A borrower obtains a $150,000 reverse mortgage on a house valued at $300,000 with monthly annuity payments over 10 years. The interest rate of the mortgage loan is 6%. If the monthly annuity payment is $1,000 for the first 5 years, what is the monthly annuity payment in the last 5 years of the reverse mortgage?

Answer rating: 100% (QA)

To calculate the monthly annuity payment in the last 5 years of the reverse mortgage we will first c... View the full answer