How to finance home repair?

Whelp, shit happened, as it always inevitably does. A storm blew in over the horizon, now that nice tree in your backyard is a part of your house. So, now what? Well… how are your savings looking? I hope you had money put away cause now your gonna need it. I mean insurance exists, but then there’s the deductible and you still have all your regular expenses, you know those things you need to survive like food. How does your wallet feel? I bet it hurts. 44 percent of Americans can’t cover a $400 emergency without borrowing from elsewhere, it hurts us all. The real question is, what are we going to do about it? Apparently, there are loans and grants for this kind of stuff, who knew?

Loans: This is your most likely source of funding. There are several varieties of loans, you will eventually end up paying this off, but there were going to be stipulations or drawbacks eventually. However, these are some sources that will provide you with funds to help with problems like major home repairs.
	Pros	Cons
Home equity loans	- There are two types of home equity loans, the original home equity loan and HELOC. HELOC is more like a credit line. - Both have okay interest rates. - have the longest terms and thus the smallest payments.	- You generally can’t tap more than 80 percent of your home’s total equity, so if your mortgage is already taking up 75 percent of that, you may not have enough money for your repairs.
Personal loans	- Since there isn’t any collateral, they process much faster than a home equity loan. - don’t risk losing your home if you miss a payment.	- difficult to qualify for. - likely going to be paying a much higher rate than you would with a secured form of credit and the term will be much shorter
401(k) loan.	- Depending on how much of your funds are vested and how your specific 401(k) is set up, you can likely either take a loan out against your retirement fund or take a tax-free withdrawal based on a hardship exemption	- literally stealing from your future (70 year old you will not be pleased).
Borrowing	- won’t foreclose on your house - might not ask for interest - if they do it won’t be a lot.	- asking for money from friends or family. - you know what the cons are - if you do this you need to make this formal, so… you need to figure that out.

Grants: These are more difficult to qualify for since they are meant for the elderly, the impoverished, and people doing worthwhile work that nobody wants to pay them for (scientist and artists).

Pros - Free money.

Cons -Slow process (time investment). You don’t know how long this could take.