Loan question?

Question

Most banks give loans for houses only if the land permit is in your name but what do you do if you want to get a loan for a house and the land permit is not in your name and the land is in your childrens name but you have life time rights to the land. I mean how would you get a loan then for a house.

Answer 1

You wouldnt.How could they get their money back if it wasnt yours or theirs in case you couldnt pay.

Answer 2

that is called a life estate, is that to you or to the children?
If you have a life estate to the land than you shouldn't have any trouble. They know your not moving. But they also know it isn't your land in that they can never take it away from you.
However, if you get a mobile home that they can take you shouldn't have any problem. If it is in your childrens name then you actually have no claim to the land at all. You can live there to take care of the children but you own nothing.
I think the only house your going to get either way is a mobile home.

Answer 3

Not clear what you mean.
If you own the land, you are the legal deed holder. If your children's' names are on the deed they are the owners. Explain on how you let them put their name on the deed if you own it.
Ask the bank to look into it, if you really believe that you own the land and have a right to build on it.
I suspect that you gave it to the kids at one time or another with a lifetime right to use the land. but, if it is not spelled out that you can build on it, I think you are out of luck.
See a lawyer.

Answer 4

Under this scenario, you are a "life tenant" in a "life estate."

I had this same scenario come up a few times when I was a loan officer, and unfortunately, we were not allowed to give mortgages to life tenants.

Answer 5

go talk to a banker