A reverse mortgage is a way to use the equity in your house to pay for living expenses. Paul is contemplating doing a reverse mortgage on his house appraised at $350,000 today. He has no heirs and does not mind giving up the house to the bank after he is dead. He would like to receive $40,000 today and $1,800 at the end of every month. If the bank charges an interest rate of 6.5% per year, how long would it be before the bank will take away the house?

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