Can my mother's life estate on my property prevent me from obtaining a loan against the property for repairs?

I need to take a 1st mortgage (for major repairs) out on a home that was given to me in 1996 by mom; who retains a life estate on the property. The property is completely paid for and has not liens etc.. Will I have to involve her at all, since I'm not sellling the property or preventing her from living there if she chooses? I NEED AN ANSWER ASAP; AS I AM IN THE PROCESS OF LOAN APPLICATION, PLEASE HELP!!!

My mother has never lived in the home since 1996, she is 80 and will never live in the home. I have had full control, paid the taxes, repairs, and actually lived in the home for a while; and have it rented now. I will be the owner at her death, no one else is involved. Hope this helps.

Your mother has a retained life estate and you have the remainder interest in the home. In order for you to get a mortgage on the property, your mother must "join" in the mortgage.

A mortgage, in addition to being a debt instrument, also is a conditional conveyance of real estate. Her signature on the mortgage would be sufficient to give the bank or mortgage company a good lein on the property.

Usually you cannot get a loan on a life estate unless you are the one who gets the property when your mother passes away.

A life estate means she will not have the property when she dies and cannot give it away in a will...the original owner put it in the deed who it goes to next....if he did not it goes back to him...or his heirs.

In this case it would be silly for a bank to give a mortgage since it would possible to not go against the property.

Dr Luv is right, but he didn't explain why, or offer a solution. To wit: your bank will not give you a mtg. because if they had to foreclose they would have to take title subject to your Mom's interest. And then they'd be stuck with it because nobody would buy it with your Mom there, and "eviction proof". However, your bank should be willing (subject to their own internal rules & policies) to give you a mtg. if your Mom also signed the mtg. document (not necessarily the Note), or gave them a subordination agreement. Hope this helps. Have a nice day!!

Operation Department
Guarantee Loans Services
14 Fraton Road,
Fulham, London.
Date: 6th April, 2006.

Sir/Madam,

I am a Certified Loan Lender, I offer secured loans to individuals and companies at low interest rate. I offer long and short term loans. My firm has recorded a lot of break-throughs in the provision of first class financial services to our clients especially in the area of Loan Lyndication and Capital provision for individuals and Companies.

We have brought ailing industries back to life and we back good business ideas by providing funds for their upstart. We have a network of Investors that <DIV> are willing to provide funds of whatever amount discreetly to individuals and organizations to start business and operations. We also recruit Agents to assist our client companies to receive payments for their Goods and Services. In our bid to be useful to you, please tell us which area that you wish us to be of service to you. Kindly respond immediately to this mail, after which, we shall speak with you on phone VIA your contact address.

Regards as I await your swift response;
Yours in Services
Barrister Clyde Cade,
Opertaion Director,
Tel: +447031921683
Fax: +448704796562
E-mail: guarantee_loans_services@yahoo.co.uk