The extra $60,000 over the current principal balance makes the transaction rescindable.
(f) Exempt transactions. The right to rescind does not apply to the following:
(2) A refinancing or consolidation by the same creditor of an extension of credit already secured by the consumer's principal dwelling. The right of rescission shall apply, however, to the extent the new amount financed exceeds the unpaid principal balance, any earned unpaid finance charge on the existing debt, and amounts attributed solely to the costs of the refinancing or consolidation.
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