A borrower obtains a $150,000 reverse mortgage on a house valued at $300,000 with monthly annuity payments
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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?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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