Common Inheritance Advance Loan Lending Questions
1. What are inheritance advances and probate loan?
Answer: Inheritance advance and probate loans are ways for you to access a portion of your inheritance prior to disbursements. It’s a great option if you need to pay for expenses or have a financial need that can’t wait. For us, a Probate Loan is preferred over Inheritance Advances.
2. Are inheritance Advance and Probate Loans considered traditional loans?
Answer: No. These type of loans are provided by specialized institutions or Private Lenders.
3. What can I use the money for?
Answer: The money is yours to use for anything you need. You can use it to cover funeral costs, legal bills, or to pay down personal debts. Many people also use it for general living expenses or unexpected emergencies.
4. How much of my inheritance can I get?
Answer: The amount you can receive depends on the value of the estate and your specific portion of the inheritance. We collaborate with our counsel to determine a suitable amount that meets your needs while ensuring the process is financially sound for all parties.
5. How does the process work and how fast can I get my money?
6. Will my credit score or employment history affect my chances?
Answer: Credit has very little to do with your changes. The advance is primary based on the value of the estate. Each situation is unique and is assessed accordingly. A credit report is completed, but it is NOT for qualification purposes, but used to identify any potential judgments, bankruptcies, or other issues that could place a lien on the inheritance itself. This is done to protect the funder from unforeseen risks, not to assess your ability to repay.
7. Are there any hidden costs?
Answer: No, there are no hidden fees. The cost of the advance is a single, clear fee that is agreed upon upfront, so you know exactly what to expect. The applicable Legal Fees, Admin Fees, and Insurances are deducted from the initial Gross Funder Advance.
8. Can an executor who is also a beneficiary apply?
Answer: Yes.
9. Will my advance impact what other beneficiaries receive?
Answer: No, your advance generally will not affect the shares of other beneficiaries. However, because we require real estate as security, the loan will be registered on title.
10. What if there is no will?
Answer: Even if there is no will, you may still be eligible for an advance. The key documents required to confirm this will be a Copy of the Grant of Probate and corresponding Application.
11. How are the advance repaid?
Answer: When the estate is finalized or secured property is sold, the funds are distributed. The loan can also be refinanced to be paid out.
13. What is the advance/loan process?
Answer:
Below is the general process.
- Complete Secure Application & Consent Forms
- Beneficiary and Trustee/Executor
- Complete Regulatory Compliance ID Verification
- Provide Supporting Documents – A Secure Upload Link will be provided
- Sign Conditional Approval Documents & Complete Brokerage Secondary Digital ID, Fraud, and PEP AML Verification
- Final Document Review by Lender and Lender’s Counsel
- Sign Documents with Lawyer
- Complete
NEED MORTGAGE FINANCE, REFINANCING,
OR A SECURED ASSET LOAN?
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✔ Private Mortgages are based primarily on Equity and the Property
✔ Bad Credit Mortgages are based primarily on Equity and the Property
✔ Traditional & Semi-Traditional Options also available
✔ Equity Based Secured Asset Loans
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Amansad Direct Lending Group