Legal Question in Real Estate Law in West Virginia

Real Estate

Can a person who has been given lifetime rights to property, but does not own the property use that property as collateral to secure a loan?


Asked on 2/13/07, 2:53 pm

1 Answer from Attorneys
Robert Rosplock Rosplock & Perez

Re: Real Estate

If you could find someone to loan money on a life interest, yes, BUT any such loan does not bind the property after the death of the life tenant, or obligate subsequent owners to pay the loan. The property passes free of any collateral interest created by the life tenant at his or her death.

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Answered on 2/13/07, 3:08 pm


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