On the Money: Roof Repair Financing

Financing Options

As with any loan, roof financing can cover the immediate costs of your project while allowing you to pay the loan off over time. With flexible financing, you can have the project covered, then pay it back quickly if you have the money, perhaps from a tax rebate, for instance. Financing a roof project with a home equity loan is also an option. A few things to consider with this type of loan are:

• It may take several weeks for the loan to be approved.
• If you haven’t lived in your home for long, you may not have built up the necessary equity.
• The lender has permission to foreclose on your home if you are not able to repay the loan.

Another option available for roof repair financing is to put the cost of the project on a credit card. While you may have a credit limit that allows for this, credit card interest rates are often very high. If you can’t pay the credit card balance off in full right away, the accumulated interest will make your roof repair cost much more. Finally, if your roof damage was caused by a storm or other incident, your homeowners insurance may cover the costs. Your first call should be to your insurance agent to talk through the necessary steps. At some point, you may be required to have a roofing contractor inspect the damage as part of filing a claim with your insurance. Florida laws have recently changed regarding this process, so be sure to follow instructions from your insurance company.