Legal Question in Wills and Trusts in Iowa
remainder interest in mothers life estate
My mother is 93 and in a nursing home. She is healthy physically, mentally not so good. She has a life estate in my fathers farm. He passed away 30 years ago. My two sister and I each have a one third remainder interest in the farm. Can I mortgage my remainder interest? If so do the other heirs need to know?
Asked on 6/09/07, 6:26 pm
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Re: remainder interest in mothers life estate
You can, if you can find a lender who will give you a loan for that collateral. I cannot imagine a lender that would give you a loan without at least getting the signatures of everyone with an interest in the property to sign the mortgage. Otherwise, all they could foreclose on would be your interest, which would not be very valuable to them.
Answered on 6/12/07, 6:17 pm
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