Chat with us, powered by LiveChat

Can an Irrevocable Trust get a mortgage?

Additional  Information:

Hi, My folks just passed away and left me an Irrevocable trust. My brother is the Trustee. He wants the IRT to get a condo loan & have the condo titled in the IRT. The IRT would make all payments. My name would not be on loan or title.  Is this possible? My Credit Union said no. Thank-you for your help!

ATTORNEY ANSWER:

Sorry for your loss. To answer your question: Yes, but… Based on my estate planning and real estate experience, lenders do not like trusts, especially irrevocable trusts. Unfortunately, your brother as trustee is going to have to do some searching to see if he can find a lender who will allow you to proceed as such.

The Beliveau Law Group: Massachusetts | Florida | New Hampshire

The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida, Waltham, Massachusetts, and Salem, New Hampshire.

Email us now
close slider
  • How Can We help?