Posted on: 09th Feb, 2010 12:15 pm
My grandmother lives in a house that was pass on to her and her two sisters which are now deceased. One of the two sisters had no children the other had two daughter. I belive my grandmother inheirt the share of the sister whom had no children. Does she own 66% of the house and the other two daughter of the decease mother own the other 33%. my grandmother want to do reverse mortgage to fix up the house that she lives in and pays the taxes on. Does she need the consent of the others to get the reverse mortgage. The other two ladies have not paid any taxes or insurance or has helped with any repairs. What can my grandmother do?
Hi Tracey,
How much share your grandmother has in the property depends on how she and her other two sisters were listed on the title. If they were listed as joint tenants, after her sister's death she had an equal interest in the property along with the other sister. The sister having no children has not transferred her property interest to your grandmother, right?
In that case, she cannot claim her deceased sister's property interest as her own. Your grandmother will probably get 50% interest in the property, while the two children of her sister will get 25% each. In case, she wants to get a reverse mortgage on the property, she needs to get the consent of others on the title since she is not the sole owner of the property.
How much share your grandmother has in the property depends on how she and her other two sisters were listed on the title. If they were listed as joint tenants, after her sister's death she had an equal interest in the property along with the other sister. The sister having no children has not transferred her property interest to your grandmother, right?
In that case, she cannot claim her deceased sister's property interest as her own. Your grandmother will probably get 50% interest in the property, while the two children of her sister will get 25% each. In case, she wants to get a reverse mortgage on the property, she needs to get the consent of others on the title since she is not the sole owner of the property.