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October 26, 2022

Bill is a retired postal worker living on a fixed income in New York City.

Bill is a retired postal worker living on a fixed income in New York City. He has been a renter all of his life and now plans to retire to Arizona and buy a small house. Bill inquires at the bank about getting a mortgage loan to finance the purchase of a home that he found. The loan officer informs Bill that they have a number of loan options available. The loan officer indicates a number of the choices and asks Bill which of these he might prefer. Bill turns to you for some guidance. Can you explain to Bill some of the possible benefits and detriments for each of the following loans?

A 5-year balloon mortgage at zero points, with interest-only payments for the entire 5-year term

A level payment adjustable rate mortgage at 2 percent interest for a 30-year term

A reverse annuity mortgage

A 20-year fixed rate mortgage at 5 percent or a 20-year adjustable rate mortgage starting at 4 percent with no caps

Bill is also presented with some tradeoffs and does not understand what the bank is doing. The bank offers a 20-year fixed rate mortgage at 6 percent and no points, at 5 ½ percent and 1 point, and at 5 percent and 1.25 points. Bill is unsure of what he is being asked to consider and how it is that the same loan can be made at all these different interest rates. Can you help him to understand?

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