Pulling equity out of a shared inherited property
Hi All,
I am asking this question on behalf of my Mom. Last Year my grandma died and left her home (worth 2 million) as an inheritance in a trust for my mom and her brother. My mother personally took care of my grandmother for the past 10 years so her brother agreed in writing (lawyers wrote everything up) to take $600k in exchange for my mom getting the property exclusively. Now my mom needs to figure out how to get him the 600k without selling the home (she wants to keep it as an investment and not sell because my grandma bought in 1916 and the taxes are only $1000 per year compared to similar properties which have taxes of 30k per year). Is there a way for her to access the equity in her current portion of the property to pay him off without having to do a hard money loan? Her personal residence does not have enough equity in order to pull out 600k. Thanks in advance for your advice.
-Jessie