User Account

All Pages

Compare the loan balance to be repaid

Assignment Help Finance Basics
Reference no: EM133060848

A FHA HECM reverse mortgage is only required to be repaid (1) when the borrower moves, or (2) when the borrower dies. Assume you take out a $300,000 reverse mortgage loan, under the FHA program, for a term of 15 years at 7% annually. The reverse mortgage makes monthly annuity payments. Now, let's say you die 8 years after the loan matures, but you have made no payments. Your family wishes to repay the loan beginning 23 years after origination. What is the total amount they owe? Compare the loan balance to be repaid in the previous question with the original loan balance of $300,000. If they are the same, explain in detail why. Similarly, if they are different, justify why they are different.

Reference no: EM133060848

Questions Cloud

Describe the nature of contingent liabilities : Describe the nature of contingent liabilities? Describe the purpose and content of the scoresheet (schedule of Aggregated Misstatements)
What is meant by securitization of mortgages : Most Mortgage loans once had ballon payments: Now, most current mortgages loans are fully amortized. What is the difference between a balloon loan
Compute the current break-even point in units : Compute the current break-even point in units, and compare it to the break-even point in units if Wildhorse's ideas are used
California criminal justice system and develop solutions : Explain the challenges facing California's criminal justice system and develop solutions
Compare the loan balance to be repaid : A FHA HECM reverse mortgage is only required to be repaid (1) when the borrower moves, or (2) when the borrower dies. Assume you take out a $300,000 reverse mor
Identify the types of special-purpose financial reporting : Questions - Identify the types of special-purpose financial reporting frameworks and the nature of the audit reports issued
Protection of mortgage insurance : Suppose you have just purchased your first home for $300,000. At the time of purchase you could only afford to commit to a down-payment of $15,000.
Journalize transaction to record the payment of sales tax : On July? 5, Gunther Company recorded sales of merchandise inventory on? account, $30,000. Journalize transaction to record the payment of sales tax
Define big data analytics : Define big data analytics and explain how big data analytics can help improve a firm's value i.e. increase the company's share price.

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd