Although it seems an unthinkable situation, the number of people who are forced to renounce the inheritance that their loved ones have bequeathed to them after their death is increasing. According to the latest data from the National Council of Notaries, resignation cases have increased from 3.4% in 2008 to a figure of around 10% this year.
Solve this problem, it is good to know the options that mortgage guarantee loans provide us to maintain the home of our loved ones without putting our personal economy at risk by having to pay the high costs of inheriting.
Home equity loans to avoid losing our home
An advantage of using home equity loans to pay the accrued costs of accepting an inheritance is that we can use the home we are going to receive as collateral. In fact, we can even live in this house without it being a problem for the lender.
Another advantage of these financial products is that they will not require proof of income to accept our application. They are, therefore, loans without payroll that can grant us large amounts of cash without a greater requirement than that of owning a home. In the event that this property had not been paid in full, mortgage loans will allow us to obtain financing if we have paid more than 70% of the total amount of the mortgage.
It is important to keep in mind that, in the event that we have not paid our house completely, the principal of the loan that we request must be higher than the remaining principal that we have left to pay the mortgage. Also, we will have to value in our budget the notary or appraisal expenses that the processing of these credits entails.
The price of inheriting will be covered with these loans
It is impossible to fix an exact figure of the price that inheriting in the country has, since it will depend on the value of the vines that we inherit or, even, of the Autonomous Community in which we live. Still, a home equity loan should more than cover this cost. However, it is interesting to know the multiple expenses involved in accepting an inheritance:
- Notary fees
- Advocacy expenses
- Property Registry Payment
- Inheritance Tax
Depending on the Autonomous Community, this last expense can vary enormously. For this reason, before resorting to a mortgage loan, it is important that we contact a specialized lawyer to inform us of the amount that we will have to pay to know how much we will have to request from these financial intermediaries.