An elderly lady owns a home for which she has completely paid. She arranges a reverse mortgage…

An elderly lady owns a home for which she has completely paid. She arranges a reverse mortgage for An elderly lady owns a home for which she has completely paid. She arranges a reverse mortgage for...100,000, whereby she will receive monthly payments for the home from a bank. She will be allowed to live in the house until her death, whereupon her estate will receive the equivalent of the remaining payments in a lump sum. The bank then owns the home. One month after she turns 70, she begins receiving monthly payments on a 30-year reverse mortgage at 7% interest compounded monthly.

(a) What monthly payment does she receive?

(b) At the time of her death at age 80, what lump sum payment is made to her estate?

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