Financing

Working with the industry's leading lenders, we offer competitive financing options designed to help you replace your roof and other home improvement projects today and pay it off over time.

1: Insurance coverage issues. 

For many people, homeowners' insurance will cover some or all of the cost of a roof replacement in a variety of situations. Unfortunately, there are also a few common situations where insurance will not cover a replacement or will leave homeowners with significant out-of-pocket costs even after covering a portion. Common situations where homeowners may need financing include: 

Disaster damage that insurance won’t or only partially covers.  

High deductibles. 

Prorated payments due to age. 

Policy exclusions. 

Non replacement cost/actual cash value only insurance policies. 

2: Old or poor home maintenance that has reached its life expectancy. 

A roof that has reached or is beyond its expected lifespan. 

Damage due to poor maintenance or neglect.  

Situations where a home was bought ‘as is’ or had problems that were not disclosed. Damage from sources not covered by insurance. 

3: Just because you want to. 

Often times clients have saved up money for a portion of their dream project and just need a little bit more to get their grand vision accomplished. 

Sometimes, once we get to talking, they discover certain upgrades or accessories that they didn’t know existed and decide that now is the best time to include them. 

Roof or siding replacements made for aesthetic reasons. 

Upgrading from shingles to a material such as metal or tile. 

4: Want to use insurance funds or a portion of them as cash flow. 

Many people have successful insurance claims where all the damaged items are being paid for by the insurance company. Being that construction loans through PowerPay are easy to attain, and insurance is already replacing the damaged items, both PowerPay’s loan requirement and the insurance company’s payment obligations are simultaneously fulfilled. This creates a unique situation where a loan can be created and used as household cash flow at a low interest rate.  

(Ideas created by crafty customers)  

a. If that loan monthly interest rate is lower than, say, your mortgage interest rate, putting it towards your house payment principle makes sense.  

Of course, this would be smart to pay towards any loan you might have that has an unfavorable interest rate. Basically, taking a good loan to get rid of a bad loan. 

b. Investing that money in a source that is projected to earn more than the loan interest rate. This gives a discount long term and remains an earnings asset after the loan is paid off. 

c. Opening a small business. Not always for the faint of heart but many people work to save up money with the goal of investing in themselves. It wouldn’t take much to pay the interest rate on a PowerPay loan. 

d. I’m sure there’s all kinds of things you could do with it that would increase quality of life. 

In addition to financing through Phoenix Restoration, you can pursue other options from bank lenders. We have listed two of these options below. It’s always a good idea to research interest rates to find the best solution for your situation. 

HELOCs (Home Equity Lines of Credit) and Home Equity Loans share a common feature: both involve borrowing against your home’s equity. However, they differ significantly in how you access and repay the funds. 

HOME EQUITY LOANS 

A home equity loan provides a lump sum of money upfront, akin to receiving a single payment. It’s similar to a traditional loan in this respect. You receive the full amount and then make regular payments towards the loan, including both principal and interest. 

HELOCS (HOME EQUITY LINES OF CREDIT) 

In contrast, a HELOC operates more like a credit card linked to your home’s equity. With a HELOC, you have access to a predetermined amount of money that you can borrow and repay as needed. You only pay interest on the portion you draw from the line of credit. 

HELOCs often start with an initial lower interest rate when compared to home equity loans. However, it’s essential to note that the interest rate on a HELOC is adjustable or variable. This means the rate can fluctuate. Consequently, your monthly payments may rise or fall along with the interest rate.