Question

Greg and Wanda Sandler purchased their home 35 years ago and it was paid off at the end of thirty years. In order to supplement their fixed income, the Sandlers receive monthly checks from their bank. Most likely, what did they get?

Answer 1

Reverse annuity mortgage

Step-by-step explanation:

A reverse annuity mortgage can be defined as a loan that is been secured against the value of a person home or an individual home reason been that It allows and enables that individual to cash in some of his or her home's equity, without having to sell them or move out.

In another word REVEREE ANNUITY MORTGAGE can be seen a type of mortgage which occured when a homeowner's equity is been gradually depleted due to some series of payments from the mortgage holder to the homeowner which is why this type of mortgage is often used by people that are elderly homeowners who wish and desire to convert or turn all the equity in their homes into a stream of income that will serve as their retirement income payments.