Phil Cannella – Phillip Cannella News: Phil Cannella makes a point that a reverse mortgage can be very handy for a retiree who is in need of cash to cover some of their retirement expenses as a reverse mortgage is a loan available to homeowners 62 years or older that enables them to convert part of the equity in their home into cash.
Phil Cannella makes a point that it makes no sense for retirees to face the risk of a catastrophic health event because they can’t afford healthcare coverage; meanwhile they sit on a gold mine called equity. A reverse mortgage lets you take the money you’ve accumulated over decades and use it towards costly and unexpected medical needs.
Where Phil Cannella’s expertise really shines is in the tax implications. Reverse mortgages are not subject to taxation, so you collect income without having to pay income taxes. This is because the equity in your home isn’t taxed as income, even when you cash it out. If you sell the home, you’ll still be responsible for paying capital gains taxes, but they don’t come due until the sale, and a reverse mortgage doesn’t trigger them.
One of the reasons Phil Cannella is sought after by so many consumers is because he makes retirement planning so simple yet so accurate, alleviating retirees of much stress involved in planning their financial futures.