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Life Estate. The house I live in is in my parents Life Estate - the house t

Life Estate. The house I live in is in my parents Life Estate - the house they live in is in a Life Estate. I want to buy my two siblings out, as the market value has decreased. My attorney advised me that I can apply for a mortgage, as long as my mom and dad sign as well. I am financially able to carry the amount. Question - am I able to apply for a mortgage in this type of transaction, and I recognize the amount would put a lien on thehouse as it is being paid? I don't want to wait, and have to buy them out when my parents pass away - as the value of the home may be higher than it is today. I am paying rent and fixing the house up, and want to make this my home on the deed - so my mom and I would be the only ones on the deed. Thank you.

Asked on 12:00 am Apr 18th 2011

Anonymous

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Do you presently live in the property? Is there a mortgage on the p[roperty now? If so, what is the balance? What is the estimated value of the property today? WHat size mortgage are you looking for? In what state is the porperty located?

Answered on 2:18 pm Apr 18th 2011

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