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Is a home owned subject to a life estate eligible for new financing? If so, how will the home be valued?

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graham161 Joined: 01 Jul 2011 Posts: 1 1.26 Dollars($)	Posted: Fri Jul 01, 2011 1:00 pm    Post subject: Is a home owned subject to a life estate eligible for new fi Like 0 Dislike 0 I want to purchase a home that is subject to a life estate. Can I get a new mortgage or do I need to do this all cash?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Fri Jul 01, 2011 8:33 pm    Post subject: Like 0 Dislike 0 Welcome graham, As far as I know, you will be able to qualify for a new mortgage using the property as a collateral though it is subject to life estate. However, it will be better if you could inform your lender about the life estate. _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Jul 04, 2011 6:18 pm    Post subject: Like 0 Dislike 0 You'll be able to mortgage the property, yes; but the Life Estate clause means you need for the person with the life estate to be a participant in the financing. By all means, let the lender know upfront that this is the case; it ought not to deter them from granting the loan, though it'll be a slightly more complex process for both the lender and for yourselves as the borrowers. Nevertheless, it can be done. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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