Im concerned about the condition of my roof and it has recommended for me to buy a new one (home inspector said so at time of purchase 3 years ago also got a few quotes and roofers said the same).

I could potentially use mutual fund investment intended for retirement. Instead should I look into getting a line of credit or second loan or something?

I think a refi would be out of question as I got a super low rate and want to carry that through end of the loan.

Comments

You must log in or register to comment.

thisismyusername51 t1_jae9jhw wrote on February 28, 2023 at 8:26 PM

#2,122,995

Reach out to your home owner's insurance. They will often pay (minus a deductible) to have your roof redone because they know that once the roof goes, the whole house goes. We had ours done a few years ago and it only cost us $1k.

ReddittorMan OP t1_jaeawet wrote on February 28, 2023 at 8:35 PM

#2,123,535

Replying to thisismyusername51 (#2,122,995)

Wow that sounds too good to be true! I’ll certainly give it a try though!

[deleted] t1_jaebqwq wrote on February 28, 2023 at 8:41 PM

#2,123,857

[removed]

GardenGood2Grow t1_jaebxjg wrote on February 28, 2023 at 8:42 PM

#2,123,916

Replying to ReddittorMan (#2,123,535)

Unless there is damage because of a weather event I have never heard of this. Sounds unrealistic.

ReddittorMan OP t1_jaeciv1 wrote on February 28, 2023 at 8:46 PM

#2,124,136

Replying to GardenGood2Grow (#2,123,916)

It wasn’t damaged by any specific event. It just is really old, possibly the same roof from late 50’s

[deleted] t1_jaecyzw wrote on February 28, 2023 at 8:49 PM

#2,124,302

Replying to GardenGood2Grow (#2,123,916)

[deleted]

ReddittorMan OP t1_jaed2us wrote on February 28, 2023 at 8:49 PM

#2,124,341

Seems like it would be unwise to just wait until it really fails and then make a claim? I haven’t noticed any leaks but the attic is super cramped and filled with ducts/insulation so it would be hard to catch a leak early.

Kind_Tangerine2190 t1_jaedxi4 wrote on February 28, 2023 at 8:55 PM

#2,124,632

Do you have equity in the home at this point? If so, I would look at a HELOC or home equity loan, not a refi. A HELOC or equity loan would just be for the amount of equity you have built up in the home over the last 3 years and hopefully would cover a roof replacement. A refi would probably cost you way too much at this point and raise your interest rate on your entire mortgage to todays rates. If I had to do this, I would much rather only be paying a higher interest rate on a HELOC or home equity loan and pay it off as quickly as you can to have it gone quickly. I am considering this for some home improvements we were planning on making in 2024. I will be taking out a home equity loan of $50k for 15 years, but will make triple the payments to get it paid off early with less interest.

GardenGood2Grow t1_jaeenkz wrote on February 28, 2023 at 8:59 PM

#2,124,900

Replying to ReddittorMan (#2,124,136)

As soon as you call insurance it opens a claim whether you use it or not. 3 claims in a year and you are sent to a high risk insurer for triple the cost. They are for disasters, not wear and tear.

ReddittorMan OP t1_jaef0eo wrote on February 28, 2023 at 9:02 PM

#2,125,011

Replying to GardenGood2Grow (#2,124,900)

Thanks that’s what I thought originally.

[deleted] t1_jaehjpb wrote on February 28, 2023 at 9:18 PM

#2,125,906

Replying to thisismyusername51 (#2,122,995)

[deleted]

ReddittorMan OP t1_jaeo9de wrote on February 28, 2023 at 10:01 PM

#2,128,612

Replying to Kind_Tangerine2190 (#2,124,632)

Sounds like the HELOC is the way to go. You say I would be limited to the amount of principal payments made over the last 3 years? I had a higher than normal down payment plus almost 20% appreciation (according to Zillow I know that probably way exaggerated) so there the loan balance is now probably less than half of the market value of the home