1. HELOC 2016
Summary
Three-in-ten homeowners have received a Home Equity Line of Credit since nearly 40% of Millennial homeowners.
Over one-quarter do not know when the HELOC Draw Period ends, higher among Females and those 55+. Similarly, 43% are not clear what will happen to their monthly payment when the Draw Period comes to an end (another 38% feel their payment will decline).
Home renovations and debt consolidation are the most popular uses for a HELOC. Males and Millennials have more uses for a HELOC than their counterparts.
Refinancing is in store for 26% of HELOC owners when the Draw Period ends, 69% plan to approach their current lender.
Time of HELOC Origination
Male
Female
18-34
35-54
55+
Footprint
27%
31%
38%
26%
20%
28%
24%
33%
14%
22%
19%
15%
16%
18% 5%
21%
13% 3%
11%
Before 2005
End of Draw Period
Male
Female
18-34
35-54
55+
Footprint
25%
19%
29%
24%
12%
18%
23%
14%
22%
11%
21%
17%
15%
16%
10%
35%
42%
28%
Within in the next year
Within the next 2 years
Within the next 5 years
Within the next 10 years
I don't know
Anticipated Impact of Draw Period Expiration on Payment
Male
Female
18-34
35-54
55+
Footprint
22%
19%
29%
21%
12%
18%
15%
26% 9%
14%
16% 6% 8%
13%
11% 4%
35%
53%
25%
38%
67%
46%
Reduce payment significantly ($100/month or more)
Reduce payment slightly (less than $100/month)
Increase payment slightly (less than $100/month)
Significantly increase payment ($100/month or more)
I don't know impact on monthly payment
Credit Limit of HELOC
Male
Female
18-34
35-54
55+
Footprint 6% 5% 4% 7% 9% 8%
18%
20%
17%
12%
14%
19%
24%
21%
11%
25%
16%
More than $200,000
$150,000 - $199,000
$100,000 - $149,000
$75,000 - $99,000
$50,000 - $74,000
$25,000 - $49,000
Less than $25,000
36%
ABOUT THE SURVEY | Conducted among a nationally representative sample of Home Owners who currently have a Home Equity Line of Credit. The online fieldwork was conducted between August 29th and September 5th In total, 812 completes were gathered. Data has been weighted by age, gender, and region to reflect the population. Margin of Error on the sample is +/-3.6%.

2. HELOC 2016 69% plan to refinance with current lender
Specific Uses of HELOC
Male
Female
18-34
35-54
55+
Footprint
36%
41%
35%
38%
42%
26%
22%
24%
25%
21%
11%
28%
17%
13%
20%
16%
19%
18% 8%
12% 5%
10% 6%
14% 9% 7% 2% 4%
15%
Renovate a home
Debt Consolidation
Purchase a new vehicle
In case of an emergency
Investments
Education expenses
Medical Bills and Expenses
Travel/Vacations
Down payment on a second home
Retirement income
I haven't used the loan yet
Plan Once Draw Period Ends
Male
Female
18-34
35-54
55+
Footprint
18%
21%
28%
17%
11%
19%
31%
33%
32%
30%
22%
16% 8%
13% 7% 5% 6%
10% 4% 3% 2% 1%
20%
39%
26%
Repay-make higher monthly payments
Pay off and close the HELOC
Refinance (NET)
-Into another HELOC
-Refinance mortgage and roll the HELOC into it
-Into a Fixed Rate Home Equity Loan
-Into another product
I don't know; no plan
69% plan to refinance with current lender
71%
64%
72%
69%
65%
40% of those with no plan would like guidance and advice on how to handle HELOC expiration from current lender
45%
34%
30%
63%
31%
48%
Specific Uses of New HELOC (Those Refinancing)
Male
Female
18-34
35-54
55+
Footprint
37%
30%
29%
36%
46%
48%
27%
31%
26%
24%
28%
20%
39%
10%
23%
11% 9%
15%
22%
18%
25%
14%
16%
19%
13% 8% 3%
21%
 0%
12%
In case of an emergency
Renovate a home
Travel/Vacations
Education Expenses
Purchase a new vehicle
Retirement income
Debt Consolidation
Investments
Down payment on a second home
Medical Bills and Expenses
Survey was conducted by MARU | VCR&C. MARU/VCR&C, formerly the Research & Consulting division of Vision Critical, 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.