Are you waiting for an inheritance? Many people misunderstand the probate process. Rather than getting money immediately, it can take months or even years to get your inheritance. That time period stretches if anyone is challenging the will or if an estate is particularly complicated. If you are relying on the inheritance for funding, that can leave you vulnerable. Fortunately, you can get help from an inheritance funding company.
Inheritance funding companies are not lending you money. While you may be able to qualify for a loan based on a presumed inheritance amount, getting a loan on your inheritance can be fraught with problems. You are obligated to repay the loan and the repayment period may occur before you get the inheritance. You are also responsible for the entire amount of the loan, even if your inheritance is smaller.
Inheritance funding companies work differently than lenders. They actually purchase your interest in an estate. When probate concludes, they get a portion of your inheritance. That means that they also purchase the risk that the inheritance will be less than anticipated, which can happen, especially in estates with prolonged probate periods.
How do you get the most out of an inheritance funding company?
First, talk to more than one inheritance funding company. No funding company is going to purchase your share of the estate for its full market value. Instead, they will discount their offer, which is like you paying a fee for the ability to get the money earlier. Therefore, you want to find out which funding company will offer you the most money for your interest in the estate.
Second, if you only need part of your inheritance, make sure you talk to a company that does advances for a portion of an estate. If so, you can sell them a portion of your estate. It will include the amount the company advances to you as well as any fees that they charge.
Another reason to choose an inheritance funding company instead of a lender is credit worthiness. If you have bad credit, are unemployed, or do not have the means to repay a loan, a lender may refuse to lend you money based on your inheritance.
You also want to ask about the timeline. Once you apply and provide us with any necessary information and documentation, we can provide inheritance funding in about a week. Some companies take much longer to provide funding to you. Make sure your inheritance funding company can work with your timeline.
Categorised in: Educate Yourself about Inheritance and Probate Advances