Reverse Mortgage (RAM) In a fixed-term, level-payment reverse mortgage, sometimes called a reverse annuity mortgage, or RAM, a lender agrees to pay the homeowner a monthly payment, or annuity, and expects to be repaid from the homeowner's equity when he or she sells the home or obtains other financing to pay off the RAM. Consider a household that owns a $150,000 home free and clear of mortgage debt. The RAM lender agrees to a $80,000 RAM for 7 years at 6 percent (see example 10-4 in the book). Use your financial calculator to answer the following questions. a) If payments are made annually starting in one year, calculate the annual payment on the RAM. b) If payments are made annually and begin immediately, calculate the payment on the RAM. c) If payments are made monthly starting in one month, calculate the payment on the RAM. d) If payments are made monthly starting today, calculate the payment on the RAM.