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Life estate/loan

Asked Aug 2, 2011, 04:54 PM — 2 Answers
I have a home that was deeded to myself and my daughters as a life estate. It is to me for as long as I want it and then to my children thereafter. The party that deeded the property is now deceased. I need to purchase a vehicle and need to use this property as collateral for a loan. Can this be done? My credit isn't the best so I need to get a personal loan to do this. Can you tell me what steps I need to take to make this happen, if it is possible.

Thanks
Robin

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cdad's Avatar
cdad Posts: 10,967, Reputation: 6545
Internet Research Expert
  
#2

Aug 2, 2011, 04:58 PM
Even with bad credit. You don't need to put up the house to get a car. If your payment history is sketchy at best then putting up the house could mean losing it. You don't want that.
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ScottGem Posts: 58,164, Reputation: 28165
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#3

Aug 2, 2011, 05:03 PM


A life estate affords a person the right to live in a property as long as they live. When they die, the property goes to grantor of the estate or their heirs. Therefore the property is NOT deeded to you. Since you do not own the property you cannot use it as collateral for a loan.
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