Legal Question in Wills and Trusts in Iowa
life estate
If a spouse dies and the final estate settles as a life estate in the name of the surving spouse with remainder interest to 4 children, at the death of the surving spouse minus a medical lein by the state department of human services for the deceased spouse, fees to the attorney to settle the estate and any outstanding court costs. The mortgage is paid off and the property has a clear title aside from the above mentioned which total around 25K, is the surviving spouse entitled to do a reverse mortgage for any of the equity or is there a way to allow the surving spouse access to any of the equity? The approximate value of the property is 88K.
1 Answer from Attorneys
Re: life estate
A life estate usually may not be mortgaged as a fee simple. It would be up to the lender.
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