Janelle has a 30-year mortgage, but instead of making monthly payments, she is making rising payments every two years. As a result, she will end up repaying her loan in less than 30 years. Janelle’s loan is an example of a(n) A : growing equity mortgage.  B : reverse annuity mortgage.  C : adjustable rate mortgage.     D : graduated payment mortgage

Question
Janelle has a 30-year mortgage, but instead of making monthly payments, she is making rising payments every two years. As a result, she will end up repaying her loan in less than 30 years. Janelle’s loan is an example of a(n)
  • A : growing equity mortgage. 


  • B : reverse annuity mortgage. 


  • C : adjustable rate mortgage.
     
     
  • D : graduated payment mortgage. 

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