Life Estate

**odqlesz** · 10-26-2009, 07:37 AM

My situation, my neighbors are in their early 80's no kids and
in decent health but money is running out.

They want to remain in their house until they pass.

I would like to purchase the house from them but give them life estate.

What is the best way to do this. They want to keep the deed in
their name until they pass. But I can't get a mortage if the deed is
in their name.

Any ideas.

**Dale** · 10-26-2009, 09:33 AM

Talk with a Title Company,Realtor,Mortgage co. one or all should give you the needed info to satisfy all involved.

**odqlesz** · 10-27-2009, 04:28 AM

Thanks Dale, but I need some suggestions of creative financing.

If they want life estate then the deed remains in their name until
they pass. This is normally left to their family, but they have none.
So I want to buy it but I can't get a mortage if they don't deed
it to me.

I need a creative idea as to where they get to stay in the house
and I help them finacially in exchange I get the house after they
pass.

**JohnM04** · 10-27-2009, 07:31 PM

No amount of explanation can answer you but to have it under your name. Best of luck.

**odqlesz** · 10-28-2009, 04:19 AM

Do you think if I offer to pay their taxes and do the up keep on
their property in exchange they leave the house to me with
them having life estate is a good idea.

This way they can afford to stay in the house and in the end
I will own it.

Does it sound like I'm asking for too much?

**Greg** · 10-28-2009, 08:22 AM

Talk to a real estate attorney. The last I checked, in a life estate, the deed would be in your name and they would also be listed on the deed as having a life estate. This way you can get a mortgage and they will be on the deed. win win

Don't pay their way and expect to get the house when they die. There could be a relative hiding in the wings waiting for this moment.

**homes for sale anchorage** · 10-31-2009, 05:19 AM

I agree with Greg, You must seek the advice of a real estate lawyer and try to coordinate with the owner of the property. Law might nothing to do if the owner still want the deed remains in their name.

**Nick Brian** · 10-31-2009, 11:53 AM

Well said Greg. I like your idea. I would have suggested the same. This way the seniors and the buyer both could be in the same deed and transfer of ownership would be smooth. Anyway thanks mate. Nick Brian.