Q: A mother passes away and leaves her home to her two daughters. One daughter is 62 years old, lives in the home and wants to take out a reverse mortgage. How do we protect both of their daughters’ interests?
A: Establish a Life Estate Deed naming the nonresident sibling as the remainderman. The title will pass automatically to her upon the death of her sister. To protect the nonresident sibling, if the resident wants to sell the home, a subordinate lien can be placed on the property for half the equity