You will take out a reverse mortgage. The bank will make monthly payments for 10 years and start one month from today. The bank charges an annual interest rate of 12%. The house you live in has a market value today of $400,000. The house was purchased 20 years ago for $182,554.78. The bank assumes this rate of appreciation will continue.

What is the reverse monthly mortgage payment the bank will pay to you?

Assume you sell the house 6 years from today. How much will the bank be paid and how much of the sale proceeds will you get to keep?

Please show all steps used so that I can follow along.