Use Caution When Considering Home Eauitv Loans the new tax code, every bank and mortgage twipiny in America la puahing this concept. Basically with this loan, you are converting your home equity to a single line of credit. A typical home equity loan works something like this: The bank will allow up to borrow up to 80 percent of the equity in your home, lees the mor tgage value, with the loan not to ex ceed your annual salary. You receive either a credit card and -or checks and redeve monthly statements on your account. The salea pitch is that you can still the blanket of your home On the surface, the idea I* attractive, but there an aerioui pitfalls to tUs credit approach. The biggest problem with home equity loans is human nature. Take a look at how many of us utilise our credit cards. With a regular credit card, we teod to charge up to our credit Umit. At that point, we arrange our purchases and payments so that a balance is just below the limit. The critical point is that there is a limit. Home equity loans have a charge limit near the equity in your home. There is no credit ceiling until your home equity, which is the major financial asset for most Americans, Parking In Front Of Courthouse Now Prohibited Folks won't be able to park in front of the Madison County Cour thouse anymore - at least, not without risking a parking ticket. The Marshall Board of Aldermen unanimously agreed last week to place "No Parking'' signs in front of the courthouse, and to ask municipal police of ficers to enforce the regulation. The board had received several requests for the signs because school buses and other large vehicles have had difficulty turn ing left onto Main Street from Bridge Street when cars are park ed in front of the courthouse. Signs with a different message also won board approval last week. Marshall officials, after receiv ing complaints from nearby residents, agreed to post "No Dumping" signs on Smith Hollow Road. Residents complained that the dumping of garbage along the road had created a haven for rats and created a health hazard. The board agreed to ask Madison County Sheriff Dedrick Brown to enforce the regulation if the dumping continues. In other action, the board agreed to help pay for two planters to be placed in town, and for several SO-gallon drums to be used as garbage containers The board meeting has original ly been scheduled for April 30, but had to be postponed by one day when Alderman John Dodson fail ed to show up for the meeting. Alderman Ed NUes had previously told the board he would be out of town on that day, and that left only Mayor Anita Ward, a non-voting member of the board, and Alder man Faye Reid. Because there was no quorum, the meeting was continued until the following day. Weaverville Board Rescinds Ordiirace The WeaverviUe Town Council recently rescinded an earlier or dinance prohibiting the use of town vehicles for the purpose of transpor tation to and from home and unof ficial business. "We've received calls about town vehicles in West Asheville," said Alderman David Bell. "We had to do something when people call in and complain." WeaverviUe Mayor Reese Lasher pointed out that the complaints were from anonymous sources. "Those were anonymous calls," Lasher said. "If people won't give their names, how do we know if it's the truth?" After lengthy discussion, the board agreed to rescind the ordinance, ap proved in March, and ae-enact the old policy, which enables town officials to commute and make incidental stops when on call or official business. The board also heard from members of the volunteer fire depart ment who came to show support for the town's only paid fireman, Douglas Sims. Sims was recently reprimanded by Town Manager Charles Home for allegedly playing basketball while oo duty. According to fireman John Penley, Sims was washing the town's two fire trucks while volunteers were playing ball. Sims stopped the ball from going over an embankment and threw it back. He was then reprimanded by Home with a letter to be placed in his personnel file for a period of 90 day*. The board agreed to investigate the matter and see that Sims is given a meeting last Wednesday to review Home, the town manager. At the continuation meeting, the board met in executive session for nearly two hours to review Home's Job performance. No action was taken at last Wednesday's session. _.r. ; Ron Holland's Report is gone. What hapen* If the following occur*: ? You decide to buy another home and there is no equity remaining for a down payment 7 ? You are laid off, and are unable to make the monthly payments on the loan? ? Interest rates rise so that the in terest on the loan, which is tied to the prime rate, is no longer reasonable? ? The government changes the tax - ? code again so that the Interact is no longer deductible? ? Yea get ready to retire and all of your home equity is dispersed among depreciating goods and services? Credit is like Are - a useful tool, but it must be handled with care. Home equity loans aren't just another type of credit card, but an entirely new type of credit. You exchange stable, appreciating home value for depreciating consumer goods and Burnsville Man Charged With Armed Robbery, Stabbing A Burnsville man has been charged with armed robbery and assault with a deadly weapon in connection with the weekend stabbing and robbery of a Madison County man. Richard Marlow, who lives in the Forks of Ivy community near the Madison-Buncombe county line, was robbed of $12 in cash and stabbed in the stomach and arm, said Madison County Sheriff Dedrick Brown. "They knifed him in the stomach and cut his arm to the bone," Brown said. Authorities say the robbery took place in Yancey County, while the stabbing occurred on the Madison County side of the line. Marlow was transported to Memorial Mission Hospital and released after being treated for his in juries. Yancey authorities have charged Carroll Penland Jr. with armed rob bery, while Madison authorities have charged him with assault with a deadly weapon inflicting serious in jury, Brown said. The Madison Sheriff's Department was kept busy over the weekend on a number of drunk and disorderly calls and domestic disputes, Brown said. Madison deputies were notified by Rutherford County authorities that two men wanted on breaking and entering and drug charges may be in the county, said Chief Deputy Dal Peek. Deputies discovered that the men had been in Madison County, but left before Rutherford authorities had given them the message. Madison County authorities are also looking for juvenile offenders from Crossnore, Peek said. Bullet-Proof Vest Fund Established A fund has been set up at First Citizens Bank in Marshall to raise money to purchase bullet-proof vests for the Madison County Sheriff's Department. A group of concerned citizens has set up the fund, and is planning a number of fund-raising events for later in the spring. The department is in need of five or six vests, at a cost of more than $300 each, said Madison County Chief Deputy Dal Peek. MARS THEATRE NowShowing! SHOWTIME: 7:30 Black Widow May 7, 8, 9, 1987 M. V services. The risk you run is waking up several years down the road and discovering that your borne equity has ben replaced with dejmciating automobiles, clothes, past vacations, etc. Home equity loans are a credit tool worth considering, but make sure you understand the dangers and have the temperament to properly utilize the ?ervice. 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