Phil Cannella – Phillip Cannella Media: Phil Cannella has helped thousands upon thousands of retirees with all manner of concerns about their retirement. After 40 years of working with seniors, it is safe to call Phil Cannella one of the nations leading experts on retirement when it comes to dealing with their finances.
Phil Cannella’s work is focused on seeing to it that a retiree has the means to live out their golden years as they dreamed of within the framework of the assets they have been able to accumulate over the years. The reverse mortgage, Phil Cannella explains, is a tool that is sometimes appropriate for a retiree to take advantage of.
Phil Cannella explains that the ideal candidate is somebody who intends to live in the home for at least another five years, due to closing costs associated with selling it. And the higher the age above 62, the more equity one will be allowed to tap into. According to Phil Cannella, the reason is simple: A reverse mortgage is an agreement made between a mortgage company and you in which you receive a portion of your equity in the home in cash (or a credit line) and in exchange, the mortgage company receives either the sum they paid you plus interest and fees, or the value of the home itself, whichever is less, when you and your spouse pass away or sell the home.