact me on this
or on any other insurance matters, the Insurance Doctor makes
house calls.. contact me at 252 202 5983 or 252 335 5983 or
my e-mail is “insdr@roadrunner.com”.. Until next , smile and
laugh!!
May and June, a Speckled Trout/Puppy Drum/ Flounder
Tournament in August and September. The last tourney of
the year is the Striped Bass/Rockfish Tournament which
generally lasts for a couple of months to give everyone an
opportunity to participate. Awards and cash are given for
prizes for each tournament. In addition to tournaments,
the club has an annual Pig Pickin’, an Oyster Roast and
an Annual Awards Banquet.
The OBXAC has taken the lead and formed a committee
to create a new Artificial Reef. The OBXAC was awarded
a grant from the NCDMF to create a new Artificial Reef
that will be about 6 miles south of Oregon Inlet. Terry and
Robin Stewart, owners of TW’s Bait and Tackle, made a
very generous donation in support of the new reef. TW’s
Bait and Tackle has also been a strong supporter of the
club for the last 11 years.
The club also supports the annual Fritz Boyden Youth
Fishing Tournament every June, the Beach Food Pantry,
and the Southern Shores Fire Department. So if you are
in the area and want to join a club that promotes and
supports fishing, then we hope to see you there! Check
out the club’s webpage http://www.outerbanksanglersclub.
com for more information about the club.
Follow me on Facebook at Jakes Outdoor Adventures
buymidway.com
252-335-9800
10 Albemarle Tradewinds February 2020 albemarletradewinds.com