Legal Question in Wills and Trusts in Massachusetts
reverse mortgage on 1/2 home equity
my 84 yr old mother recently learned 1/2 of her house belongs to her deceased significant others family due to he being a tenent in common on her lease. is there a way that a bank/lender would approve a reverse mortgage on 1/2 the value of her house. if not, would taking out a home equity line be advisable? thank you
1 Answer from Attorneys
Re: reverse mortgage on 1/2 home equity
The facts are a little confusing. "Lease" generally signifies no true ownership interest - if "deed" is meant, that is different. Assuming a tenancy in common, it is a bit more unusual of a situation.
A frank evaluation of a parent's income needs and the feasibility of remaining in a property would need to be done. This is complicated in a situation where the ownership interest is only 50%. While it would not hurt to inquire with banks and reverse mortgage counselors, it is not clear that a lender would feel comfortable lending in such a situation - but one really needs to inquire directly with lenders, including community bankers if available.
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