If I deeded my home to my son and I reserved a lifetime right for myself, can a loan be obtained with the home as collateral if we both agree?

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If I deeded my home to my son and I reserved a lifetime right for myself, can a loan be obtained with the home as collateral if we both agree?

Asked on June 5, 2012 under Real Estate Law, South Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Generally speaking, a life tenant can not mortgage the property for which he has a life interest.  As to whether or not a bank would lend to you if you are both in agreement that is really up to the bank and the underwirter if they want to lend to you.  Good luck.


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