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What is the maximum amount of the loan

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Harry (age 58) and Mary (age 56) are looking at their options to purchase a primary residence instead of renting. Harry has a 403(b) plan that he contributes to and Mary has a 401(k) plan that she contributes to. Both will continue to work and don't plan on retiring for several more years. Harry is fully vested but Mary has not checked yet but thinks she is close. Mary has made 20% pre-tax contributions and no Roth contributions to her accounts for many years into S&P 500 Index funds. Harry has made 10% pre-tax contributions going into his account.

Harry has a vested account balance of $60,000 and is looking to purchase a principal residence for his family instead of renting. What is the maximum amount of the loan he can take?

Reference no: EM132415643

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