How Can I Pay For Home Repairs With No Money?

It’s always a good idea to get your home in shape before you put it on the market. If you’re planning on selling your house in the next few years, then there’s no time like the present to take care of those nagging repairs and upgrades. 

But if you don’t have any money to pay for these things, how do you make sure they get done?

How Do I Pay For Home Repairs And Also Pay Off Debt?
Home repairs can be costly and unexpected
There are various payment options available to help pay for home repairs
Homeowner’s insurance policies may cover certain types of home repairs
It’s important to review your budget and financial goals when choosing a payment method
Seeking financial assistance from nonprofit organizations and government aid programs is an option if you can’t afford the repairs

Ask Friends And Family For Help

You can also ask friends and family for help. These are people who know you well, so they’ll be more likely to lend you a hand—and less likely to charge interest on their loan!

Ask for a loan. If you have friends or family willing to give you money, ask them if they’ll do so by writing out a check that’s payable back over time with interest (you can work out the details later).

Ask for donations. If someone wants nothing in return besides knowing that they’ve helped someone in need, this is an option worth considering as well. 

Consider creating a GoFundMe page where people can donate toward your expenses or simply ask them outright if they’d like their donation to go toward helping with home repairs instead of another charity organization.

Ask for gifts rather than loans or donations—while still maintaining control over the amount given so that there is no expectation of repayment down the road! 

Your friend might be happy enough knowing that her gift was used wisely and efficiently without having any say over how much was spent on which item specifically (that part is up to us!). This way there won’t be any hard feelings when it comes time

If you’re in need of home repairs but don’t have the funds to cover them, check out this informative article on how to pay for major home repairs for helpful tips and advice on financing options.

Get A Home Equity Loan

You can get a home equity loan through your bank, credit union or online lender. A home equity loan is similar to a first mortgage; it’s a type of second mortgage that allows you to borrow money against the value of your home.

Home equity loans typically have lower interest rates than first mortgages, making them relatively affordable options for borrowing money. 

You can take out up to 80% of the value of your home (or more if you have really good credit). 

The amount you can borrow depends on factors like how much equity you have in your property and what percentage of it is covered by existing loans and other liens. Typically, these loans are 15-year fixed rate deals with 12-month repayment periods (though some lenders offer shorter terms).

Home Equity Loans: Pros and Cons

Can provide a large sum of money for repairs or renovationsYour home is used as collateral, putting it at risk
Interest rates may be lower than those for other types of loansFees such as closing costs and appraisal fees may apply
Fixed monthly payments make budgeting easierLengthy repayment terms can mean paying more in interest
Interest may be tax-deductibleDefaulting on the loan can result in foreclosure
May be easier to qualify for than other types of loansTaking on more debt can be risky

Note: Before considering a home equity loan, it’s important to carefully review the terms and conditions, and ensure that you can comfortably afford the payments. It’s also important to have a clear plan on how the funds will be used and whether the investment will add value to your home.

Refinance Your Mortgage

When you refinance your mortgage, you’re essentially taking out a new loan on top of the one you already have. You can use that money to pay off bills or make home repairs.

Refinancing can help with many different kinds of situations:

If interest rates are low, it might be possible to get a better deal than what you currently have. This will lower the amount of money that has to be paid each month for your house payment, which could free up some cash for other purposes.

If the rate at which you pay off your mortgage is higher than the rate charged by others who took out similar loans at around the same time as yours was approved, refinancing may help decrease what it costs per month by lowering how much interest accrues over time with each passing year (because homeowners generally pay back their mortgages faster). 

This would also result in less money being paid back overall over time because most borrowers only have to pay down principal until their loan is paid off completely; this means fewer total payments would need to be made than before if everything else stays constant but interest rates go down (or vice versa).

Have you ever had to deal with expensive home repairs but didn’t have enough money to cover the costs? This article on how to pay for expensive home repairs explains various payment options that can help you cover the expenses without breaking the bank.

Use Credit Cards

The first step to using your credit card to pay for home repairs is to make sure you have enough available credit to cover the cost of your project.

To avoid paying interest, be sure that you’ll be able to pay off your balance in full by the end of each month. If not, consider switching to a no-interest plan or applying for another card with better terms.

You can use credit cards as cash advances at ATMs if necessary, but be aware that this will result in hefty fees and interest charges which could dramatically reduce the amount of money available for your repairs.

Credit Cards: Pros and Cons

Some credit cards offer rewards or cashback on purchasesHigh interest rates may apply, leading to substantial amounts of debt
Credit cards can be convenient to use in emergency situationsHesitating to make payments may lead to late fees and credit score damage
Some credit card providers offer promotions such as 0% interest for a period of timeThere may be higher fees associated with using a credit card for large purchases
Obtaining and using a credit card may help you build or improve your credit scoreOverspending can lead to long-term financial consequences
Credit cards can be easier to obtain than other types of loansCan lead to impulse spending and money mismanagement

Note: Using a credit card to pay for home repairs can be helpful in certain situations, but it’s important to carefully review the terms and conditions of the credit card provider to ensure that you can afford the monthly payments, interest rates, and any associated fees.

Pay With A Government Grant

If you’re looking for a way to pay for home repairs without any money, consider applying for a government grant. Government grants are usually free money that are available to everyone, regardless of income. 

There are several different types of government grants, but the most relevant one when it comes to home repairs is the Energy Efficiency and Conservation Block Grant (EECBG). 

If you qualify for an EECBG grant, it can be used for anything from improving your heating system or insulation to buying new appliances with energy saving technology built in.

If you think you may qualify for an EECBG grant, don’t hesitate; the deadline is coming up fast! Applications must be submitted by June 15th and require only basic information about yourself and your family members (like names and birth dates), so it’s easy to apply online if this sounds like something that might work well with your situation.

Did you know that you may be eligible for free home repairs, especially if you’re a senior citizen or belong to a low-income household? Check out this article on how to get free home repairs explained to learn more about available assistance and grants.

Take Out A Personal Loan

If you have a good credit score, you can take out a personal loan from your bank or credit union. Unlike a home equity loan and line of credit, which are secured by your home, personal loans are unsecured and typically offer larger amounts of money (up to $50,000). 

They may be used for all sorts of purposes, including paying off debt or paying for home repairs.

If you’re applying for an unsecured personal loan with a lender who uses Experian’s CreditVision® technology or Equifax®’s National Consumer Assistance Reports (NCAR), the interest rate on your loan could vary depending on different factors including:

  • Your credit score; higher scores typically mean lower rates
  • How much debt you currently have as compared to how much income you make each month; lenders want to see that they’ll get paid back in full

Cash-Out Refinance Your Mortgage

If you have a mortgage, there’s a good chance that your lender will allow you to cash out your equity by refinancing it. A cash-out refinance allows you to borrow money against the value of your home and use the money as cash to pay for home repairs or other expenses.

To get started on cashing out, contact a mortgage lender and ask if they offer reverse mortgages. 

If they do, submit an application with all required documents and get approved for a reverse mortgage loan. You may need to provide income statements from recent tax returns as well as proof of Social Security benefits (if applicable). 

Once approved for the loan, find out how much money is available based on current market values of housing prices in your area this will determine how much interest is charged on top of what was borrowed originally during negotiations between borrowers/lenders prior signing contract agreement which includes terms such as interest rate duration length etc..

Planning and saving up for home repairs can be challenging, but it’s a crucial aspect of homeownership. Take a look at this article on how to save for home repairs pro tips to get insights and practical strategies that can help you budget and save up for future repairs and renovations.

Tap Into Your 401(K) Or Ira Retirement Accounts

If you don’t have enough savings to cover the repairs, and you can’t borrow money from a family member or friend, tapping into your 401(k) or IRA retirement accounts is another option. When you withdraw money from these accounts prior to age 59 1/2 without penalties, it’s called an early distribution.

Benefits of early distribution

If you’re eligible for a loan against your 401(k), which would allow you to pay off any debt while leaving some funds available in your account (or if there are no restrictions on how much can be withdrawn), this option may be ideal for paying for home repair costs quickly without incurring any interest. 

You’ll also avoid being charged late fees on missed payments because they apply only to credit cards and other revolving lines of credit.

Use A Piggyback Loan

If you have equity in your home, then a piggyback loan is an option for you. A piggyback loan is a type of home equity loan where you use the equity in your home to secure the loan. 

The interest rate on a piggyback loan is usually lower than a traditional home equity loan, and it’s also easier to get because they don’t require as much documentation or verification. It’s a good option if:

  • You plan to stay in your home for at least five years (longer if possible).
  • You have income coming in every month (even if it’s just $100 per month).

Are you thinking of ways to boost your home equity and increase the resale value of your property? This article on how to build home equity with home improvements provides helpful information and inspiration for home improvement projects that can add value to your home.

Pay With A Home Equity Line Of Credit (Heloc)

A home equity line of credit (HELOC) is a type of loan secured by your house. It’s usually an adjustable-rate loan, so the interest rate is subject to change according to market conditions. 

The initial rate on most HELOCs is set at a fixed level for a certain amount of time usually 5 years or 10 years—but after that it can change annually.

The monthly payment amount will also vary depending on how much you borrow and for what purpose; in general, however, the majority of HELOCs have low initial payments and grow over time as you pay down more principal.


The good news is that many people find themselves in this situation and have overcome it. You’ll be surprised at the number of options available to you, but remember that not all of them are right for everyone. 

We hope we’ve helped you understand which one might work best for your situation and needs, but if not just keep looking until something fits!

Further reading

Here are a few more articles on how to pay for emergency home repairs:

Bankrate: How to pay for emergency home repairs: This article discusses various financing options for emergency repairs and tips on how to choose the best one that suits your budget and needs.

NerdWallet: How to pay for emergency home repairs: This article offers advice on how to prepare for unexpected home repairs and how to finance them without draining your savings account or jeopardizing your credit score.

FinanceBuzz: How to pay for emergency home repairs: This article provides a comprehensive guide on different financing methods for emergency home repairs, including loans, credit cards, and insurance options.


What are emergency home repairs?

Emergency home repairs refer to any unexpected repairs or replacements that are necessary to fix urgent issues in your home. These can include things like burst pipes, major roof leaks, electrical problems, or malfunctioning HVAC systems.

How can I pay for emergency home repairs?

There are several financing options available for emergency home repairs, including personal loans, home equity loans, credit cards, and insurance policies. Depending on your situation, you may also consider negotiating payment plans with contractors or applying to government assistance programs.

Can I use a credit card to pay for emergency home repairs?

While using a credit card can be a viable solution for paying for emergency home repairs, it’s important to weigh the potential interest rates and fees associated with your particular card. This can help you determine if it’s the best option for your budget and financial goals.

Does homeowner’s insurance cover emergency home repairs?

Homeowner’s insurance policies may offer coverage for certain types of emergency home repairs, depending on the terms and conditions outlined in the policy. However, it’s important to review your policy carefully and contact your insurance provider to confirm what is covered and what is not.

What should I do if I can’t afford emergency home repairs?

If you’re struggling to pay for emergency home repairs or don’t have enough savings to cover the costs, consider seeking financial assistance from nonprofit organizations, government aid programs, or local charities. Additionally, you may be able to negotiate with contractors for payment plans or explore alternative financing options like personal loans or credit cards.