Opportunity For Property Encumbered By Life Estate
I bought a home for my step father in North Carolina from the proceeds of the sale of my mother's home. It's paid in full, about $70K FMV and appraisal, and he has a life estate encumbering the property. I am the deed holder. There is nothing in the life estate or deed restricting the use or ownership of the property.
If I wanted to purchase another property here in Texas, how can I make use of this property in order to accomplish that? HELOC, collateral, other?? or am I restricted by the life estate in some way?
Thanks.
Gary :-?
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