Life Estate Refinance

You are going to need an estate attorney to help you out with that...life estate laws vary from state to state and can be complicated, your situation is not an everyday lending situation.

Life estates are treated like living trusts in the lenders eyes.. The property can be refinanced, but you will have to remove the property from the life estate, refinance, then deed the property back into the life estate once the loan has been funded.. Someone will have to qualify for the loan with income, tax returns, good credit, etc, and the home must have an acceptable loan to value.. But it can be done.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Most lenders are going to require the property to be returned to the ownership of the grantors (your parents) before they will consider refinancing for them. Also, they are going to have to be able to qualify for the new loan. There could be tax ramifications to the transfer to and from the Estate. I would encourage you to seek counsel from the attorney that helped draft the life estate for guidance. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

first , are your parents still living??

I am based in Philadelphia and would glad to help you move on to the next step. Mark 302-449-7373