Completing a Necessary Home Repair While Preserving Savings

The goal

Their goal was to address a necessary repair with a defined borrowing amount and a clear repayment plan.

They compared financing options, including a HELOC that would allow them to access home equity without replacing their existing first mortgage.

What they did before borrowing

• Obtained contractor estimates
• Established a project budget
• Evaluated how repayment would fit within their regular household income
• Considered the effect of potential rate increases

For what a HELOC costs to set up, see how much a HELOC costs. For a fixed payment on a known amount, compare a HELOC with a home equity loan.

What this example does and does not show

This is a description of one homeowner’s goal and how they approached the decision. It is not a report of money saved or of any change in the home’s value, and none is stated or implied here.

What to consider

FAQ

Can you use a HELOC for a roof replacement?

Yes. HELOC funds can generally be used for home repairs, and you can draw only the amount the project requires. Interest is charged on what you draw.

Is a HELOC or a home equity loan better for a one-time repair?

It depends on the project. A home equity loan gives a fixed rate and payment on a known amount. A HELOC lets you draw as invoices come due and usually has a variable rate. Both are secured by your home.

Does a new roof raise the home’s value by what it costs?

Not necessarily. A repair can protect the home and its marketability, but an equivalent increase in value is not guaranteed.

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