Question : I need a LOAN to make repairs on my home. I own my home outright but my only income is disability.?
Is there a special program for people like me – government or otherwise? My bank will not make me a home equity loan because they say my income-to-debt ratio will be too high. The “energy efficiency” program offered to low income people with older homes has a 5-8 year wait in my part of Texas. Hurricane Rita affected my roof – but not enough for my home-owner’s insurance to cover. State Farm said my roof was already over 15 years old and probably needed to be replaced anyway. They also said that the damage was not severe enough -just multiple leaks but no shingles torn off. I need a NEW ROOF most of all, especially before there’s anymore damage inside my home. Does anyone know where I can turn for a loan or a grant? Thank you, Terri
texas home equity loan

Best answer:

Answer by djp8605
Are you a senior citizen (62)? If so, you can get a Reverse Mortgage, where you borrow against the equity in your home, and don’t have to worry about a minimum income to make payments every month. It is paid back when you move.