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What is the maximum dollar amount

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Reference no: EM131976931

Problem

A single borrower, age 84, owns a home that was purchased for $120,000 thirty years ago. Their mortgage is completely repaid. The property has appreciated, on average, 3% a year. What is the maximum dollar amount that this homeowner could get in the HECM/reverse mortgage program?

Reference no: EM131976931

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