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HP 12c Calculator - Reverse Annuity Mortgage Payment

Description
A reverse annuity mortgage allows people over 62 years of age to use the equity they have in their homes to generate monthly income. The following procedure determines the amount of the monthly payment that they will receive.
  1. Press g, BEG, f, FIN, then CLX
  2. Key in the number of years in the loan and press g, then 12x
  3. Key in the annual interest rate (as a percentage) and press g, then 12÷
  4. Key in the amount of the initial cash flow (if it exists) and press PV
  5. Key in the total loan amount and press CHS, then FV
  6. Press PMT to calculate the monthly payment.
Example of calculating a reverse annuity mortgage
Loan amount = $64,000.00
Term = Five years
Interest rate = 13 percent
Initial payment = $2,500.00
Keys RPN mode)
Display
Description
Press g, then BEG
BEGIN
Press this if the BEGIN annunciator is not on the display.
Press f, FIN, then CLX
0.00
Clears the finance and x registers
Press 5, g, then 12x
60.00
Stores the term
Press 13, g, then 12÷
1.08
Stores the interest rate
Press 2500, then PV
2,500.00
Stores the initial payment
Press 64000, CHS, then FV
-64,000.00
Stores the total loan amount
Press PMT
698.41
Calculates monthly payment received
Graduated reverse annuity mortgage
A graduated reverse annuity mortgage means that the monthly payments are less in the beginning, and increase at a specified rate for the term of the loan. A program to calculate the monthly payments follows. Key in the program, then use this procedure.
  1. Key in the number of years in the loan and press STO, then 0
  2. Key in the annual interest rate (as a percentage) and press STO, then 1
  3. Key in the total loan amount and press STO, then 2
  4. Key in the annual percentage increase in the payment and press STO, then 3
  5. Key in the amount of the initial cash flow and press STO, then 4. If there is no initial cash flow, key in 0 and press STO, then 4
  6. Press R/S to calculate the payment received in the first year.
  7. Repeat step 6 to calculate the payment for subsequent years.
  8. Optional: Press RCL, then 5 to display the loan factor. Press RCL, then 6 to display the initial cash flow factor.
  9. For a new loan, return to step 1 and key in any values that have changed.
Example of calculating a reverse annuity mortgage with increasing payments
Same as previous example plus an increase in payment of 6 percent per year.
 note:
If the program is not keyed in yet, click here for instructions and key in the program first. Go to Section 8 in the Owner's Handbook if using a program for the first time.
Keys (RPN mode)
Display
Description
Press f, PRGM, then CLX
0.00
Resets the program and clears the x register
Press 5, STO, then 0
5.00
Stores the term
Press 13, STO, then 1
13.00
Stores the interest rate
Press 64000, STO, then 2
64,000.00
Stores the total loan amount
Press 6, STO, then 3
6.00
Stores the increase in payment
Press 2500, STO, then 4
2,500.00
Stores the initial payment
Press R/S
628.85
Calculates monthly payment for year 1
Press R/S
666.58
Payment, year 2
Press R/S
706.58
Payment, year 3
Press R/S
748.97
Payment, year 4
Press R/S
793.91
Payment, year 5
Program for graduated reverse annuity mortgages
Keys (RPN mode)
Display
Press f, P/R, f, then PRGM
00-
Press f, then FIN
01- 42 34
Press g, then END
02- 43 8
Press 1
03- 1
Press RCL, then 3
04- 45 3
Press %
05- 25
Press +
06- 40
Press RCL, then 1
07- 45 1
Press 1
08- 1
Press 2
09- 2
Press 0
10- 0
Press 0
11- 0
Press ÷
12- 10
Press 1
13- 1
Press +
14- 40
Press 1
15- 1
Press 2
16- 2
Press yx
17- 21
Press ÷
18- 10
Press 1
19- 1
Press [ - ]
20- 30
Press EEX
21- 26
Press 2
22- 2
Press x
23- 20
Press i
24- 12
Press 1
25- 1
Press CHS
26- 16
Press PMT
27- 14
Press RCL, then 0
28- 45 0
Press STO, then 7
29- 44 7
Press n
30- 11
Press FV
31- 15
Press STO, then PMT
32- 44 14
Press g, then BEG
33- 43 7
Press RCL, then 1
34- 45 1
Press g, then 12÷
35- 43 12
Press 1
36- 1
Press g, then 12x
37- 43 11
Press 0
38- 0
Press FV
39- 15
Press PV
40- 13
Press RCL, then 0
41- 45 0
Press g, then 12x
42- 43 11
Press 0
43- 0
Press PMT
44- 14
Press FV
45- 15
Press 1/x
46- 22
Press STO, then 5
47- 44 5
Press RCL, then 4
48- 45 4
Press g, then x=0
49- 43 35
Press g, GTO, then 63
50- 43,33 63
Press RCL, then 0
51- 45 0
Press g, then 12x
52- 43 11
Press RCL, then 1
53- 45 1
Press g, then 12÷
54- 43 12
Press 1
55- 1
Press PV
56- 13
Press FV
57- 15
Press STO, then 6
58- 44 6
Press x
59- 20
Press RCL, then 2
60- 45 2
Press +
61- 40
Press g, GTO, then 64
62- 43,33 64
Press RCL, then 2
63- 45 2
Press RCL, then 5
64- 45 5
Press x
65- 20
Press R/S
66- 31
Press 1
67- 1
Press STO, [ - ], then 0
68- 44 30 0
Press RCL, then 0
69- 45 0
Press g, then x=0
70- 43 35
Press g, GTO, then 79
71- 43, 33 79
Press R
72- 33
Press R
73- 33
Press RCL, then 3
74- 45 3
Press %
75- 25
Press +
76- 40
Press R/S
77- 31
Press g, GTO, then 67
78- 43,33 67
Press RCL, then 7
79- 45 7
Press STO, then 0
80- 44 0
Press CLX
81- 35
Press g, GTO, then 00
82- 43,33 00
Press f, then P/R
1.00
Registers
Register
Use
n
Used
i
Used
PV
Used
PMT
Used
FV
Used
R0
# years
R1
Percent interest
R2
Loan amount
R3
Percent increase
R4
Initial
R5
Loan factor
R6
CF factor
R7
Used

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