Sean and amy anderson have a home with an appraised value, Finance Basics

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Sean and amy anderson have a home with an appraised value

Question: Sean and Amy Anderson have a home with an appraised value of $170,000 and a mortgage balance of only $85,000.

Given that an S&L is willing to lend money at a loan-to-value ratio of 70%, how big a home equity credit line can Sean and Amy obtain?

How much, if any, of this line would qualify as tax-deductible interest if their house originally cost $100,000?

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Finance Basics: Sean and amy anderson have a home with an appraised value

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Finance Basics: Sean and amy anderson have a home with an appraised value

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