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• Dec 6, 2017

HELOCs will be getting a winter workout this season, according to recent research from TD Bank, America's Most Convenient Bank®. More than three quarters (80 percent) of homeowners with existing HELOCs who responded that they were planning home renovations for the upcoming winter season also said they would consider dipping into their home equity for funding.

Savvy Winter HELOC Use
With an average HELOC size of more than $84,000, half (51 percent) of those surveyed stated they plan to spend at least $50,000 on renovations as winter approaches.

“Immediate access to low-interest funds through a HELOC gives homeowners peace of mind to adequately prepare for any season, whether they need a new roof or updated insulation," said Mike Kinane, Head of Consumer Lending for TD Bank. “Using a HELOC to make renovations during the winter is a smart, cost-effective option for homeowners because they can take advantage of reduced prices on materials during annual holiday sales, and access a larger pool of contractors who may now be working on more flexible off-season schedules."

Most Popular HELOC Uses
The top three uses for HELOCs cited by respondents were for home renovations (32 percent), emergency funds (14 percent) and education expenses (12 percent). Homeowners who indicated that they did not borrow against their HELOC over the past 12 months said it was because they either didn't have a specific use for it or that they were saving it for an emergency.

HELOC Borrowers Are Coming Back for More
TD Bank also asked approximately 200 additional homeowners who participated in last year's HELOC Reset Measure what happened when their draw period came due this past year, and discovered that:

  • Twice as many homeowners surveyed in 2016 who said they intended to refinance their HELOC this year (13 percent) actually did so (28 percent)
  • Of those approaching their reset period who decided to refinance, 68 percent kept a HELOC at the same amount or higher
  • Eighty-five percent of HELOC borrowers who chose to refinance said the borrowing process was easier or as easy as expected
  • More than half (52 percent) plan to stay in their homes for at least 10 more years, giving them the opportunity to build additional equity that can either be leveraged through an existing HELOC refi or a brand new HELOC (after their current one has been paid in full and closed)

“By alerting Customers well in advance of their HELOC reset period, we're able to help them assess how their financing needs may have changed," said Kinane. “A HELOC is useful for homeowners, whether they use it for a large home-related expense, debt consolidation, student loans, or for the security of emergency funds.”

Additional highlights and full data from the 2017 TD Bank HELOC Survey are available upon request.

Survey Methodology
The HELOC study was conducted by global research company MARU/Matchbox. Respondents were composed of a nationally representative sample of 1,010 American homeowners, with a margin of error of +/- 3.1%. Survey interviews were conducted from October 18-25, 2017. Data has been weighted by age, gender and region to reflect the population.

About Maru Matchbox
MARU/Matchbox is a professional services firm dedicated to improving its clients' business outcomes. It delivers its services through teams of sector-specific research consultants specializing in the use of Insight Community and Voice of Market technology.

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 more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit . Find TD Bank on Facebook at and on Twitter at .

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:
Jenni Huston
TD Bank
Office: 856-533-7304
Cell: 856-924-0833

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