May
18
Can the original deed holder, of a lifetime estate borrow money against the property?
Filed Under Renting & Real Estate
answerseeker
I own a house and land in Kentucky, it is valued at $110,000. The deed is free and clear with nothing owed on it. Five years ago i granted lifetime estate to a family member, with everything reverting back to me at the time of their death. I know this has nothing to do with the question, but my family member has taken terminally ill and may not live too much, however i need to know if its possable for me to get a mortage or borrow money on this property now.
I own a house and land in Kentucky, it is valued at $110,000. The deed is free and clear with nothing owed on it. Five years ago i granted lifetime estate to a family member, with everything reverting back to me at the time of their death. I know this has nothing to do with the question, but my family member has taken terminally ill and may not live too much, however i need to know if its possable for me to get a mortage or borrow money on this property now.
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3 Responses to “Can the original deed holder, of a lifetime estate borrow money against the property?”
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Whose name is the deed in and how is it held?
You should be able to. You’re what is typically called the “remainderman.”
A mortgage company would be the one who could tell you.
If you are the owner then yes, however what are the terms that were agreed to for the lifetime estate? The smartest thing to do is check with a local attorney who deals with real estate law and can further advise you.