5 Reasons To Use A Probate Loan
If you have an inheritance that contains real estate and are in need of funding but aren’t able to access the funds quite yet due to probate or the administration process, know that you don’t have to go without the funds you need. A probate loan, also known as a trust or estate loan, offers five advantages you owe it to yourself to look into.
- Take Care of Your Estate Obligations
Those unfamiliar with the estate process might not be aware of how long it takes, which can be several months or even years. One of the pros of probate loans is the fact that they allow you access to funds needed to cover funeral costs, legal fees, upkeep for an inherited property and the like.
- Split Up Property Interest Between Heirs
When there are multiple estate heirs, there might be one who wishes to take the cash rather than deal with the real estate. Here, a probate loan would be taken out of the property and used on the property interest for the heir who just wanted the money.
- Get an Advance
Individuals who know they have inheritance money coming to them might not be able to wait for probate or administration to take care of medical or crippling medical card debt. A probate loan would give them access to money that’s legally theirs to keep them from waiting longer than necessary.
- Take Advantage of Opportunities
While hard money loans Los Angeles are undoubtedly a great way to invest in real estate opportunities, they aren’t the only way. Probate loans could allow an heir to buy up commercial property without taking on new debt.
- Doesn’t Impact Other Heirs
If there are several heirs involved in an estate, a probate loan doesn’t impact the shares of the other heirs.
To find out more about hard money and probate loans, reach out to a representative of North Coast Financial.