Tag Archive for ‘home equity lines of credit’

HELOC Win Retains $760 Million in Remodeling Incentives

Ever since the inception of the U.S. income tax in 1913, home owners have been able to deduct interest paid on home equity loans (HELOCs). The Omnibus Budget Reconciliation Act of 1987 limited the mortgage interest and HELOC deductions to interest paid on $1,000,000 and $100,000 of debt, respectively. Then came the Tax Cuts and Jobs Act of 2017 (TCJA)…. Read More ›

HELOCs Continue to Shrink, But at Larger Banks

According the Federal Reserve Bank of New York the outstanding amount of home equity lines of credit (HELOCs) was the only debt category to record a decrease in the third quarter of 2015. Home equity lines of credit are an important source of financing for home remodeling projects. Over the quarter, the outstanding amount of HELOCs fell by 1.4%, $7… Read More ›

Aggregate Household Debt Expands, but HELOCs Shrink

Data released by the Federal Reserve Bank of New York shows that aggregate consumer debt increased in the fourth quarter of 2013 by 2.1%, or $241 billion, from its level in the third quarter of 2013. According to the release, household debt now totals $11.5 trillion. This is the largest quarter-over-quarter increase seen since the third quarter of 2007. Over… Read More ›