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Life estate and a reverse mortgage

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Stephen Clyde

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Post Posted: Wed Jul 27, 2011 8:31 am    Post subject: Life estate and a reverse mortgage
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I am a realtor, and my clients mothers home was placed in a life estate to the one brother with covenant that upon the death of the mother the proceeds would be split evenly amongst the 4 siblings.

can the sibling that is named in the life estate take out a reverse mortgage while the grantor is still alive?

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Post Posted: Wed Jul 27, 2011 2:57 pm    Post subject:
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The life estate allows the grantee to encumber the property. The problem would be with title, if the hiers have a right to equity, that could pose a problem to the lender. I am not up to speed on reverse, so I would instruct you to contact a reverse lender and send them the prelim and go from there.
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dmmaseoseoseo

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Post Posted: Wed Dec 14, 2011 7:06 am    Post subject: I am not capable of view this website properly on firefox I
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Icon Mini Profile raymond
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Post Posted: Fri Dec 16, 2011 10:37 am    Post subject:
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>>can the sibling that is named in the life estate take out a reverse mortgage while the grantor is still alive?

Yes. Life Estates are compatible with the FHA insured Reverse Mortgage programs.

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Raymond Denton
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