BILL CHERRY

LEON BREEDEN RECEIVES HONORARY DOCTORATE OF LETTERS

World famous jazz educator, Leon Breeden, who brought his University of North Texas Lab Bands to international fame, playing for presidents, heads of state and in many foreign countries, received an Honorary Doctorate of Humane Letters at the university's 2009 summer commencement exercises.

Surrounded by fellow jazz educator, Jim Riggs big jazz band, comprised of many former UNT graduates, a brief concert was performed and dedicated to Dr. Breeden.

The University's president, Dr. Gretchen Batzille said in her announcement:

"I was proud to award Leon Breeden, the director of the jazz studies program
and the One O'Clock Lab Band from 1959 to 1981, a Doctor of Humane Letters,
honoris causa, on behalf of the university at the 2009 summer doctoral
hooding ceremony.

"Mr. Breeden, a Professor Emeritus of music, was the jazz
program's second director and under his guidance, the program - the first
of its kind in the country - rose to international prominence. Before he
stepped down, the lab bands had received almost 50 national awards for
group and individual performances. A respected clarinetist, saxophonist,
arranger and composer, he has earned numerous accolades, including being
inducted into the National Association of Jazz Educators Hall of Fame in
1985."

Under" the leadership of Dean James Scott, the University of North Texas School of Music has a prominent world-wide reputation among musicians and music educators.

For more information about the UNT College of Music:

James C. Scott, DMA

Dean, College of Music

University of North Texas

1155 Union Circle, Box 311367

Denton, Texas 76203

Email: James.Scott@unt.edu

BILL CHERRY REALTORS

DALLAS - HIGHLAND PARK

214 503-8563

ON THE WEB

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

Our 45th Year Brokering Real Estate

214 503-8563

www.billcherryrealtors.com

REVERSE MORTGAGE QUESTIONS AND ANSWERS

What is a reverse mortgage?

A reverse mortgage is an FHS-insured loan on the equity in your home, but you never have to pay it back as long as you live in your home.

Who qualifies?

Anyone who is at least 62-years of age who owns a home may qualify.

Does the home need to be paid off in advance?

No. Many people purchase a reverse mortgage to pay off their current mortgage so that they will no longer have to make monthly principal and interest payments.

How much money will I receive?

An licensed real estate appraiser will examine your home and determine its current market value. Most clients received between 40% and 80% of the appraised value of their home. The older the homeowner is, the higher percentage the homeowner will receive. There will be no federal income tax owed on the money the homeowner gets from the reverse mortgage.

How long does it take to receive the money?

Normally, it takes from four to ten weeks to complete the reverse mortgage from the time you apply.

Do I receive the money from the reverse mortgage in a lump sum or in monthly payments?

You can receive the money almost anyway you wish - in lump sum, monthly payments, partial limp sum with the rest to be paid monthly, or you can take out a line of credit and take out the money as you choose.

How would I pick the mortgage broker if I decide to investigate a reverse mortgage?

Since the reverse mortgage is run through the federal government, the interest rate is the same for everyone. And the fees collected by the bank for processing are relatively the same for everyone; consequently, you can pick a mortgage broker with whom you are comfortable having represent you.

How much money does the broker receive?

The current national standard is $2,000 or 2% of the home's value if it is appraised for over $100,000.

Do I pay this money to the mortgage broker?

You do not pay the mortgage broker directly, so you bring no money with you. This fee is paid by the bank out of your closing costs. So it is paid out of the equity in your home, not out of your pocket.

How long have reverse mortgage programs been in existence?

The first reverse mortgage occurred in 1961. However, reverse mortgages didn't become a government-run program until 1989. Texas was the last sate to permit them, with the first one being consummated in Texas in 2001.

Can I receive more money from an equity loan?

Possibly, if you qualify; however, you will have a monthly mortgage payment with this type of loan. Also, many senior citizens have fixed incomes that are not substantial enough to qualify for a large equity loan.

So let me summarize.

I received 40%-80% of my home's appraised value, less whatever is owed on my mortgage(s) at the time the home equity loan is made. I never pay any fees out of pocket. I can live in my home for the rest of my life. I make no house payments. I pay no income tax on the money I receive from the reverse mortgage. My children inherit my home.

There must be disadvantages. What are they?

Reverse mortgage fees can be high, although the fees are often rolled into the loan and not paid upfront. A reverse mortgage can cost thousands more than a conventional mortgage.

It is important to calculate the cost of a reverse mortgage against what you would net if you sold the house or refinanced it with a conventional loan. Remember, once you enter into a reverse mortgage agreement, the mortgage company essentially owns your home. Your heirs, however, have the right to buy it back from the mortgage company at a predetermined price.

So it's important for you to get sound advice if you decide to consider getting a reverse mortgage. Discuss your plans with legal and financial advisors and family members before making a decision. Because home ownership is often a person's most valuable asset, getting a reverse mortgage is essentially the same as spending an important part of your nest egg - and spending money you'd wanted to leave to your heirs.

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What is a line of credit?

A line of credit allows you to withdraw money from the bank whenever you wish, in whatever size denomination you wish, with a minimum withdrawal of $50. The money in this account grows like it would if it were in a savings account. When you pass away, whatever is left in the account is not required to be paid back; therefore, the line of credit allows you to tap into an account that constantly grows at the market rates, but only the money you withdraw will ever be charged as part of the reverse mortgage when you pass away.

Do I pay closing costs?

You pay nothing, at any time, out of your pocket. The closing costs are rolled into the loan so that they are paid out of your home's equity. It is important, however, before committing to a reverse mortgage, to have the mortgage broker prepare a preliminary closing statement which shows exactly what expenses will be charged you at closing.

How is the reverse mortgage paid back?

After you pass away, the home is left to your heirs. They can either sell the home, which will pay off the reverse mortgage and allow them to receive the excess - the remaining money from the proceeds of the sale.

Should they, on the other hand, want to live in the home themselves or rent it out, they can by simply taking out another mortgage to refinance the reverse mortgage, or they can pay off the reverse mortgage from their own cash.

Will and money be left in the home for my heirs when I pass away?

This depends on the value of the home at the time of your death. And it's one of the reasons a reverse mortgage only provides the borrower with 40% to 80% of the homes value at the time the reverse mortgage is taken out. Additionally, the interest rates on reverse mortgages are usually significantly lower than you could acquire if it were a regular home loan.

So does the equity grow in my home after I take out a reverse mortgage?

It can. Since the interest rate charged on the reverse mortgage is usually quite low, your home's equity could actually increase yearly in good markets. So should your home value increase say at as little as 4% per year, the equity in your home will double in sixteen years, even with the reverse mortgage in place. So your heirs may inherit a sizeable amount of money if they sell the home and the mortgage is paid off after you pass away.

So will that still apply if the interest rate becomes quite high?

Some economists feel that if the reverse mortgage interest rate increases dramatically, inflation should also increase. Therefore, you home's value should be increasing as well. So if this is true, your home's equity may continue to grow, no matter whether interest rates are low or high.

If my home loses value and is worth less than the reverse mortgage when I pass away, will my heirs have to pay the balance?

No. The FHA insurance paid out of closing costs insures that the home will never be worth less than is owed on it. So if your heirs chose to let the bank sell your home at the time of your death, your heirs will owe nothing on the mortgage of the proceeds of the sale bring in less than is owed.

If I pass away first, does my spouse have to sell the home?

No. As long as either of you are living in the home, the reverse mortgage terms remain in tact.

How does the bank make its money?

The bank makes its money on the interest, which gradually accumulates on the loan. Therefore, the bank has to wait until you pass away or no longer live in the house before the receive payment.

How can I be sure that the bank won't try to take away my home from me?

The reverse mortgage is a U.S. Government-run program, so it is insured by the Federal Housing Authority (FHA) to make sure that the mortgage never changes, and that neither you nor your heirs will ever get stuck paying a bill. Also, the longer you life in your home, the more money the bank will eventually make on the reverse mortgage, so they want you living there for many years.

Can I get a reverse mortgage on my rental property?

No. You can only get a reverse mortgage on your homestead.

Will I continue to be responsible for paying the homeowner's insurance and property taxes on my home?

This is important. Yes, you will be responsible for paying the homeowner's insurance and property taxes promptly when due, less you will be considered to be in default on your reverse mortgage.

Can I ever sell my home?

Yes, you can sell it at any time. You would simply sell your home for the market price so that hopefully you will be able to pay off your home equity loan. You will receive the remaining money.

My home needs repairs. Will I need to fix my home before I can get a reverse mortgage?

No, the appraiser will determine if any repairs will need to be made to your home. Cosmetic repairs are not of any concern to an appraiser. If major repairs are needed, you will simply have to provide the mortgage broker with an estimate of the cost of repairs, and the work can, in most cases, be done after you receive your reverse mortgage money.

How can I be sure I will receive a good appraisal for my home?

Independent appraisers are used. The loan broker will ask the appraiser for a realistic appraisal price, and if he doesn't feel he can get that price, ask your loan broker to request an appraisal from another appraiser. The goal is to get you the top dollar appraisal possible for your home.

Finally, we are providing this question and answer information about reverse mortgages so that our clients and friends can become educated as to how they work. However, in most cases, the FHA advises, Reverse Mortgages should only be considered as a last resort to raise spendable capital. We will be glad to help you to determine whether a reverse mortgage is a suitable solution for you.

Copyright 2009 - William S. Cherry

All rights reserved.

Permission to make copies is herein granted if this whole

document, including logo, company information and author,

are copied, used and distributed without edit or abridgment

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When the garden apartment market began to expand in the '50s, developers began to put pressure on architects to make the exterior and interior designs more appealing.

During one of those apartment-style reinventions, a small porch or balcony was added to new units, and access was through sliding glass doors, the style that was being used in single-family residences to access a patio, deck and backyard.

But the design came with a sticking point. What type of window covering would be appropriate? Venetian blinds were impractical because they had to be completely risen to allow the use of the doors. Shutters were too expensive and maintenance on them was high. Vertical slat blinds hadn't yet been invented.

Curtains on traverse rods seemed to be the answer. But their use came with a problem: When they were open, especially at dusk or night, anyone walking or driving by could see inside, especially those units that were on the first level.

So architects answered that issue with pony walls, a wall about three feet tall that would block the lower part of the apartment's porch from view,

But with the solid pony wall came a real security problem. Intruders could hide behind the pony wall as they removed the sliding portion of the patio door or otherwise forced entry.

In the '80s, all sorts of burglaries, rapes, and assaults could be easily traced back to the ease of entry through a patio door blocked from outside view by a pony wall.

And for nearly fifteen years, a good portion of my real estate practice was as a consultant and expert witness for plaintiff attorneys whose clients suffered injury, death or loss of property resulting from an intruder breaking in through a patio door blocked from outside view by a pony wall.

If one were to add up the settlements and awards of just the cases I was involved with, it would be in excess of $100 million.

But architects, developers and owners never seem to learn. Here is a Dallas retirement home apartment building that is nearing completion. Pony walls on the first floor, iron fences on floors two through four. It's only a matter of time.

BILL CHERRY, REALTORS

DALLAS-HIGHLAND PARK

214 503-8563

OUR 45TH YEAR SELLING TEXAS!

Letter to the Editor -- Galveston County Daily News, August 16, 2009

No matter which side you're on, you can't help but enjoy this writer and his approach

**************

Dangerous Republican Ripe For Instant Arrest

There's at least one radical, right-wing "nut job" in Galveston - me! I should be a prime suspect in all anti-President Barack Obama propaganda.

Look at my record: I served my country in uniform for 12 years, from 1960, was a Merchant Marine for 15 years, am a Christian and voted for Wallace, Goldwater, Nixon, Reagan, Bush 1 and 2 and McCain.

I'm a member of the National Rifle Association, American Legion, Ducks Unlimited, the Better Business Bureau and Texas State Rifle Association.

I belong to Sarah Palin's official political action committee and contribute to her regularly. I believe marriage should be limited to a man and a woman, abortion is murder, 99 percent of politicians are crooked, lazy or traitors, and most couldn't give a damn about the people.

I despise everything the "Chicago mob" in the White House has done. We'd be better off under the mafia - at least everyone would have a shot at the "action."

If I were the government, I'd get me off the streets as soon as possible. At least in "Club Fed," I'll get three squares a day, which is more than most Americans will be getting after another year of this administration.

Ralph LaPaugh
Galveston

DR. LEON BREEDEN

August 12, 2009

Leon Breeden Received Honorary Doctorate at UNT

DENTON (UNT), Texas -- Leon Breeden, who was director of the University of North Texas Jazz Studies Program and the One O'Clock Lab Bandfrom 1959 to 1981, was awarded an honorary doctorate at UNT's doctoral commencement ceremony. The ceremony was held Aug. 14 (Friday) in the Murchison Performing Arts Center, located along the north side of Interstate 35E at North Texas Boulevard.

The degree is awarded by the university to a candidate who has demonstrated high standards of excellence through his or her scholastic achievements, professional accomplishments, philanthropy or public service record.

Under Breeden's direction, UNT's jazz studies program rose to international prominence. It was during his tenure that world-renowned bandleader Stan Kenton discovered the jazz program, the first of its kind in the country, at the Notre Dame National Jazz Festival. That event is widely considered to be a breakthrough for the program's ongoing international reputation.

During this period, Breeden also took over direction of the One O'Clock Lab Band, a name that developed when he moved the rehearsal time for the premiere band up to 1 p.m. from 2 p.m.

Before he stepped down, the lab bands celebrated many "firsts" under Breeden's direction, such as becoming the first college or university band to appear at the White House by presidential invitation in 1967. The lab bands also received almost 50 national awards for group performance and for individual performance.

In addition to spurring the nation's first bachelor's degree program in jazz studies, Breeden also developed a reputation for himself beyond the university to become a respected clarinetist, saxophonist, arranger and composer. His arrangements were performed by many groups, including the Boston Pops and the Cleveland and the Cincinnati orchestras.

He received an Outstanding Professor honor in 1976 from UNT. The Texas Legislature proclaimed May 3, 1981, "Leon Breeden Day."

In 1985, he was inducted into the Hall of Fame for the National Association of Jazz Educators. The North Texas Jazz Festival unveiled a Leon Breeden Award for the best middle school or high school big band in 2003.

Now a professor emeritus of music, Breeden was recognized as an Honorary Alumnusat UNT in 1986 and has played important roles at many of the jazz program's celebrations and milestone anniversaries.

Breeden earned a bachelor of arts in music education and master of music education from Texas Christian University. He was awarded an honorary "Doctor of Letters" degree by TCU in 2001.

UNT News Service Phone Number: (940) 565-2108
Contact: Monique Bird (940) 369-7017
Email: monique.bird@unt.edu