My question involves real estate located in the State of: Illinois
50 year old woman had a home built for her by Habitat for Humanity. She never made payments on the residence with her legal name on the loan mortgage held by Habitat. Her parents (in their 80’s) made the loan payments, paid the real estate taxes, and the residence insurance in her name. This woman has a will stating that upon her death, the property goes to her surviving daughters with a reserved life estate for her parents until their deaths. The parents live with the 50 year old daughter who is ill and needs the live-in care. If this woman passes away, who is responsible for taking over the mortgage loan and taxes with only this woman’s name on said mortgage and real estate tax bills?
50 year old woman had a home built for her by Habitat for Humanity. She never made payments on the residence with her legal name on the loan mortgage held by Habitat. Her parents (in their 80’s) made the loan payments, paid the real estate taxes, and the residence insurance in her name. This woman has a will stating that upon her death, the property goes to her surviving daughters with a reserved life estate for her parents until their deaths. The parents live with the 50 year old daughter who is ill and needs the live-in care. If this woman passes away, who is responsible for taking over the mortgage loan and taxes with only this woman’s name on said mortgage and real estate tax bills?
Life Estates: Life Estate on Mortgaged Propert
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