So I was gifted a house in June of this year by my dad. I was planning on taking a HELOC out to pay for renovations like the roof and other things. I have to be on the title for 6 months before I can be approved for a loan.
Up until now the house was insured through my dad's name. I recently got my own home insurance, and just got a letter saying they are cancelling the policy because they did a visual inspection and the roof didn't meet their standards.
So am I shit out of luck as far as using a HELOC to pay for the new roof? My policy will be cancelled at the end of November and I won't be able to even start the HELOC process until December. They won't lend to someone who has no home insurance, so it seems like I'll have to finance through the roofing company or something which is considerably more expensive.
Submitted October 13, 2021 at 11:47PM by greatjorb88 https://ift.tt/3BFNNr5
