Phil Cannella Explains When a Reverse Mortgage Isn’t Right
Phil Cannella often advises his clients to take out a reverse mortgage in order to cover assisted living expenses, but there are situations when a reverse mortgage may not be the best choice.
If there is a chance you won’t be living in your home for at least five more years, a reverse mortgage is probably not the right move for you. This is because the closing costs can be high, and only time will offset those costs as your equity continues to grow.
Phil Cannella also warns his clients not to just explore a reverse mortgage because they can’t stand the thought of their money sitting in dead equity. If you don’t need the money, carefully evaluate your options because continuing to grow your equity might be the best course of action.
Phil Cannella always urges his clients to thoroughly research the types of reverse mortgages, their costs and fees, and how they fit into their goals. In most cases, you should sit with a federal counselor who can see to it that your situation qualifies and justifies a reverse mortgage.
You can learn more to improve your retirement by visiting Phil Cannella’s website: https://retirementmediainc.com.