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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?

chrisgummerson · Posted: Wed Jul 27, 2011 2:57 pm Post subject:

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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raymond · Posted: Fri Dec 16, 2011 10:37 am Post subject:

>>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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Life estate and a reverse mortgage

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