time icon 6 min read update icon Sept. 20, 2019
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While it is only available in certain states on the East Coast, TD Bank provides low interest rate home equity loans with fixed monthly payments.

TD Bank offers home equity loans with a fixed interest rate as low as 3.99% APR and a fixed monthly payment. Unlike many other lenders, TD Bank offers the opportunity to take out loans on multiplehouses or properties. Seniors can obtain an interest rate discount of 0.25% bymaking monthly loan payments through a TD Bank checking account. 

TD Bank offers a combined loan-to-value (LTV) of up to 89.9%, although some seniors may not qualify for the loan due to factors including creditworthiness and income.

Grandfolk Scoring
Fees 5/10
Loan amount 10/10
Repayment period 10/10
Contract obligation 10/10
Interest rate discount 9/10
Interest rate type 5/10
Line of credit 10/10
Interest rates 7/10
Cost 9/10
Customer Support 9/10
Ease 6/10
Cancellation 8/10
Will I pay initial,annual, or other fees?
Fees may vary by state; check with TD Bank
Loan amount
What are the minimum and maximum loans offered?
Repayment period
How long will I have to repay the loan?
Five to 30 years
Contract obligation
What will my obligations include?
The loan must be repaid in full
Interest rate discount
Are any discounts offered on interest rates?
0.25% off interest with TD Bank checking account
Interest rate type
Variable or fixed interest rate?
Line of credit
Is a home equity line of credit offered?
Interest rates
What annual percentage rates are offered?
Rates start as low as 3.99% but vary by location and term
Monthly fee
Depends on the size of your loan
Customer Support
Ease of access
You can contact customer support online or by phone
How easy to put to use?
Easy for web-savvy seniors and those living near a local branch
Cost or difficulty to cancel?
Loans must be repaid in full
Age Score:
50-64 Years
65-74 Years
75-84 Years

The TD Bank home equity loan features a lower interest rate than many other forms of credit, so it may be a good option for seniors who have already paid off their homes and have significant equity.Taking out a home equity loan at a low interest rate can be a good way to utilize equity to pay for major expenses such as home renovations or medical bills. However, seniors should work with a financial planner to ensure that they can make the monthly payments for the term of the loan. Otherwise, they may risk foreclosure and ultimately, loss of their home.

TDBank home equity loans are not available in all states, so not all seniors will find this bank a convenient option. However, TD Bank is one of the few lenders that allows customers to use a second home as collateral, which could be an option for seniors who have built up significant equity in multiple properties.Seniors who are not computer-savvy may have problems filling out the online form to apply for the loan.

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A TD Bank home equity loan could be a good option for a senior who wants to capitalize on home equity to pay for unexpected medical costs or other expenses, but repayment details should be worked out before obtaining the loan. Seniors who have high medical bills may risk foreclosure of their homes, so it is wise to consult a financial advisor before signing up for a home equity loan. 

Health problems may affect the benefit-to-risk factor of a TD Bank home equity loan for seniors in other ways. For example, a senior with limited mobility issues may have trouble visiting a brick-and-mortar TD Bank location to sign paperwork for the home equity loan. Seniors with cognitive or eyesight problems may also encounter difficulties in applying for the loan online, and should ask a family member for help if possible.


  • TD Bank offers the option for seniors to use a second home as collateral for their home equity loan.
  • TD Bank received the Top Ten Reviews Silver Award for its high ratings on customer service and the flexible requirements of its home equity loans.
  • TD Bank offers home equity loan rates as low as 3.99% APR,though these rates can vary by location.
  • If seniors choose to deduct monthly payments from a TD Bank checking account, they can receive a 0.25% discount on the interest rate.
  • TD Bank’s home equity loans offer both a fixed monthly payment and a fixed interest rate.


  • TD Bank only has branches in 15 states and Washington, D.C. Seniors seeking to use TD Bank must apply online and then visit a branch in person to fill out paperwork. Seniors must also visita branch to close the loan. Therefore, this bank is not a good option for seniors who do not live near a TD Bank branch.
  • TD Bank charges application, closing, and payoff fees.
  • Some consumers have complained that the online contact form and application process were problematic.

Bottom Line:

TD Bank serves 15 states and Washington, D.C. TD Bank offers home equity loans with fixed interest rates that are comparable to competitors, and loan amounts that are larger than many competing banks.TD Bank is an especially good option for seniors who have multiple properties and are seeking to capitalize on their home equity. However, all financial decisions should be reviewed with a financial planner to avoid foreclosure due to an inability to make regular loan repayments. 

TD Bank was named Money magazine’s “Best Big Bank” in America in 2016.For seniors who live near a TD Bank location, this bank could be a good choice due to its low fixed interest rates and high customer service ratings. 

Frequently Asked Questions:

How can I estimate the value of my loan? 

You can use the TD Bank Home Equity Loan Calculator, available on the website, to calculate the estimated amount of your loan. Or, you can call and speak to a representative.

Can I apply for a loan with this company if I am retired? 

Yes, but you will be required to submit proof of income, a Social Security Awards letter, and other supporting documents to verify that you will be able to make the monthly payments.You can find achecklist of requirements for TD Bank home equity loans on the company website.

How much can I borrow, and can I start paying off my loan early?

Home equity loans can only be taken out against the equity of a home, so the home’s available equity determines how much a senior can borrow. TD Bank customers can borrow up to a maximum of 89.9% of combined loan-to-value. Loans can be paid off early, but may incur an early account closure fee.

More Information:

Product Details


TD Bank offers home equity loans with fixed interest rates that can be repaid in five to 30 years. Terms and conditions vary by state. TD Bank home equity loans are currently only available in the states TD Bank serves: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, and Washington, D.C.

Package Details:

Seniors seeking a home equity loan with TD Bank can obtain a ten-year fixed rate price and a repayment term ranging from five to 30 years. The minimum loan amount for a TD Bank home equity loan is $25,000, and funds are distributed in a lump sum payment. Customers who make their monthly payments through an automatic payment deduction from a TD Bank personal checking or savings account are eligible for a 0.25% rate discount. 

Interest rates and other terms and conditions vary by region and are subject to change; check with your local branch for complete terms and conditions in your state.

TD Bank offers a high loan-to-value – up to 89.9% – but this amount is subject to loan approval and other factors including loan amount, credit score, and property type.

Optional Accessories or Add-on Services: Home Equity Lines of Credit, or HELOCs, are also available from TD Bank, as an alternative to home equity loans.

Additional Company Details

Contract Details: An origination fee may apply. Property insurance is required for loan eligibility. Contract details vary by state. Contact your local TD Bank for more information on terms and conditions. Home equity loans cannot be canceled and must be repaid in full.

Warranty: None

Accreditations: TD Bank is accredited by the Better Business Bureau, and maintains an A+ rating.

Company Details: What is now called Toronto-Dominion Bank, or TD Bank, was founded in 1852 as Portland Savings Bank. It eventually became TD Bank through a series of mergers with other banks. Today, TD Bank is among the top 10 largest banks in the United States, with approximately 26,000 employees and more than 9 million customers. TD Bank’s mission is to, “be the best-run, customer-focused, integrated financial institution.”


TD Bank
1701 Marlton Pike E 
Cherry Hill, NJ 08034
Tel: 888-751-9000

Sheeva Azma - Senior Advisor

Sheeva is senior researcher with Grandfolk® providing in-depth product and service reviews to empower senior buying decisions.