Q: Home equity loan
My dad and stepmom are both on the deed/title to home. Stepmom just recently passed away and dad is looking to get a home equity loan for the property which is completely paid off. Stepmom has 2 adult children as heirs and there was no will. How could this be navigated to be able to get the loan?
A:
If the title to the property was held as joint tenants with right of survivorship or tenants by the entirety, your father would own the property solely in his name upon the passing of your stepmother. If the title was not held as joint tenants with right of survivorship or tenants by the entirety, it will not be possible to get a loan without first probating your stepmother's estate. Additionally, your stepmother's children would need to relinquish their ownership in the property as they inherited a portion of it upon their mother's passing. They may not be willing to do that as it is partly their property now.
Schedule a free consultation to discuss different options to settle title so that your father can get the loan he needs.
Anthony M. Avery agrees with this answer
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