Thursday, March 31, 2011

Can i borrow against an irrevocable trust for a mortgage?

a part of the trust that is stating my duties as a trustee i can and cannot do numerous things. on thing that caught my eye was this statement... to borrow funds and mortgage or pledge trust assets as security for repayment of the funds borrowed, including repayments after the trust terminates. to repair, improve or develop real estate; enter into agreements concerning the repair, improvement Development, zoning or management of rel estate; impose or extinguish restrictions on real estate; dedicate land and easements to public use; adjust boundaries; and do anything else regarding real estate which is commercially reasonable or customary under the circumstances. based on these 2 the, can i get a mortgage and use the trust as "collateral" to get the mortgage to improve the living conditions of the beneficiaries of the trust?

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