I want to sell my house yet continue to live in it for my life time. What is the name of this will?

I want to get equity out of my home while I am living. The house is free and clear and has no mortgage on it. I wish to sell the house yet continue to live in it until my death, at which time the house will belong to the person or institution which gave me money for the house. What is this type of will called and who would I have to contact to make such an arrangement.
I believe this is called a "life time estate" but not sure. Where could I get more information?

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This entry was posted on Tuesday, March 9th, 2010 at 9:23 am and is filed under Sell My House. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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3 Responses to “I want to sell my house yet continue to live in it for my life time. What is the name of this will?”

  1. Tony D Says:
    March 9th, 2010 at 9:23 am

    What you describe is a risky proposition for you. I agree that the reverse mortgage is a better call.

  2. slguldi Says:
    March 9th, 2010 at 9:23 am

    the other answers here hit it dead on, I just want to add more emphasis. Look at a reverse mortgage, that way you are still on the title to the home and there is no way anyone can make you leave before it is time

  3. dumplingmuffin Says:
    March 9th, 2010 at 9:23 am

    be very careful with this ,as some people have sold their houses,only to be evicted quite legally a few years later

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