Request a loan to accept heritage
Imagine the situation, a beloved family member has died suddenly and has designated you as heir to your estate.
Perhaps, you are already aware, but your idea does not cross the idea of planning for this type of situation. In the end, a whole series of unforeseen events happen, and the only thing you can think about, can a loan be needed to accept inheritance?
The expenses generated to accept an inheritance:
Based on the previous situation. Not all people are so farsighted as to have a financing plan to accept an inheritance. It may even be very likely that you already have insurance to cover certain funeral expenses. But what about the probable acceptance of an inheritance.
And, if you do not know, taking possession of an inheritance generates a whole series of expenses that, in most cases, if not covered can cause the loss of assets. Thus, in 2017 alone (according to the number given by the General Council of Notaries), a little more than 42,000 inheritances were rejected, since there was not enough financial solvency to cover the expenses for the procedure.
In this sense, some of the expenses that have to be covered are:
✔ Payment to a specialist lawyer so you can perform specific procedures.
✔ Payment of taxes, payment for succession registration and payment for acceptance of inheritance.
In general a whole series of costs that can cause more headaches.
Can you apply for a loan to get an inheritance?
Now, if for some reason you do not have a plan to overcome this type of contingencies, and you do not want to be part of the number of those who do not claim your inheritance, you still have the alternative of requesting an inheritance acceptance loan.
For this, you should not physically attend a financial branch, it will only be enough to access some online platform that gives you guidance. And, through this type of service, the property of the inheritance can be left as collateral, obtaining the loan to settle the costs of acceptance of the heritage, as long as your debt will be repaid in a few years.
Conditions for obtaining a loan to accept inheritance
Generally, the conditions for accepting an inheritance as collateral, particularly in a home equity loan, are very simple; although, the process for awarding the money may be a little longer (because the investigation does not require linking with records such as the Financial Credit Institutions, although the information provided must be validated).
In this sense, by placing the inherited assets as collateral, a loan of up to $ 300,000 can be obtained. While it is necessary that the property is free of debts (or at least 80% paid).
Finally, the financial institution will proceed with the evaluation process (which can be free):
► Pricing the home to have an estimate of the value of the property,
► Subsequently, the application will be filled out,
► To finally get an answer and receive a possible loan offer.
In addition, the necessary requirements are:
✔ Have a minimum age of 18 years.
✔ Provide the necessary documents for identification and accreditation of property ownership (together with the appraisal documents and property registration).
✔ For this type of loan with guarantee, you can only request between 30% and up to 40% of the appraised value of the property.
Advantages of loans to accept an inheritance
Finally, when considering the advantages of the loan to accept inheritance, it is that, by offering as an endorsement of the inherited property, the financing facility is more flexible. In addition, loan amounts can be much higher compared to a regular personal loan.
Another advantage is that the deadlines for return are usually quite long, so that the payment period can be much more comfortable. Also, it is not necessary to justify what the loan is going to be used for and the property can continue to be used normally, as long as you are paying.
Finally, it only remains to remember that when applying for this type of loan it is not binding with a negative registration in Credit Institutions. Even some financial entities that carry out the procedure do not charge commissions or expenses for management.