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You didn't say how the life estate was granted. If it is in a will it won't apply until the mother dies and the gift can be changed at any point up to that time. But you did say "3 kids own the farm" which could imply that there is a deed to the three kids with a life estate to the mother.
If it is in a deed, then it can't be "revoked" without permission of the owners - the three kids. If one of the sisters has died, then that portion goes to the heirs of that sister, again encumbered with the life estate of the mother.
What else can I help you with?
We own the 2 acres that our home is located on so how does this affect a reverse mortgage?
If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.
What is the word for legally overturn?
To Nullify Added: To "reverse."
What actors and actresses appeared in Reverse Cut - 2010?
The cast of Reverse Cut - 2010 includes: Michelle Bonfils as herself John David Schardt as himself Christina Joy Bertulfo as herself Miggie Wong as herself
How is a Reverse mortgage affected by nursing home?
the the remaining spouse can still live in the home
When a family member dies can another family member takes over there property legally with a reverse mortgage?
No. The reverse mortgage must be paid off first.
What actors and actresses appeared in Reverse Aging Now - 2006?
The cast of Reverse Aging Now - 2006 includes: Carolisa Pomerantz as herself
What has 30 year old cab driver harpreet dev from the Punjab been granted a special licence to do?
drive in reverse
Can abandoned parent reverse a life estate heirs And leave it to her greatgrand son who was there for the remaining last years of her life but did not change it and left him in her will Can he legally?
Unless there is a legal document such as a Will or even a letter with a date on it and witnessed, then there is nothing you can do. Word of mouth is heresay and proof is needed in a court of law. You can contest a Will in court and may win. Marcy
What information is needed in order to properly use a reverse mortgage calculator?
Information needed for a reverse mortgage calculator would be; the value of the property, the mortgage balance remaining, and the age of the youngest owner of the property.
Are reverse mortgages safe?
The mortgagor should make certain they are fully informed regarding the provisions and consequences of reverse mortgages. Once granted and in operation, the amount owed grows rapidly. If this option is the only option open to an elderly homeowner the reverse mortgage may be practical, however, all the terms and conditions should be fully understood.The mortgagor should make certain they are fully informed regarding the provisions and consequences of reverse mortgages. Once granted and in operation, the amount owed grows rapidly. If this option is the only option open to an elderly homeowner the reverse mortgage may be practical, however, all the terms and conditions should be fully understood.The mortgagor should make certain they are fully informed regarding the provisions and consequences of reverse mortgages. Once granted and in operation, the amount owed grows rapidly. If this option is the only option open to an elderly homeowner the reverse mortgage may be practical, however, all the terms and conditions should be fully understood.The mortgagor should make certain they are fully informed regarding the provisions and consequences of reverse mortgages. Once granted and in operation, the amount owed grows rapidly. If this option is the only option open to an elderly homeowner the reverse mortgage may be practical, however, all the terms and conditions should be fully understood.
How can you get out of a reverse mortgage?
You can refinance out of a reverse mortgage at any time, there is no prepayment penalty. you can also sell whenever you want and move. Any equity remaining will be yours to keep. If there is negative equity in the home you can turn it over to the lender and will not face personal recourse against you or your assets provided the reverse mortgage is a HECM reverse mortgage insured by FHA- most are.
Can you repay a reverse mortgage before your death?
Yes, there is no prepayment penalty on a reverse mortgage, you can repay part or all at any time that you want, as well as sell the home any time you want and keep any remaining equity.
