life estate

What is the name of your state? I am in New York State
and am still struggling with my rights and responsibilities under a "life estate" in a piece of property. I pay all the taxes and all the upkeep and have done alot of work on the property. In the will I have sole use during my life AND I can choose to sell it at any time with consulting the other party, who would then profit from the sale. Neither party (me and my brother) have children but if we die the house stays in the estate because it remains left to the offspring per stirpes of my father. Ok< so if I have to deal with all this and can sell it, rent it, whatever, why can't I borrow against it?????????????????????

[nextwife]

If you default, the house will be lost to foreclosure and no one will have it. And technically "you" are not the vested owner-yours is the life estate interest.

[JETX]

"I pay all the taxes and all the upkeep"
*** Just curious.... why??
Most 'life estates' do not incur those obligations. Those expenses normally remain with the owners of the property.

[HomeGuru]

Originally posted by DarbyMoore
What is the name of your state? I am in New York State
and am still struggling with my rights and responsibilities under a "life estate" in a piece of property. I pay all the taxes and all the upkeep and have done alot of work on the property. In the will I have sole use during my life AND I can choose to sell it at any time with consulting the other party, who would then profit from the sale. Neither party (me and my brother) have children but if we die the house stays in the estate because it remains left to the offspring per stirpes of my father. Ok< so if I have to deal with all this and can sell it, rent it, whatever, why can't I borrow against it?????????????????????

**A: easy, because you do not own the property as a fee owner but rather as a life estate owner. And for clarification, you can not sell the property, you can only sell your life estate interest if there is such a provision in the life estate agreement.