Equity Out Of Property In A Life Estate?

[SRR]

What is the name of your state? Property is in MD.

My aunt has a life estate in a home in MD. After she dies, the house goes to me. She is living there now. My parents when alive paid the house mortgage off. I know I can't sell it while she is living there, but can I pull equity out of it? If so, how do I find out what the equity is? Does the lender research that or do I have to contact the title company? Since I'm not living in the home,I don't know how much equity it has.

Thanks.

 

[HomeGuru]

What is the name of your state? Property is in MD.

My aunt has a life estate in a home in MD. After she dies, the house goes to me. She is living there now. My parents when alive paid the house mortgage off. I know I can't sell it while she is living there, but can I pull equity out of it? If so, how do I find out what the equity is? Does the lender research that or do I have to contact the title company? Since I'm not living in the home,I don't know how much equity it has.

Thanks.

**A: since you are not on title, you have no equity.

 

[SRR]

Not on title now, but I will be when new one is made!

I will be on the title after a new one is made up. Then can I get equity out of the home??

 

[HomeGuru]

I will be on the title after a new one is made up. Then can I get equity out of the home??

**A: post back when you are on title. I will then ask you a list of questions that I need answered before responding.

 

[BriantheBanker]

how bad do you need the $$?

If you are the only interest in the property (other than Aunt,) Talk to estate attorney about refinancing property. You may be able to Quit on title and refi.
There is a way to accomplish this.

BriantheBanker