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You are 62 years old, and your house appraises for $450,000.

You are 62 years old, and your house appraises for $450,000. A bank is willing to give you a reverse… Show more You are 62 years old, and your house appraises for $450,000. A bank is willing to give you a reverse mortgage at 50% LTV with a 6% fixed contract rate. You choose an option to receive equal monthly payments over a period of 10 years. a) What will these payments be? b) If you choose to move after 5 years, what will you owe the bank? c) If the home appreciates at 1%, how old will you be before your loan balance exceeds the value of the home? Please help and give an explanation of how you got that answer! • Show less


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