My question involves real estate located in the State of: New York. My late ex wife owned a home with a sizeable mortgage. In her will, she gave her companion the option of purchasing the home from her estate at a given price. If he was unable to purchase the property, her will gives him a "life estate" to live in the home as long as he pays the mortgage and expenses of maintaining the home. Does this in fact constitute a life estate and what happens if and when the bank calls the mortgage note?