Loans on inheritance? Say what?!
I had never ever heard of heir loans before in my life until tonight.
I'm rather kind of bored, so I started surfing around the net and saw this ad on someone's blog for inheritance loans.
I clicked it and was all huh?
You can take out a loan on the money you're going to inherit?
Explain please!
So I read the home page then clicked on the FAQs.
How can you get an heir loan?
Well it's pretty simple really, if you are inheriting at least $17,000 from a probate estate which is open or being opened.
The cost of taking out the loan is determined by the size of the loan you want and the complexity of the probate estate.
To get the loan now, you sign or assign, the right for the loan people to get a fixed amount of money out of the heir's share of the probate.
I could totally see something like this being useful if you've inherited a sum of money, because sometimes probate can take years to finalize.
I thought it was pretty cool too that they make sure the person taking out the loan has no judgments or child support proceedings against them.
It would of course, interfere with the payment to the loaners, but they make sure that you don't owe anyone else the money first.
Ya know, like your kids.
