Can I refinance with a life estate?
The situation you describe is such a complicated puzzle that there is likely lots more to the picture and to the solution than finding a lending company that will agree to refinance your house.
And because there’s so much at stake—your home, your livelihood, your mom’s health and safety, even your sanity—I would advise you to get a seasoned expert to consider all the matters involved and to eyeball all the documents you have that may affect the situation.
You will want someone experienced in handling elder law and Medicaid and Medicare matters. In New York, a good place to begin your search for an experienced elder care lawyer is through the state bar at www.nysba.org/AM/Template.cfm?Section=Elder_Law_Resources. In addition to providing consumers with background information on elder law issues, that group also has a directory of lawyers and spells out its criteria for offering free and low-cost legal services.
You can do a lot to ensure that you get the best advice possible by doing some organization work in advance that will help any expert you hire more able to hone in on the complicated issues at stake. This burden falls on you as the person most familiar with the situation and its many twists and turns.
To do this, make copies of all legal documentation involved—including the power of attorney, deed to the house, recent correspondence from Medicare or Medicaid representatives, and relevant bank and other financial statements.
Then think hard about other specific concerns you might have about what’s gone on and write concise questions to ask about them. For example, you will likely want to plumb for details about how and when your brother acted—and under what authority. And you might also want to delve into what might have happened to any money or property your father might have left at his death.
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