Legal Question in Real Estate Law in Kentucky
i live in the state of kentucky. My father left his home and land to me and my two adult daughters. My eldest daughter is living in the home. The home needs repairs and my question is can we borrow money against it to make these much needed repairs
1 Answer from Attorneys
Dear Inquireer: Absolutely! If you are a Veteran you may also qualify for a low cost loan! Contact reliable mortgage brokers in your community, inquire regarding terms and interest rates, and whether taxes wil be included in the mortgsge loan repayment, etc.
Also consider placiong the entire property into a Revocable Living Trust, to avoid tremendous estate and probate taxes, filing, delays, etc. Trusts also make successor Trustees automatic upon the dceath or disability of the original Trustee. Consult an experiecned Attorney.
Good luck!
Sincerely,
WHERE EXPERIENCE COUNTS, COUNT ON MY EXPERIENCE
J. NORMAN STARK, ATTORNEY
ARCHITECT EMERITUS (Ohio) A.I.A., N.C.A.R.B.
1109 Carnegie Avenue Cleveland, Ohio 44115
(216) 531-5310 x7100 Cel: (216) 310-7100
Email: [email protected]
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