Legal Question in Real Estate Law in Maryland
life estate
can someone holding a life estate on a property in maryland legallly acquire a home equity loan secured by a deed of trust on that property. would this not be an encumberance to the actual named heirs of the property.
Asked on 11/13/07, 2:24 pm
2 Answers from Attorneys
Alexander M. Rosenfeld
Rosenfeld & Stein, P.A.
Re: life estate
Mr. Press' reply is a brief but accurate answer.
Answered on 11/14/07, 1:28 pm
Daniel Press
Chung & Press, P.C.
Re: life estate
If a lender will lend against it, they can encumber the life estate, but they cannot encumber the remainder without the consent of the heirs unless the life estate includes retained powers over the remainder.
Answered on 11/13/07, 2:36 pm
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