This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Jack and Jill Freeman are both retired. Jack is 64 and Jill is 66 . Their home has been paid for for ... (Read 124 times)

littleanan

  • Hero Member
  • *****
  • Posts: 575
on: Aug 3, 2018
Jack and Jill Freeman are both retired. Jack is 64 and Jill is 66 . Their home has been paid for for a number of years. Although both receive a small pension and Social Security payments, they have insufficient savings to maintain a comfortable retirement. They do not, however, want to sell their home. Jack and Jill may be able to ease their burden through:
 
  A. A seller's purchase money mortgage
   B. A reverse mortgage
   C. An assumed mortgage
   D. A fixed rate mortgage

Question 2

Phil and Roweena are first time home buyers struggling to make ends meet. They enter into a mortgage with an interest rate of 4.25 for a term of 30 years. The mortgage is self amortizing, but the monthly payments for the first 3 years of the mortgage are lower than the required self amortizing payments. At the end of 3 years, though, the mortgage payments will increase so that they actually exceed the required self amortizing payments to make up for the shortfall during the first 3 years of the mortgage. Roweena and Phil have most likely entered into a:
 
  A. Graduated payment mortgage
   B. Fixed rate mortgage
   C. Balloon mortgage
   D. Adjustable rate mortgage


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

robbielu01

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Aug 3, 2018
Answer to Question 1

B

Answer to Question 2

A


littleanan

  • Member
  • Posts: 575
Reply 2 on: Aug 3, 2018
:D TYSM

softEldritch

  • Member
  • Posts: 334
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

Elderly adults are at greatest risk of stroke and myocardial infarction and have the most to gain from prophylaxis. Patients ages 60 to 80 years with blood pressures above 160/90 mm Hg should benefit from antihypertensive treatment.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Some of the fastest growing religions in America are non-Judeo-Christian religions. This photograph Some of the fastest growing religions in America are non-Judeo-Christian religions. This photograph
In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it. In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it.
“Career choice” for many women means leaving their paid jobs for a number of years when they ... “Career choice” for many women means leaving their paid jobs for a number of years when they ...
Chelsea Donahue has a​ 20-year home mortgage of ​78,000 at​ 7.50% interest and will pay ... Chelsea Donahue has a​ 20-year home mortgage of ​78,000 at​ 7.50% interest and will pay ...
Sonja is paid $42.50 per hour as a veterinarian. She is paid 1 times the regular rate for all ... Sonja is paid $42.50 per hour as a veterinarian. She is paid 1 times the regular rate for all ...
Jia's Fashions recently paid a $2 annual dividend. The company is projecting that its ... Jia's Fashions recently paid a $2 annual dividend. The company is projecting that its ...
Video: How to find out if a population is evolving?

For a complete list of videos, visit our video library