0
Can a remainderman get a mortgage on a property with a life estate?
Wiki User
∙ 13y ago
It is possible. It is not likely to be very favorable terms, but if the bank is willing to do it, they certainly can. Consult with a bank in the area that knows what the rules are for where you live.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What are my responsibilities to a mortgage I hold for a property that I only have a life estate tenancy in and I can no longer afford and the remainderman will not sell?
This is one of the real challenges in a life estate. State and country laws vary, but in general: The Life Tenant is responsible for the mortgage interest as well as the taxes, ordinary maintenance and repairs. The Remainderman is responsible for major repairs and the principle of the mortgage. One option may be to give up the life estate, leaving the Remainderman entirely responsible for the property, including the mortgage. This could be a negotiating point. I highly recommend visiting an attorney licensed in your jurisdiction to get help that works in your situation.
Can a remainder interest owner be held responsible for paying a mortgage?
If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.
I have a life estate can I get a reverse mortgage on this property?
You may be able to get a reverse mortgage with the written consent of the fee owners. However, the lender may require the property be transferred to your name alone.
Can a personal loan collect off of a life estate?
A life estate can be valued for sale and can be transferred, so it could be transferred to a creditor to satisfy a personal debt. A judgment obtained against the debtor who holds the life estate can be used to levy on the life estate and have it sold (usually at a sheriff's sale), thus satisfying the debt; assuming the value of the estate is equal or greater than the debt. The problem is the fact that upon the death of the initial life estate owner, the estate terminates and the ownership and used of the property (called the remainder) becomes the property of the remainderman. The person that acquired the life estate, either by voluntary transfer or judicial process, then no longer has the property.
Whose financial asset is the life estate the remainder or the life tenant?
Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.
Can the owner of a life estate in Florida sell or mortgage the property if a remainderman is on the deed?
They can only sell their rights to the property. Which only last as long as they live. No one would accept a mortgage on a life estate.
What are my responsibilities to a mortgage I hold for a property that I only have a life estate tenancy in and I can no longer afford and the remainderman will not sell?
This is one of the real challenges in a life estate. State and country laws vary, but in general: The Life Tenant is responsible for the mortgage interest as well as the taxes, ordinary maintenance and repairs. The Remainderman is responsible for major repairs and the principle of the mortgage. One option may be to give up the life estate, leaving the Remainderman entirely responsible for the property, including the mortgage. This could be a negotiating point. I highly recommend visiting an attorney licensed in your jurisdiction to get help that works in your situation.
What happens when your mom passes away and her property is in a life estate?
The life estate goes to the remainderman.
Can adverse possession be claimed by a remainderman still subject to a life estate?
A remainderman is the person entitled to the use and possession of real property after the expiration of a life estate. The remainderman is the fee owner but the property is subject to the life estate. While the life tenant is living the life tenant has the right to the use and possession of the property.The answer is NO. The remainderman cannot claim adverse possession of the property in order to dispossess the life tenant of their interest.
In a life estate does the remainder man inherit the property?
The remainderman can sell their interest as a remainderman in the property subject to the life estate. The life tenant has the right to the use and possession of the property for life.
Can a life tenant of a life estate keep the owner or heirs off the property?
Yes and no. The Life estate holder has the right to the free use and enjoyment of the property, without worrying about the remainderman interfering. However, the remainderman has the right to inspect the property and take care of it.
In her will a testator left a life estate to one son and named her other son as remainderman. What happens if the remainderman dies before the son who has the life estate?
Generally, if the mother's estate was duly probated, the property was owned in fee by the remainderman. It would pass to his estate subject to the life estate. However, you should consult with an attorney who specializes in probate and the law of real property in your jurisdiction who can review the situation and explain the status of the property.
What happens if life estate is terminated?
The remainderman has full vested rights in the property.
Who owns the grain after a life estate is closed?
If the individual has died, the life estate has ended. At that point the rights to the property have ended and belong to the remainderman.
How do you end a life estate after tenant goes to nursing home?
You can have the tenant quit claim their rights to the property. Or sell the life estate to the remainderman.
You co-signed on your sons mortgage you have your own property in a life estate can your sons mortgage company have any rights to your property that is in the life estate?
If the property in which you have a life estate is a separate and distinct property from the property your son mortgaged (and you co-signed) then the lender has no rights in your life estate property. If the property your son mortgaged is the same property in which you have a life estate then if he defaults on the mortgage and the lender takes possession you will also your life interest in the property since you also signed the mortgage.
Can the holder of a life Estate have a remainder arrested for trespass on a life estate property?
A definitive answer to your question requires more detail. Generally, a life estate owner has the right to the sole use and possession of the property. The remainderman has an interest in the property but no right to possession until the life estate has expired or the life tenant grants permission. Generally, the remainderman has no right to enter the dwelling but may have the right to maintain the grounds. The remainderman has the right to expectation that the life tenant will maintain the property in good repair and not allow it to deteriorate. Since laws vary in different jurisdictions you should consult with a local attorney who specializes in real estate law to determine your rights and responsibilities regarding the property. You should also review the document that created the life estate.A definitive answer to your question requires more detail. Generally, a life estate owner has the right to the sole use and possession of the property. The remainderman has an interest in the property but no right to possession until the life estate has expired or the life tenant grants permission. Generally, the remainderman has no right to enter the dwelling but may have the right to maintain the grounds. The remainderman has the right to expectation that the life tenant will maintain the property in good repair and not allow it to deteriorate. Since laws vary in different jurisdictions you should consult with a local attorney who specializes in real estate law to determine your rights and responsibilities regarding the property. You should also review the document that created the life estate.A definitive answer to your question requires more detail. Generally, a life estate owner has the right to the sole use and possession of the property. The remainderman has an interest in the property but no right to possession until the life estate has expired or the life tenant grants permission. Generally, the remainderman has no right to enter the dwelling but may have the right to maintain the grounds. The remainderman has the right to expectation that the life tenant will maintain the property in good repair and not allow it to deteriorate. Since laws vary in different jurisdictions you should consult with a local attorney who specializes in real estate law to determine your rights and responsibilities regarding the property. You should also review the document that created the life estate.A definitive answer to your question requires more detail. Generally, a life estate owner has the right to the sole use and possession of the property. The remainderman has an interest in the property but no right to possession until the life estate has expired or the life tenant grants permission. Generally, the remainderman has no right to enter the dwelling but may have the right to maintain the grounds. The remainderman has the right to expectation that the life tenant will maintain the property in good repair and not allow it to deteriorate. Since laws vary in different jurisdictions you should consult with a local attorney who specializes in real estate law to determine your rights and responsibilities regarding the property. You should also review the document that created the life estate.
