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Priceless Vol 8 Number 2

Personal and Professional Empowerment

Serving Norfolk, Portsmouth, Chesapeake, Hampton, Newport News, Suffolk, and Virginia Beach since 2006

Norfolk State University Names Interim President

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Avon, NIH, and the Center for Advancing Innovation Launch Breast Cancer Start-up Challenge

AT&T Contributes $50,000 to Hampton University

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Prominent Surgeon Leaves the Hampton Roads Area

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Local Foundation Raises Funds and Awareness to Support Vital Programs

BY ELISE RODNEY Empowerment and

Uplifting Foundation (EUF) was founded in 2011 by two community advocates and businessmen, Corey Olds and Daniel Brown. This nonprofit organization was established, as its name suggests, to empower and to uplift those who are less fortunate.

EUF is an outreach

Honorary Susan G. Komen Race for the Cure Chair Daphne Maxwell Reid spent some time recently baking for the Cure with Ethereal Cupcakes and Coffee Shoppe. 75% of the sales from these Pink Ribbon Cupcakes

will be donated to Susan G. Komen for the Cure Tidewater Affiliate. Photo Courtesy of Susan G. Komen for the Cure.

A world-wide competition

to bring emerging breast cancer technologies to market is being launched by the Avon Foundation for Women, in partnership with the National Cancer Institute (NCI), part of the NIH, and the Center for Advancing Innovation. The Avon Foundation will fund $250,000 in grants to launch the Breast Cancer Start-up Challenge aimed at teams of business, legal, medical/ scientific, engineering, and computer science students, as well as seasoned entrepreneurs.

The challenge will offer

teams the opportunity to create strategic business plans and the potential to start new companies based on the development of 10 unlicensed breast cancer inventions by turning them

into commercially marketed products. Breast cancer inventions include therapeutics, diagnostics, prognostics, one device, one vaccine, and a health IT invention, all from the NCI intramural program and Avon Foundation-funded university labs. The challenge will include up to 100 teams—10 teams for each of the 10 inventions— to compete. Each student team will be paired with entrepre- neur-mentors to assist in the development of the business plans.

Pink ribbon in the shape

of an ampersand with arrow at top pointing upwards "The Breast Cancer Start-up Challenge is designed to accelerate and increase the volume of breast cancer inventions in development,”


Your Opinion Matters Editorial Health Hampton Roads Upcoming Events Scholarships Watch

Are Police Protecting and Serving or Endangering Citizens? Selling Out College Football to Make a Buck

200,000 Heart Disease and Stroke Deaths Could Be Prevented Molly Ward Appointed to White House Post 36th Annual Suffolk Peanut Fest Coca-Cola Scholars Program Scholarship

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program of the Guiding Young Girls (GYG) Mental Health Agency. Its purpose is to reduce mental health disparities and to increase the likelihood of success among youth and the less informed in the Hampton Roads area. This goal is being accomplished through therapeutic

Free October 2013


education, scholarships and food service programs as well as by partnering with other organizations.

Empowerment and Uplifting Foundation founders Corey Olds and Daniel Brown Photo by Harry Washington

Since its inception EUF has given over

$10,000 in scholarships, provided counseling for many at-risk youth, assisted those in need and held its annual Hampton Roads Top 20

High School Seniors Basketball Classic. The Classic features some of the top-ranked basketball athletes in Hampton Roads. Some of the participants have gone on to receive scholarship offers. For those athletes who


Borrowing From Your Home in Retirement? Carefully Research the Benefits and Risks

For most homeowners, particularly

retired Americans who have paid off or nearly paid off their mortgage, their house is a major part of their financial picture. Unfortunately, for retired homeowners who may have limited sources of income, the equity in their house may seem to be one of their only potential sources of additional money for everyday living expenses and healthcare. (The equity refers to the difference between what you owe on a house and its current market value.)

While borrowing against their equity

can help older homeowners, there also are potential pitfalls. “In particular, failure to repay a home loan according to its terms can lead to the loss of the home,” cautioned Glenn Gimble, an FDIC Senior Policy Analyst.

Here are things to consider before borrowing from your home in retirement.

Before agreeing to a reverse mortgage,

research the potential benefits as well as the risks and costs. A reverse mortgage is a way for seniors age 62 or older to borrow against a portion of the value of their home. Instead

of making payments to a lender, the borrower receives payments (or perhaps one lump-sum payment). That explains the “reverse” aspect of this type of mortgage loan.

While the amounts borrowed will

eventually have to be repaid, with interest, repayment will not come out of the homeowners’ pocket as long as they live in the house and keep up with other obligations (such as paying property taxes and insurance and maintaining the home). Instead, the loan, with interest, typically will be repaid when the borrower or his or her heirs sell the house.


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