Need A New Roof? Two Tips To Help You Pay For The Expense
If you've had your roof inspected and it was determined that it's time for a replacement, you may be at a loss concerning how to cover the cost. On the high end, replacing a roof can cost as much as $12,255 dollars, and if you don't have savings, you may wonder just how to fit this into your budget. However, even if you don't have the full amount of the replacement expenses at your disposal, use this information to learn more about the options available when you need to finance a new roof.
Check With The Canadian Mortgage And Housing Association
The first step you'll want to take when you need financial assistance to have your roof replaced is with the Canadian Housing and Mortgage Association (CMHC.) They offer a number of programs that are aimed at helping people who may not have a great deal of money make necessary repairs to their homes so that they are safe to live in.
You can go to the CMHC website to learn more about the grants and funding available to you. Clicking on your province will deliver a list of the programs available based upon where you are situated. If your income level makes you ineligible to receive a grant, the organization may be able to put you in touch with a partnering lender who can help you get a low interest micro loan. These loans can be paid back over an extended period of time so you can get the work done without delay.
Look Into A Home Equity Line Of Credit
Another option you have when you need to replace a faulty roof is to take out a home equity line of credit (HELOC.) This is a line of credit that is issued to you by a lender based upon the equity that you have built up in your home.
For example, if you owe $150,000 dollars on your home, yet it has been appraised at a value of $200,000, you may be eligible for a $50,000 HELOC. If you take this route, be sure to only borrow what you need, and remember that the investment may pay off when you're ready to sell your house and can list it with a new roof.
Don't let the status of your bank account keep you from getting a new roof. Use these tips right away so you can keep your home safe and habitable. For further assistance, contact local professionals, such as those from Save On Roofing.