Legal Question in Real Estate Law in Maryland
can the individual that a lifetime interest property named sell the property, or do a reverse mortgage, or home equity loan ets
Asked on 5/31/11, 4:27 am
1 Answer from Attorneys
Phillip M. Cook
Cook Legal Services, LLC
It depends on the terms of the life estate, but typically a life estate only allows possession and use of the property by the "life tenant". The life tenant cannot sell the property, mortgage it, take out a home equity loan on the property, give someone else an easement across the property, or take any other action which would "encumber" the property.
Best of luck.*****The above is for informational purposes only and does not create an attorney-client privilege.******
Answered on 5/31/11, 8:28 am