Phil Cannella – Phillip Cannella Media: Phil Cannella, as a renowned Retirement Expert, has some advice to share on reverse mortgages as a tool that may be appropriate for some seniors. Phil Cannella explains that a reverse mortgage is one of the best concepts to come along in years for the benefit of retired Americans. It’s a federally regulated financial resource that provides a lump sum of income with no restriction on its use. In fact, it’s a loan from yourself to yourself that’s tax-free and you don’t have to repay for years or even decades.
Phil Cannella goes on to say that a reverse mortgage is available to people age 62 and over, who in many cases have idle equity in their home and own them outright. It allows you to convert your home equity into income you can use for any reason – for example to pay for medical long term care or other expenses.
The reason Phil Cannella brings up the subject of reverse mortgages is because some seniors may be in the need for cash and they have used up other assets they have and for retirement planning purposes, the equity one has in their house is something that should be factored in to all planning that is done.