My wife and her brother co-inherited a house. My wife is selling her half to her brother. Their father is acting like the financial advisor for my brother-in-law. They signed all the papers two weeks ago, and the house is officially theirs after the 6 months of probate.
My father-in-law mentioned that a loan officer said there’s a provision preventing them from taking out equity on the house for another six months. He also complained about the interest rate, which made me wonder if he’s just trying to keep my brother-in-law from selling at a lower rate, which might not happen anytime soon. This is in Kentucky. Does this sound right?
Your wife and her brother should speak directly to the probate attorney. Once the attorney clarifies the law, they need to talk to a mortgage professional without any intermediaries. It sounds like a detail may have been misinterpreted.
In Kentucky, there typically isn’t a mandated waiting period after probate to access equity, but it can depend on specific circumstances. The attorney should provide clarity.
If the loan officer suggested a waiting period, it might be related to the specific terms of the mortgage or the probate process. Direct communication with the professionals is key.
It’s always best to verify any claims with professionals who have firsthand knowledge of the situation. Misunderstandings are common in these scenarios.
Interest rates are a concern, but they shouldn’t dictate your decisions without fully understanding your options. Consult with a financial advisor too.