Your great aunt, age 75 lives in her home on which she has a loan of $35,000 left but needs money to pay for home improvements that have been completed. She re-did her bathroom and entire home to be handicap assessable at a total cost of $65,000, which she has not paid yet. She has a home worth $200,000 today and a PLF of 0.6

Does ahe qualify for a reverse mortgage? Why or why not?

If closing costs include $4000 for fees, a $1000 appraisal, and $1000 in insurance, what will be the amount of funds she takes home with her after closing? Assume she takes out the maximum dollar amount she can on her home and has the bank pay the money she owes contractors directly for her home improvements