Hi Basil -
Even if the holder of the life estate agrees to be obligated, it's still another complication in the event the loan goes into foreclosure. Lenders just don't want to deal with that. I doubt you could get a lender to approve such a loan unless the holder of the life estate was willing to surrender their interest in the property and convey full title to the beneficiary. You might want to speak with a attorney to see what sort of arrangements may be possible.