My grandmother has signed over her house to me. Ive been the deed holder for a year. She has a right of use clause in the contract. She is still living at the house. The taxes arrive with both our names on them. I would like to take out a second mortgage or open an equity line of credit to do some home renovations. She has expressed concerns about the idea, but I feel now may be a good time. The house is paid for, and its in my name. Can I do this?
If your grandmother retained a life tenancy in her deed to you, she has a real interest in the real property during her lifetime. Her signature would therefore be required in order to pledge the real property as collateral for any loan. You need her agreement to get a mortgage or home equity loan or line of credit.
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If your grandmother retained a life tenancy in her deed to you, she has a real interest in the real property during her lifetime. Her signature would therefore be required in order to pledge the real property as 