Many home equity line of credit borrowers don't know when their draw period ends, and many do not have plans in place to handle that transition, according to a study from TD Bank.

TD Bank reported that 27% of HELOC borrowers are unaware of their draw period end date, while 23% have not put a financial plan in place for when that time comes. But based on TD's data, many homeowners nationwide would be affected by a HELOC reset.

The study found that 43% of homeowners will feel the effects of a HELOC reset, and not many of them understand what the implications of a reset are. Just 19% of respondents understood that a reset would increase their monthly payment, as opposed to 34% who believe that their payments will drop.

The survey polled 812 people in late August and early September.