At age of 60, Jeff decides to enjoy his retirement through a reverse mortgage. The reverse mortgage provides constant periodic payment to the mortgagee over his life expectancy. Suppose Jeff house is valuated at $500,000, and the bank agrees to pay Jeff monthly payment over his life expectancy of 20 years. Upon completing the agreement, Jeff is entitled to receive the first payment immediately. You are invited to help Jeff to determine his monthly receipt from the bank given the fixed mortgage rate of 6% p.a.