BUILDING EQUITY: Steven Parente, senior vice president and director of retail banking for Bank Rhode Island, says the loss of the interest deduction for home equity loans is not expected to impact the volume or interest in such loans, as more people are expected to take the increased standard deduction in 2018. / PBN PHOTO/RUPERT WHITELEY
The new federal tax code eliminated an interest cost deduction that helped to make home equity a popular source for borrowing. But the loss of the deduction for the interest paid on a home equity loan, or on the active portion under a line of credit, isn’t expected to reduce the lending volume, according to…
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