If I deeded my home to my son and I reserved a lifetime right for myself, can a loan be obtained with the home as collateral if we both agree?
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If I deeded my home to my son and I reserved a lifetime right for myself, can a loan be obtained with the home as collateral if we both agree?
Asked on June 5, 2012 under Real Estate Law, South Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Generally speaking, a life tenant can not mortgage the property for which he has a life interest. As to whether or not a bank would lend to you if you are both in agreement that is really up to the bank and the underwirter if they want to lend to you. Good luck.
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