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Can I Get a Loan on my Inheritance?

Can I Get a Loan on my Inheritance?

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Many people search for inheritance loans when they are in the long probate process and waiting to receive a distribution of probate assets. An inheritance loan is a form of lending that beneficiaries, heirs, and executors seek while waiting for the final distribution of probate.

Many people find themselves in this situation, so you aren’t alone. At Inheritance Advanced, we’ve provided funding to over 1,500 beneficiaries of probated estates in the last two years.

In this article, we’ll tell you everything you need to know about inheritance loans, including how they work, what the repayment terms are, and how difficult they are to get along with the difference between inheritance loans and inheritance advances. We’ll jump right in with all the important information on inheritance loans..

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All You need to know about inheritance loans

Receiving an inheritance loan can help make sure that you have financial stability until your estate is settled by the court. Most people search for inheritance loans before probate or during the probate process. It’s important to understand what an inheritance loan is so that you can get money quickly when you need it. An inheritance loan is a form of lending that is provided by banks or credit boroughs and functions just like traditional loans. That means that you will have to go through all of the traditional avenues in order to obtain the loan and it must be backed by an asset. Since the assets of the estate (like real estate) will not be officially transferred (aka the deed is not in your name) until the probate process concludes. Inheritance loans are different from probate advances because probate advances can happen immediately and don’t require the same level of verification and underwriting that an inheritance loan requires.

Inheritance Loan

Inheritance Loan Requirements

Determining eligibility for an inheritance loan is very much the same as getting a mortgage or a personal line of credit. The inheritance lender will usually check the following:

  • Credit Check
  • Employment History
  • Criminal History
  • Earning History
  • Available Funds For Repayment
  • Assets to Back The Loan

Determine if you are eligible for a n inheritance loan or opt for an inheritance advance

It is difficult to secure an inheritance loan which is the same as an estate loan even if you are inheriting real estate because technically the property and assets in probate are not in your name until the probate concludes. Banks are not likely to lend to individuals based on this because your inheritance can be lost if the will is contested or the process could take too long and you might not be able to keep up with regular interest payments.

An inheritance advance is different because you only have to prove that you are a beneficiary of the estate, how much the estate is worth, and then you can exchange your right to a portion of the estate proceeds in return for an immediate cash advance. A cash advance on inheritance can be used for whatever you want including paying inheritance taxes, home repairs or a nice vacation. The money is yours.

Finding an inheritance lending company

Inheritance lending companies are typically banks or credit unions. Securing an inheritance loan can take a long time and after the hoops you have to jump through including credit and employment checks, you have to make sure that you are prepared to pay monthly interest rates. When you choose a probate advance, on the other hand, you can use the money however you want.

How inheritance loans work

Inheritance loans are very similar to securing a second mortgage or home equity line of credit. In fact, many times they are the same thing. If you need money right away and you own a home, many individuals will opt for a home equity line of credit or reverse mortgage until they get their inheritance distribution from probate and then pay down the home equity line of credit, personal loan, or second mortgage. As we know, getting a home equity line of credit can be difficult, but this is what an inheritance loan is and the terms that traditional banks lend under.

Inheritance Loan FAQ’s

  • Why do people typically try and get a loan on their inheritance?

    Reasons why people request a loan on their inheritance:
    Debt incurred while serving as a caregiver for the decedent
    To pay for the funeral and burial of the decedent
    You need help paying for your living expenses and other monthly payments
    Other personal expenses that have come up

  • Are there alternatives to Inheritance Loans?

    Yes, there are alternatives to inheritance loans in the form of inheritance cash advances, otherwise known as probate advances. These cash advances are simple to secure and have no terms attached to them. A probate advance is the same as selling a portion of your inheritance in return for immediate cash.

    A probate advance is much easier than seeing if you qualify for an inheritance loan. To get a probate advance you have to prove that you are a beneficiary of the estate and go through initial documentation. After that, you basically just have to agree on how much money you want and you can receive the money within 24 hours.

  • What does an inheritance loan cost?

    An inheritance loan has similar interest rates to a high-interest credit card. The fees must be paid on a monthly basis until the loan amount is repaid which usually happens at the conclusion of probate when you finally receive your inheritance distribution from the probate court.

    The cost of a probate advance is much more simple. You don’t have to calculate compounding interest or anything like that. You sell a portion of your estate for immediate cash so there is one transaction. The probate advance company then receives the agreed-upon amount when probate is finished. The funding company waits for probate to finish so that you don’t have to. The amount of money you receive from an estate inheritance advance company is often a percentage of the total amount you are due to inherit. You can receive lots of money through advance inheritance funding and we wait for the probate process to finish so that you don’t have to.

  • How long does it take to get an inheritance loan?

    How Long Does An Inheritance Loan Take To Get

    A traditional loan can take anywhere from 30-120 days to complete if you find a lender that is willing to provide an inheritance loan. You will repay the agreed-upon interest rate for the remaining term of the loan which is usually the same as the time that it will take to finish the probate process. Since probate can take anywhere from 9 months to 3+ years to complete, you may be paying high interest for a long time.

    An Inheritance advance is faster to receive than an inheritance loan

  • How Much Money Can You Receive From An Inheritance Loan?

    You can use our simple inheritance calculator below to understand how much money you can receive

  • How Long Does it Take To Get An Inheritance Loan?

    Inheritance loans can take months to be underwritten. The timeline is usually similar to a mortgage if the bank or credit union approves the loan. If you apply for an inheritance advance, an approval or denial will occur in a matter of hours. If you are approved, the portion of your inheritance can be deposited into your bank account within a matter of days by the inheritance funding company. Inheritance advances do not need to be repaid so long as they are not a traditional inheritance loan.

  • What is the timeline for an Inheritance Loan?

    An Inheritance loan occurs as long as the probate case is open. This means that interest payments must be made during the entire time the probate case is open which usually takes from 9 to 36 months.

Don’t Wait for Probate

Inheritance Loan Timeline

An Inheritance loan occurs as long as the probate case is open. This means that interest payments must be made during the entire time the probate case is open which usually takes from 9 to 36 months.

Inheritance Advance Vs Inheritance Loan

An inheritance advance is an excellent alternative to inheritance loans. An inheritance advance is a simple exchange of a portion of the probate distribution in return for immediate cash. In order to obtain a inheritance advance, you will still need to complete an application and paperwork but the barrier to entry is much less. The probate advance application can be completed online and submitted on the same day. Once you receive approval for a probate cash advance or “inheritance cash advance” you can receive your inheritance within 3 days and you won’t have to worry about making monthly payments.

Choose Your Total Estate Value

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TIP: deduct loans, administrative fees, legal fees and all other expenses

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Select from 1% to 100%

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Estimated Advance Amount

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Apply for an Inheritance Advance Today

If you are an heir to an estate that has entered probate and you need cash to pay the bills, get out of debt, or for any other reason, it’s time to apply for an inheritance advance. The experienced and compassionate team at Inheritance Advanced is here to help you obtain the cash you need. We have helped clients throughout the country acquire the money they need to make ends meet while waiting for probate to settle.

Fill out an application today to receive immediate money from your inheritance. We can help you acquire the money you need from your inheritance with little fees so you can get rid of debt, pay the bills, or handle medical expenses accordingly. Our phone number is a great way to receive prompt and personal service from a member of our team.

Legal Disclaimer: Please note that Inheritance Advanced is not a lender. Inheritance advance does not provide probate loans, inheritance loans, or estate loans, rather, an advance on a portion of proceeds signed over to Inheritance Advanced. Inheritance Advanced is also not a probate attorney and any information in this article should not be misconstrued as legal advice. We recommend that you seek the advice of an attorney, CPA, and tax attorney regarding any decisions pertaining to your probate.

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Our Inheritance Cash Advances help heirs receive a portion of their inheritance payout in just a few days. We then wait and are paid directly out of your share when the estate finally closes. We wait for probate so that you don’t have to. Click below and fill out our short form to receive an advance immediately.

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Get Your Inheritance Money Now!

Our Inheritance Cash Advances help heirs receive a portion of their inheritance payout in just a few days. We then wait and are paid directly out of your share when the estate finally closes. We wait for probate so that you don’t have to. Click below and fill out our short form to receive an advance immediately.

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