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Author Question: Jack and Jill Freeman are both retired. Jack is 64 and Jill is 66 . Their home has been paid for for ... (Read 149 times)

littleanan

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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


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robbielu01

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Reply #1 on: Aug 3, 2018
Answer to Question 1

B

Answer to Question 2

A


littleanan

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Reply 2 on: Aug 3, 2018
Thanks for the timely response, appreciate it

cam1229

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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