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Winter is almost over, hooray! While you may have weathered the brisk winter weather, your roof has not. Upon closer inspection, it becomes apparent your roof is covered in cracks, and several shingles are split or missing. Suddenly, dollar signs fill your head as it dawns on you that you need a new roof.
On average a roof replacement costs $7,336 according to Home Advisor. That is a healthy chunk of change, and most Americans don’t have anywhere near that amount in savings. Unless you are one of the few with that kind of money sitting in your bank account, you will need to finance your new roof to cover the costs. Thankfully, there are many ways to finance a roof replacement that make it affordable. Here are the four most common solutions to financing a roof replacement.
- Homeowners Insurance Coverage
According to Esurance, many homeowner insurance policies cover the costs associated with the replacement of a roof, provided it was damaged due to a fire, theft or storm. However, if your roof sustained damage due to poor maintenance, most insurance policies will not cover the costs of a new roof. So, be sure to reach out to your insurance company and inquire about their policies before entering a roofing contract.
- Home Equity Loan
Home equity loans are often a cost-effective option to pay for a new roof. By working with your financial institution to use your home’s equity as collateral for the loan. Similar to the downside of defaulting on an FHA Title I loan if you default on this type of loan you may lose your home.
- FHA Title I Home & Property Improvement Loan
Do you own a single-family home? Try applying for a Title I loan. Offered by banks and credit unions, Title I loans are run and ensured by the Federal Housing Administration (FHA). Title I allows homeowners to borrow up to $25,000, giving them up to 20 years to pay off the loan. However, it is important to keep in mind that all loans over $7,500 are required to be secured by either the deed of trust on the property or the mortgage. What does that mean? If you default on your loan, the lender can seize your home. Use the U.S. Department of Housing and Urban Development’s locator tool to find and compare an approved Title I lender near you.
- Roofing Company Payment Plans
If none of the above options feel like the right fit, ask your roofing company financing options they offer. Roof Worx has financing options with payment plans for a year to 10 years making roof replacement affordable with little risk. Each roofer has its own plans, requirements, and interest rates, so contact your chosen roofing company to find out what’s available.
Ready to get a free estimate for your new roof replacement? Contact us today!