One of the most frequent questions we receive is when insurance or government relief how can you pay for your repairs when you don’t have a lot of home equity?
The problem is that if you try to get a cash-out loan and you don’t have more than 20% equity in your home then, in many cases, you are unable to get the money to renovate or repair your home. However, with a renovation loan, you can get up to 110% of the current value of your home in repairs.
Recent weather disasters here in the US families experienced damage to their home that was not covered by insurance because it was as the insurance industry calls it an “uncovered peril”. Government assistance was applied for and turned down, while they lived in a home with damage sometimes for years.
- Flood Damage
- Water Damage
- Mold Remediation
- Roof Repair
- Roof Replacement
In the end, you and your family need to chose to go or stay and rebuild. If you stay and rebuild and are strapped for cash a renovation loan may be the way for you to tap into the equity in your home to not only repair it but to upgrade it at the same time and get a fresh start.
Please Contact us to discuss options for getting your home repaired back the way you want it or better than it was before.