20 - MANCHESTER HERALD, Saturday, Pec. 10, 1983 BUSINESS Llngard mulling ‘Yes’ vote on RHAM Do missiles switch In parties may not end dispute guard Reagan? ... page 4 ... page 3 .. page 7 Business Home equity loans: Use but don’t abuse In Brief If you bought your home more than five years ago. it percent of $100,000 is $75,000; subtract the $50,000 and almost surely has appreciated in value, perhaps the $25,000 is the amount the lender will provide. dramatically so. Also, the probabilities are that in Once the lender approves the loan, you can draw on Execs see growth in ’84 countless cases, your home represents your most Your that amount. Each lending institution has developea BOSTON — A survey of 180 chief executives of valuable asset. Money's its own policies, terms and payment schedules; the New England companies indicates the vast But also in countless cases, the cash equity remains loan you take could be tailored to your requirement$ Manchester, Conn. majority expect at least moderate economic frozen and unavailable. Worth and ability to repay. You can choose from a wide Freezing rain growth next year but less than half have made To help you, a consumer, "liberalize" the equity variety. Monday, Dec. 12. 1983 pans to increase capital spending. trapped in your home, the old second mortgage Sylvia Porter YOU’L L FIN D LOANS that are dressed-up second or sleet tonight recently has been given new twists by banks, thrifts, mortgages in which you receive the full amount of the Single copy: 25<f The survey, conducted by the New England — See page 2 Council and Arthur Andersen & Co., showed 48 brokers and consumer finance companies. These loan and pay monthly principal and interest chargeR itanrljfBlpr Hrralb percent expected their capital investment to loans, generally termed more equity loans, permit according to an amortization schedule. You may be remain stable in 1984. Twenty-eight percent you, the borrower, to use your home as collateral for offered a fixed or adjustable rate, and some loans expected moderate increases and 12 percent said borrowing money. When you apply successfully, your IT ’S EASY TO SEE the appeal of home equity loans amortize over terms up to 30 years. Still otherg significant increases were anticipated. home secures the loan — and you get mpre money, a to most financial institutions: Houses and condomini­ require a balloon payment when the term expires. - "O f particular concern was the fact that only 31 longer term and lower interest rates than on most ums that have jumped in value are good security for Some bunks and brokerage firms (including Morrill percent of the region's manufacturing CEOs personal consumer loans. the lender. One mortgage corporation estimates that Lynch, Shearson/American Express, Citibank; $17 billion to $19 billion were committed to home Crocker National) offer home equity loans that y -f surveyed were committed to any increases in I ijfm capital spending." said New England Council equity loans in 1982, a fraction of the total value of operate like revolving lines of credit, which give youi Icy rain President Eric Swider. home equity but an indicator of tbe quick acceptance the borrower, cohtrol over the amount borrowed and these loans have gained. your repayment schedule. •• Embassies The survey also showed 61 percent of the chief Coleco’s sales executives anticipated at least moderate produc­ But does a home equity loan make sense for you? tivity gains through the region, accompanied by When consumers turn to them to meet a financial need IN SUCH ACCOUNTS, you |)ay no interest until you causes moderate wage increase demands as well. — such as college tuition or purchase of a second home draw on the credit line, which you do with a special have helped — they can help. But you can abuse them by using a checking account, toll-free phone number or, in at loan to meet daily cash-flow needs or to start a ieast one instance, a credit card. Each program sets a frivolous enterprise. minimum amount for a loan; you also may have to trouble car-bom bed Apartments up for sale town’s recovety If you, as a borrower, default, you can lose your maintain an outstanding loan balance; interest rats ROCKY H ILL — The 1,000-unit Century Hill home. While lenders chorus that the default rate flout from one to three percentage points above thd Apartment complex, the town's largest housing remains low (some have had no defaults at all to prime rate. The winter's first ice storm put By Steve Gelmonn complex and its top taxpayer, is up for sale. date), that could obscure many vital facts. A variety of state laws govern home equity loans Manchester residents (o consider­ United Press International Equity Ventures, a Hartford-based developer, and thus, they are not available everywhere' able inconvenience this morning, has announced plans to sell the complex. The LENDERS NOW APPLY strict application proce­ Brokerage firms currently offer their loans in less but Nature was apparently saving AMSTERDAM, N.Y. — Coleco's success in selling in Kuwait company also said it wilt relocate its corporate dures and stringent criteria for loan approvals. Many than 20 states. her severest blows for later. ColecoVision and The Cabbage Patch Kids helped pull reject the majority of applicants, saying they don't Schools in town started two • I A' 'I headquarters from Hartford to Rocky Hill next If you're tempted, shop with care. Go to a number oC KUWAIT (UPI) — Islamic ex­ like previous Islamic Jihad mis­ the Mohawk Valley from an economic slump, a feat want to have to foreclosure and get into the real estate hours late because the school-bus year. institutions; review all charges and fees with the tremists set off six car bombs sions but the subsequent explo­ the company now hopes to repeat for itself. business. company had difficulty getting the The housing complex's three sections — The lenders. Make sure you understand the payment today, killing five people in attacks sions were blamed on car bombs. Coleco, a former leather company and toy The mechanics of the loans are relatively simple. buses safely out of their place at Towers, the Galleries and Glen Brook — are schedule. Read the literature and contract details' on the U.S. and French embassies, The official Kuwaiti News Agency manufacturer which got into electronic games with Lenders make available 70 percent to 80 percent of the Glen Road. The town Highway assessed at $16.67 million. with an expert. the oil sheikdom’s airport and a reported a number of suspects had ColecoVision five years ago, is struggling with Adam, appraised market value of your home, minus Department sent 14 sanding trucks And perhaps most important, review the purpose of housing complex for Americans. been taken for questioning. a $600 home computer assembled and shipped from outstanding mortgage. Say your home is valued at out shortly before 7 a.m. to the loan and decide whether you really want to add; The Islamic terrorists who at­ The Kuwaiti government, mov­ Amsterdam, a city of 21,800 in the Mohawk Valley. $100,000 and you owe $50,000 on the mortgage: 75 spot-sahd areas in town, particu- another .layer of debt to your home. tacked the U.S. Marines in Beirut ing into an emergency Cabinet Brain power said the key Adam started with great expectations. Coleco laly bridges where the wind below claimed responsibility for the session, listed six targets of the HARTFORD — Connecticut's future economic promised to ship 500.000 by Labor Day. in time for the and above the decks freezes water bombs. attacks; holiday shopping rush. But Labor Day came and went quickly. strength lies in brain not manufacturing power, With the search for bodies still • The U.S. embassy. and no Adam. But the road crews were plan­ says David L. Birch, director of the Massachu­ under way in the smoking com­ • The French embassy. Analysts speculated about production problems and ning to return at mid-morning to setts Institute of Technology. pound of the walled American • A housing complex for Am eri­ profit-seekers began buying the stock, hoping the their leaf pickup, which they hope What will best determine future industrial Embassy, the State Department can residents outside of Kuwait price would fall. Rumors abounded, the stock price to complete by the end of the week. prosperity — and employment levels — is how said no Americans were among the City. technology is used by existing businesses. Birch see-sawed as a steam of disclosures raised doubts The freeze came suddenly in • Kuwait airport control tower. about Coleco's ability to produce and ship the Manchester at about 6:30 a.m. and four people killed or the 14 injured said Thursday at the annual economic outlook when an explosive-packed trucked • An oil refinery complex. conference sponsored by the Greater Hartford products. caused some accidents. crashed into the compound. • An electical transformer and One month before Christmas, Coleco shipped about Twelve cars were involved in an Chamber of Commerce. The Kuwaiti News Agency re­ water pumping station. "W e’ve stopped making things and now we are 3,000 units a day from its Amsterdam plant, well accident at exit 94 from Interstate ported at least one other person The suicide attacker on the U.S. working to serve people and businesses more. below predictions when Adam was first introduced in 1-86. Three cars were in an dead at the airport and 40 more Embassy struck at 9:40 a.m.