If you need money before an estate closes, you may be wondering what options you have when it comes to inheritance advance companies. There are two main types of inheritance funding: inheritance loans and inheritance advances. Determining which one is right for you depends on your individual circumstances. Some things to consider are the size of the estate, your share of the estate, the expected length of the probate process, and how much money you need.
The first thing to consider is whether you actually need the money. We are in the business of providing inheritance funding. However, we will be the first to tell you that inheritance funding is not always a good option. Do you need funding to pay bills or take advantage of money-making opportunities during the probate process? Then inheritance funding may be the right choice for you. However, if you just want it early to buy some cool things, it is not the best long-term financial decision. Fortunately, our representatives will ask you some questions to help you determine whether this is right for you.
An inheritance loan company is similar to other lenders. They lend you money for a period of time, expect payments to repay that amount, and charge interest. They will look at your creditworthiness to determine interest rates and loan amounts. They will also expect repayment, even if your expected inheritance is not sufficient to cover the amount you borrowed.
An inheritance advance companies work differently than traditional lenders. It is not a loan. You do not pay any interest and you do not have to repay the amount advanced. Instead, we evaluate your expected share of an estate and purchase a portion of that estate. Usually we purchase between 5% and 40% of your expected share. It is unusual for us to purchase larger amounts and very rare that we would purchase all of an estate, but we do work with individual customers for individualized solutions. You give us part of the estate that covers the amount of the advance plus the fees we charge for the advance.
An inheritance advance is often a better solution than inheritance loans. That is because you have all of the information that you need to make your decision. You know what the fee will be and are not paying monthly interest waiting for probate to conclude. We base our fees on several factors including the size of the advance, how long we estimate probate will take, and whether the estate is complex or simple. We also take a risk. While it is unusual, it is not impossible that your portion of the estate will be less than the amount we advanced to you. In that case, we are the ones hit with the loss in value.
Categorised in: Educate Yourself about Inheritance and Probate Advances
This post was written by Inheritance Loans USA