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What maximum amount of credit is avail­able to the family

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Question: The Lathrop family needs some extra funds to put their two children through college starting this coming fall and to buy a new computer system for a part-time home busi­ness. They are not sure of the current market value of their home, though comparable four-bedroom homes are selling for about $410,000 in the neighborhood. The Van Nuys Federal and Merchants Savings Association will loan 80 percent of the prop­erty's appraised value, but the Lathrops still owe $242,000 on their home mortgage and a home improvement loan combined. What maximum amount of credit is avail­able to this family should it elect to seek a home equity credit line?

Reference no: EM131723327

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