Not on Title but on WILL

Discussion in 'Loans & Mortgage Brokers' started by klabat, 22nd Sep, 2015.

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  1. klabat

    klabat Well-Known Member

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    Could you use the WILL component of a share in the assets to extract equity?

    Or does it need to be your name on the title?
     
    klabat, 22nd Sep, 2015
    #1
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    So you're suggesting bank gets its money back in the event of parents dieing which could be 0-25 years from now?

    Are you serious?
     
    D.T., 22nd Sep, 2015
    #2
  3. wylie

    wylie Moderator Staff Member

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    The will can be changed. o_O
     
    wylie, 22nd Sep, 2015
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    What does that mean?
     
    Terry_w, 22nd Sep, 2015
    #4
  5. Propertunity

    Propertunity Well-Known Member

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    Or successfully challenged.
     
    Propertunity, 22nd Sep, 2015
    #5
  6. larrylarry

    larrylarry Well-Known Member

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    Will only takes effect upon passing of the testator.
     
    larrylarry, 22nd Sep, 2015
    #6
  7. spludgey

    spludgey Well-Known Member

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    I've got no money in the bank, but I've got a lottery ticket for tonight's draw, can I use that as a deposit?
     
    spludgey, 22nd Sep, 2015
    #7
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  8. skater

    skater Well-Known Member

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    I'd rather have the person alive, than a share in their money.
     
    skater, 22nd Sep, 2015
    #8
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  9. wylie

    wylie Moderator Staff Member

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    ... And I know all about that o_O
     
    wylie, 22nd Sep, 2015
    #9
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  10. Nemo

    Nemo Well-Known Member

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    Hopefully they live a long life and get to spend it all themselves.
     
    Nemo, 22nd Sep, 2015
    #10
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  11. Phantom

    Phantom Well-Known Member

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    Has anyone else noticed new members sign up and ask weird questions? When they dont get the answers they were hoping for, we never hear from them again.
     
    Phantom, 22nd Sep, 2015
    #11
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  12. Perthguy

    Perthguy Well-Known Member

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    My parents were very averse to "spending our inheritance". It took years to drum it out of them. At first is was... no, we don't want to spend your inheritance. Then it was, we really need a new car, can we buy one? I kept telling them, it's your money, enjoy it while you can! Now they say: we are going on anther cruise. And I say... have fun! :) Besides that, they are property investors... :cool:
     
    Perthguy, 22nd Sep, 2015
    #12
  13. dabbler

    dabbler Well-Known Member

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    LOL....exactly what I thought.......higher thinking ? but then we are all spending others money these days, so why not the portion you expect to inherit, make it non recourse and I am in.

    @York Polides yes, like the one on the NB thread who wants to find out more about NB and get onto it......but does not like the search functions or doing own research.
     
    dabbler, 23rd Sep, 2015
    #13
  14. CU@THETOP

    CU@THETOP Well-Known Member

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    Why not talk them into getting a reverse mortgage and then borrowing the money from them directly. Don't have to worry about any pesky paperwork that way.
     
    CU@THETOP, 23rd Sep, 2015
    #14
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  15. sumterrence

    sumterrence Well-Known Member

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    I believe you just solved his problem lol
     
    sumterrence, 23rd Sep, 2015
    #15
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