Welcome to The Phil Ganz Blog!

I am a Senior Loan Officer for Movement Mortgage and was recently named “Top 1%” Mortgage Originators in America, 2010-2021 in the Mortgage Executive Magazine. I am happily married to Melissa, and we have a beautiful fur-baby daughter, Penelope. My goal for these blog posts is to educate buyers and let them know about certain aspects of the mortgage world that they would likely never know. My first blog post is going to be centered around Reverse Mortgages and how they are such an amazing option for senior citizens. Plus, we have a newsletter too! Sign up today to stay in the loop with the latest market trends and so much more. 

When people retire, they lose their main source of income. It’s always best to have money in the bank, whether it’s in the form of a retirement account like a 401k or IRA or a very strong non-retirement investment account. But what many people do not consider to be a liquid asset is their own home. When the paychecks stop coming is when the recently retired will start to dip into their retirement accounts. Most people have a traditional 401k, but whenever you draw from it you'll get taxed. And no one likes to get taxed, trust me. Another thing that you are losing when drawing from your 401k is the fact that you are not invested and making money on your portfolio because this money is now coming out for everyday use.

The best way to have a healthy 401k is to not take any money out of it. Sounds pretty easy, but also rather difficult at the same time. Most people start thinking, well, how do I live if I don’t draw money out of my 401k and don’t have money coming in? Well, that is where your house comes into play!

You can take a reverse mortgage on your house and get paid out in many ways, including a lump sum or monthly checks. This will leave your 401k and investments in place for a time when you really need the money. On top of that, if you get enough money out of the reverse mortgage, you can leave your entire retirement accounts to your children or grandchildren!

The way that a reverse mortgage works is simple: A homeowner who is 62 years or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment, or even a line of credit. The coolest part about this? A reverse mortgage doesn’t require the homeowner to make any loan payments. When the house is eventually sold (whether you’re living or dead), the proceeds go to the lender to pay off your debt from the reverse mortgage. Any additional money that is left over will go to the borrower (if still living) or to the estate.

We highly recommend looking into a reverse mortgage because there are so many pros associated with it. Whether you’re using this as supplemental income, preventing foreclosure, and not having to make monthly payments, this is a win-win! You can invest your retirement funds instead of drawing them and getting dinged on the tax, so they can continue to earn money while also receiving a monthly check for the reverse mortgage. This really solves a lot of stress for senior citizens who are blowing through their retirement money. Read about the many benefits of a reverse mortgage here.

Ready to live stress-free? Contact me today to learn more about how a reverse mortgage can benefit you and your family or chat with a financial advisor.