BANKING / FINANCE
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Equity Loan Boost: With tax deductions on most consumer loans being phased out this year, more homeowners are expected to tap the equity in their homes to pay off their debts and keep their tax write-offs, said Walter P. Blass, chairman of Shearson Lehman Mortgage Co. in Newport Beach.
The average amount of home equity loans and lines of credit--essentially junior mortgages--approved last year by banks and savings and loans grew 38% to $287.6 million from $207.7 million in 1988, he said.
Since the 1986 tax law was passed, the interest on consumer loans allowed to be deducted from income tax returns has been winding down. Only 10% of consumer loan interest is deductible this year, he said.
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