How much money will owners get to keep as result of sale

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Reference no: EM131560683

A couple, aged 65 and 80, obtain a reverse mortgage for the largest amount they can. They own a home worth $300,000. They obtain a 4.5% fixed rate reverse mortgage and receive a lump sum payment today and remain in the home for the next 10 years, until they sell the home to move into an assisted living home. Over the 10 years, the house price grows by 2% annually. How much money will the owners get to keep as a result of the sale? Round your answer to the nearest cent. (Please omit the dollar sign from your answer, it will cause Blackboard to count an otherwise correct answer as incorrect.)

Reference no: EM131560683

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