Home Equity Loan with Life Estate on the Deed?

My parents recently signed the deed of their house over to me with a Life Estate clause added to it so that they will still have a place to live. The intentions were for me to get a home equity loan in order to make some much needed renovations to the house, including a handicapped suite for the both of them to make them more comfortable. However, everyone with whom I have spoken has told me that with the life estate clause on the deed, it is impossible for me to secure a home equity or other type of loan, even if my parents cosign since they are the beneficiaries of the life estate. What options do I have so that I can get a loan for the renovations?