Cost & Financing · FAQ

Is a HELOC a good way to finance a roof?

For homeowners with substantial home equity and good credit, often yes. HELOCs typically run 7 to 10% interest rates in current Illinois market conditions (variable rate) with no closing costs through most credit unions. The interest may be tax-deductible if the funds are used for home improvement (consult your tax advisor; rules changed in 2018).

The downside: HELOCs are secured by your home. If you can’t pay, the lender can foreclose. They’re also variable-rate, so the payment can rise. For a single-purpose home improvement project where you’ll pay off within 1 to 3 years, a HELOC’s flexibility is useful. For longer-term financing, a fixed-rate home equity loan (closed-end) is often more predictable. Trill’s customers split roughly 40/60 between HELOC and home equity loan for the larger projects.