U.S.Bank

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.

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9.1
Grand Score
8
User Score
9.1
Grand Score
8
User Score
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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 9/10
Loan amount 8/10
Repayment period 10/10
Contract obligation 10/10
Interest rate discount 10/10
Interest rate type 8/10
Line of credit 10/10
Interest rates 8/10
Cost 9/10
Customer Support 9/10
Ease 8/10
Cancellation 8/10
Fees
Will I pay initial,annual, or other fees?
No fees besides interest rate; the origination fee is optional
Loan amount
What are the minimum and maximum loans offered?
$15,000-$750,000
Repayment period
How long will I have to repay the loan?
Up to 30 years
Contract obligation
What will my obligations include?
Loans must be repaid in full
Interest rate discount
Are any discounts offered on interest rates?
Yes, use the Loan Calculator tool to find the lowest rates
Interest rate type
Variable or fixed interest rate?
Fixed
Line of credit
Is a home equity line of credit offered?
Yes
Interest rates
What annual percentage rates are offered?
Subject to change but range from 3.25%-18%
Cost
Monthly fee
Depends on the size of your loan
Customer Support
Ease of access
You can contact customer support online or by phone
Ease
How easy to put to use?
Easy to apply online or by phone
Cancellation
Cost or difficulty to cancel?
Loans must be repaid in full
Age Score:
10
50-65 Years
10
65-75 Years
9
75-85 Years
9
85-Above

U.S. Bank’s home equity loans are a good choice for seniors for several reasons. You can obtain a fixed interest rate for up to ten years, and you’ll have the option to set a repayment period of any length up to 30 years. Due to the flexible repayment schedule and the lump sum payment, these loans are a good option for seniors of all ages who are looking to take advantage of their home’s equity to pay large expenses such as home renovations or medical bills.

Health Score:
10
Great health
10
Good Health
9
Fair Health
8
Poor Health

Seniors who have paid off their homes can take out a home equity loan from U.S.Bank using their property’s equity as collateral. Seniors may want to obtain a U.S.Bank home equity loan to pay large expenses such as medical bills. However, seniors who are retired or do not have an income may not qualify for the loan. This makes the value of home equity loans for seniors subject to the senior’s ability to qualify for the loan and make regular payments. Seniors will need to provide proof of income to demonstrate their ability to make loan payments.

Pros:

  • U.S. Bank does not charge any upfront costs, such as application fees or closing costs, for ahome equity loan.These fees can be rolled into the interest rate.
  • Once they are approved, U.S. Bank disperses home equity loans in a lump sum payment, and the money becomes available on the fourth business day after loan documents are signed.
  • U.S. Bank’s home equity loan monthly payments stay constant for the life of the loan.
  • U.S. Bankserves borrowers in all 50 states.
  • U.S. Bank’s loan application can be completed online, which may bemore convenient for computer-savvy seniors.

Cons:

  • U.S. Bank only has offices in 25 states. This may make it inconvenient for some seniors to do business with the company in person.
  • JD Power has ranked U.S. Bank as sub-par in customer service in its 2016 Primary Mortgage Origination Satisfaction Study. This means that this bank may not be the best choice for seniors who value quality customer service interactions.
  • U.S. Bank’s online capabilities are limited, although the bank plans to roll out an electronic-based mortgage application approval system in the next year. 

Bottom Line:

U.S.Bank offers home equity loans with a competitive, fixed interest rate for up to ten years. These loans may benefit seniors who are seeking to tap into their home’s equity to consolidate debt, pay off medical bills, or cover other expenses. U.S.Bank’s home equity loans have no application or closing fees, and the origination fee is optional. 

U.S.Bank has been the recipient of numerous awards; it was named World’s Most Ethical Company by the Ethisphere Institute in 2017, and was also named #1 Bank by Kiplinger’s Personal Finance. For seniors looking for a home equity loan from a highly-ranked bank with a fixed rate and very few fees, U.S.Bank is a great choice.

Frequently Asked Questions:

How can I estimate the value of my loan?

You can use U.S.Bank’s Rate Estimator, available on the website, to estimate the potential home equity of your property. Or, you can call and speak with a representative.
Can I apply for a loan with this company if I am retired?

Yes, but you may need to provide additional documentation regarding retirement pensions or other property, income, or tax-related information.    

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

Seniors can borrow funds according to how much equity they have in their homes. Loan amounts range from $15,000 to $750,000 (up to $1 million for properties located in California). If the loan is closed and paid off within the first three years, a 1% early closure fee will apply.

More Information:

Product Details

Overview:

U.S.Bank offers several different finance plans that allow homeowners to borrow using their home equity as collateral. U.S.Bank offers both home equity loans and home equity lines of credit, as well as Cash-Out Refinance and Smart Refinance options.Homeowners can get a rate estimate on the U.S.Bank website.

Package Details:

U.S.Bank offers a home equity loan, also called a home equity installment loan, which can help seniors consolidate debt or pay for large expenses. U.S.Bank’s home equity loans feature fixed-rate payments and steady repayment schedules. Interest paid on the loan may be eligible for tax breaks.

U.S.Bank offers fixed interest rates that are competitive with other lenders and offers a repayment period of up to 30 years. Funds are dispersed as a lump sum on the fourth business day after the loan documents are signed. U.S.Bank does not charge an application fee or closing costs, and the origination fee can be paid upfront or included in the repayment schedule. Monthly payments are fixed over the course of the loan. Interest rate discounts are available for customers who have their monthly payments debited from a U.S. Bank personal checking account.

Property insurance is required to obtain a U.S.Bank home equity loan.

Optional Accessories or Add-on Services: In addition to home equity loans, U.S.Bank also offers Home Equity Lines of Credit, Smart Refinancing, and Cash-Out Refinancing options. 

Additional Company Details

Contract Details: U.S.Bank home equity loans cannot be canceled and must be repaid, along with any applicable interest or fees, to end the contract. Home equity loans from U.S.Bank do not have application fees or other up-front costs besides the interest rate. The origination fee is optional, as it can be included as part of the interest rate or paid upfront.

Warranty: None

Accreditations: U.S. Bank is accredited by the Better Business Bureau and maintains an A+ rating with the organization.

Company Details: U.S. Bancorp, known as U.S. Bank, was founded in 1968 and is currently the 5th largest bank in the United States. U.S. Bank operates 3,172 branches in 25 states in the Western and Midwestern United States, and serves over 15.8 million customers. The bank operates by the philosophy of investing, “our hearts and minds to power human potential.”

Contact: 

U.S.Bank 
800 Nicollet Mall
Minneapolis, MN 55402
Tel: 800-872-2657
Website: https://www.usbank.com

Sheeva Azma - Senior Advisor

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