Re: Can a Life Estate Be Given on a Home Without the Mortgage Lender's Permission
who are the remaindermen?
If the mortage could not be assumed by the remaindermen, they would have to finance the home. If they could not do so, the mortgage lender would have the right to foreclose and take possession. If that happens, the companion is simply out of a place to live.
unless that amount paid off the mortgage or the estate had funds to pay the remainder, she could not sell the house to her companion for that price. The current mortgage lender does have the right to be paid or foreclose on the property.
she gave her companion the option of purchasing the home from her estate at a given price.
I am not an attorney and any advice is not to be construed as legal advice. You might even want to ignore my advice. Actually, there are plenty of real attorneys that you might want to ignore as well.