Posted on: 18th Sep, 2010 12:35 pm
I am a trustee on an Irrevocable Income only Trust. The first mortgage is paid in full and the elderly couple wants the trust to take out a HELOC to build an addition to allow a family member to move in to care for them. Is this something that can be done?
Hi danbeard,
In order to take out a mortgage on the property, the elderly couple will have to take out their property from the irrevocable trust. In order to do so, they need to contact a real estate attorney.
Thanks
In order to take out a mortgage on the property, the elderly couple will have to take out their property from the irrevocable trust. In order to do so, they need to contact a real estate attorney.
Thanks