Skip to main content
• Oct 13, 2022

CHERRY HILL, NJ, October 13, 2022 – A recent survey from TD Bank, America's Most Convenient Bank® found that 87% of respondents indicated an increase in equity since purchasing their home, but far fewer are planning to tap into this potential source of funds in the next 18 months.

TD Bank’s HELOC Trend Watch is a national survey of over 1,800 U.S. adult homeowners who purchased a home within the past 10 years using a mortgage loan. The survey examines trends surrounding home equity usage.

Unlocking Home Equity

With inflation reaching a 40-year high during the summer, 70% of respondents still consider themselves very or somewhat financially stable. But with continued economic and market volatility, many Americans are exploring ways to cut unnecessary expenses and pay down any high-interest debts. Home equity lines of credit (HELOCs) and home equity loans can be a relatively low interest way to access equity built from owning a home. However, more than half (52%) of homeowners who previously had a HELOC or home equity loan or never did but know what it is consider themselves not at all or not very likely to consider applying for either in the next 18 months. This is despite having an interest in renovations or debt consolidation.

“Many Americans have more equity in their homes than ever before, so utilizing it to their advantage may make financial sense," said Jon Giles, Head of Consumer Direct Lending at TD Bank. “When used responsibly, HELOCs and home equity loans are effective, affordable tools which can assist in paying down higher interest debt, covering education costs or allowing for home renovations, which add value to the property."

Sixty-five percent of participants who have any debt other than their mortgage indicated they would be interested in consolidating some or all their debt under a lower interest rate loan, with 47% viewing this as the most important trait of their debt consolidation tactic. And while HELOCs and home equity loans typically have lower interest rates than many personal loans, a third (33%) of those who have debt other than their mortgage and are interested in consolidating it at a lower interest rate, feel neutral or uncomfortable doing so using their home as a collateral. In fact, 43% of those respondents would prefer to use a personal loan. This could indicate a gap in understanding the benefits of tapping into home equity.

“Consumers should always consider their unique financial situation and speak with a lender first when exploring options to utilize home equity,” said Steve Kaminski, Head of Residential Lending at TD Bank. “Lenders can help borrowers understand what products align with their financial goals, their current equity level and how they plan on using the money. They'll also help make sense of the current market so you can understand what your payments will look like and how they can change based on today's interest rate environment."

While debt consolidation continues to be a priority for many, the kind of debt homeowners carry varies. The survey found that 69% of participants who have any debt other than their mortgage have credit card debt among the highest interest rate category for borrowers. Other forms of debt among these respondents include car loans (43%), personal loans (32%), student loans (27%), and nearly 1 in 5 (19%) have medical debt.

Home Renovations Reign Supreme

Renovations continue to be one of the most common uses for HELOCs and home equity loans. In fact, 43% of respondents who are planning or currently renovating their home intend to use a HELOC or home equity loan for their renovation projects. And supply chain challenges aren’t curbing enthusiasm for consumers. Seventy-eight percent of those who noted speed as their top priority in their renovation still plan to move forward. And almost half (49%) of those who noted overall costs as their top priority still plan to move forward with renovations as labor and supply chain shortages complicate the process further. Kitchens were the most popular room/area to renovate (55%).

"As homeowners look for flexible lending options to power their renovation projects, home equity loans and HELOCs are great options to consider," said Kaminski. "HELOCs, in particular, lend themselves to flexibility with borrower’s ability to draw funds as needed. With supply chain disruptions and rising inflation continuing to impact the total cost of home renovations, flexibility will be key in accessing funds throughout the process."

As renovation costs rise, many are also considering do-it-yourself projects when tackling home fixes. The study found 42% of respondents who are planning or currently executing home renovations will hire professionals to do all the work, while another 36% plan to do some of the work themselves and hire a professional for other tasks.

Survey Methodology

This report presents the findings of a CARAVAN® survey conducted by Big Village among a sample of 1,813 U.S. adults ages 18 and older who currently own their home, last purchased a home within the past 10 years, and acquired a mortgage when they purchased their most recent home. These respondents are referred to as “homeowners” throughout the report.

About Big Village

Big Village, formerly ENGINE, is a global, full-service media and marketing services company that empowers clients to outperform in the present and win in the future with its vast range of marketing solutions including insights, creative, media, data, and technology. Founded in 2005, Big Village has global headquarters in New York and 16 offices across North America, the UK, Europe, and Asia-Pacific. Find out more at and follow @wearebigvillage.

About TD Bank, America's Most Convenient Bank®

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing over 9.8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit Find TD Bank on Facebook at and on Twitter at and  

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit

Media Contact

Monet Irving
Corporate Communications Manager II

Want to learn more about News?
Safe Harbor to Expand Services for Domestic Violence Survivors with Investments from TD Bank, The Innovate Fund and the SC Community Loan Fund
TD Bank Launches "Chosen First Name" Feature to Help Drive Inclusive Banking Experiences
TD Charitable Foundation Awards $7 million in Grants to 37 Non-Profits Supporting Housing for Marginalized Communities

Join our newsletter

Sign up for the latest updates from TD Stories delivered to your inbox twice a week.

See you in a bit

You are now leaving our website and entering a third-party website over which we have no control.

Continue to site Return to TD Stories

Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of the third-party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites.

Third-party sites may have different Privacy and Security policies than TD Bank US Holding Company. You should review the Privacy and Security policies of any third-party website before you provide personal or confidential information.