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Question DetailsAsked on 2/6/2017

do any roofing contrcter have payment plans

i need to put a roof on my house but i dont have 10.000 dollars on hand i am a 60 year old

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1 Answer


Here are a bunch of previous similar questions with answers FYI - also a search phrase to find Angies List articles on the subject of reroofing:

To find previous Angies List articles on the roofing subject, google this search phrase - roofing payment plans angies list

The cheapest places to borrow money are usually credit unions, if you have been a member of one for a long time or have good credit rating, or a home equity loan if you have enough equity in the house (typically they will not let you borrow down to closer than about 20% equity in the house). Residential construction loan might be next cheaper - all these usually have significantly lower rates than unsecured consumer loans.

With home equity loans of course, you are trading equity in the house for the new roof - so (excepting the interest to be paid) while technically you are trading an equity in an asset for greater asset value (house with new roof is presumably worth more than one with an old roof needing replacement), that is cashable equity that you are "losing" at least untill the house is sold, so nearing retirement age that is something to consider. Also, when you do go to sell (voluntarily or due to health emergency or whatever) that loan needs to be paid off out of the sale proceeds, so your net proceeds from the sale will be less - though you also will not have an outstanding loan at that time either as you might if you got a separate loan not tied to the house equity itself.

Answered 3 years ago by LCD

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