Best way to finance a new roof?

[YadaYadaYada]

Hoping some financially savvy folks can give me some advice on my roof. We have lived in our house for 13 years this summer and our roof is shot. A few years ago we had major ice dams that caused water spots on our ceilings, so along with the roof I also believe we need some work done with soffits and attic insulation. Our plan is to get through this CT winter and replace it in the Spring. We have a 1200 square foot ranch, should be an easy job.

Some of you may have read a post from last year where we finally made a plan to dig out of $8,000 of credit card debt. Well we have gotten it down to $5,500 which would have been even lower if our dog hadn't needed $3,000 of surgery. I only mention this because I know we should have a line item for house maintence to cover the roof but because we are funneling all our extra money to debt, we will have to finance the roof. In the past we have always paid for home improvements with cash but that's not an option this time around. Our credit scores are in the high 800's, we refinanced for a lower rate 7 years ago and only have one mortgage on the house. No car payment, no student loans, our only debt we are actively working on is the credit card.

So folks, what is the smartest way to pay for this roof and attic work?

 

[YadaYadaYada]

I had accidentally double posted this and the mods deleted the one that had some replies. So thank you to those that posted, the majority recommended a HELOC and although I can't remember all the names of those that replied, I appreciate all those that took the time to respond!

 

[jordyonbass]

I'm not sure how it works elsewhere, but in Australia you can get your home insurance to pay for water damaged walls etc however the actual roof tiles or sheets are paid for by the homeowner and need to be replaced first before an insurer will pay for other repairs

 

[PintoBean]

Roof work I use a licensed and insured roofer. As for replacing soffits and fascias I use a carpenter who comes after his day job ends - big savings here.

As for ice damning, my gutters witn leaf guards were a big contributor. I got one section of gutter replaced with half rounds and there is a big difference in icicles when we had snow. If you have leaf guards, I recommend removing them, and make sure you're fastidious about cleaning your gutters.