what are the disadvantages of a life estate 
you can t refinance sell or alter title to the property without the remainderman s permission if you have a life estate on the property who owns the property in a life estate the property is owned by all designated parties in a life estate deed but the life tenant retains the right to occupy the estate until their death the bottom linecreating a life estate is a reasonable way for homeowners to ensure that their homes will be passed on to the person they want with minimal legal fuss or delay it should only be established with the full understanding that it can t be easily undone however the homeowner is giving up the right to sell the property or to take out a mortgage or other loan against it without the cooperation of the remainderman 