They  justified it by saying the mortgage was paid off but there are still other expenses. 

A garage that is not properly insulated may be uncomfortable to live in and may not meet local building codes for habitation.Heating and cooling: In order to make the garage comfortable to live in, you will need to install heating and cooling systems.

The most obvious is that you will be able to offset your mortgage with renting out a few rooms.

She will get each beneficiary to sign off on allowing this to happen, lessening their inheritance cash-wise but keeping the family in a home.My idea is that the trustee daughter could purchase the home, but could do so instead through a sort of owner-financing where the Trust finances the asset to her directly rather than buying it in full at great cost and taking out a mortgage on an already paid for property:- Property is in Trust and is fully paid off,- Trust finances the property to Trustee for closer to market value, and payment can still be set at 1500- No/less down payment required- Any interest rate, maybe 0- Tenant family makes rent payment of 1500, which pays off the property and pays into Trust- Beneficiaries' % share accrues gradually as payments are made- Set future balloon payment if necessary (if Balance required at a certain time, for college, etc.)This would decrease the out-of-pocket cost for the Trustee purchaser, and increase the amount that each beneficiary will receive (eventually).I have no Trust experience, though, and I'm hoping to hear from the experts.

That's called mortgage fraud, which i'm sure you aren't contemplating.

Hello, I am looking for a Maine based attorney to handle a private mortgage contract. any recommendations?

He had equity and pulled it out of the home creating a mortgage that today is more then the value of the home.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

The most obvious is that you will be able to offset your mortgage with renting out a few rooms.

For your level of questions, you need to set up an appointment and pay someone to give you proper advice.