Question
A borrower takes out a 10-year reverse mortgage not to exceed the amount of $400,000 with monthly withdrawals at an interest rate of 6%. The
A borrower takes out a 10-year reverse mortgage not to exceed the amount of $400,000 with monthly withdrawals at an interest rate of 6%. The first two years of the loan have a monthly withdrawals of 2,000 dollars.
What would be the monthly payments be starting in year 3 in order to not exceed the desired loan balance?
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