Let’s face it, replacing your roof completely is not a simple or inexpensive service. A new roof can cost you thousands of dollars, especially when you choose high-quality materials and a reputable roofing contractor who can provide you with quality construction that will last and offer you the best protection available. Unfortunately, the overwhelming majority of people don’t have this kind of money just sitting around in a rainy-day fund or a savings account—with so many people barely scraping by with today’s high cost of living, suddenly needing a roof replacement may seem like an overwhelming burden.
However, it doesn’t have to be—in fact, you may not even have to bear this cost completely on your own. Financial assistance programs are available that can help you get the money you need to update your home and replace your old, leaky roof with a brand new one that will protect you for many years to come. Here are just a few of them.
There are a number of different government grant programs on both a federal and state level which are designed to assist low-income and very-low-income families and homeowners with getting the repairs that they desperately need. The Weatherization Assistance Program is run by the Department of Energy and provides funding for low-income families with children, senior citizens, or disabilities in need of a new roof over their head. Single Family Housing Repair Loans and Grants are available to families who earn less than half of the median income of their area or low-income individuals who are over the age of 62. Lastly, the Housing Preservation Grant Provides low-income and non-profit organizations with funding to maintain livability.
To find out if you qualify for these or any other type of government-assisted funding, research the program online in more detail or talk to a Phoenix roofing contractor who may be able to help you determine your eligibility and even apply for funding.
Home Improvement Loans
If you don’t qualify for a low-income option, you may still be able to get financial assistance for your new roof through a home improvement loan. There are both public and privately-funded loans available with various interest rates, often fluctuating based on your credit. Home improvement loans are designed specifically to fund major home improvements, often including new roofing or major roofing repairs that may otherwise be unaffordable.
Check with your bank or credit union to find out whether or not they offer home improvement loans and see what options are available to you. You may be surprised to find out just how affordable these loans can make otherwise insurmountable home repairs or services.
Home Equity Loans
If you’ve invested a lot of money into your home and built up a considerable amount of equity, you may be able to dip into that equity in order to fund the cost of major repairs. For many people, home equity is perhaps their largest source of non-liquid assets, and being able to dip into it for repairs is a great way to undertake major projects without having to worry about separate lines of credit.
Many roofing contractors have special deals worked out with financing institutions to offer their customers reduced interest rates, flexible terms, no-interest/no-payment promotions, and much more. If you’re looking for financing quickly, this is often the best option because the contractor can assist you with the application process, most will give you an answer within a few short minutes, and you’ll be able to start your roof replacement quickly. Here at Lyons Roofing, we’re proud to partner with GreenSky Financial to offer our customers several outstanding options for funding their roof replacement!
Need your roof repaired? Call Lyons Roofing today at (520) 447-2522 and speak with our teamto schedule an inspection or in-home estimate!