Posted on: 24th Feb, 2006 09:53 am
need info on reverse mortgage for my mother. it is in trust and i am the appointed trustee/tor as she is incapacitated. i have a certificate stating that i have power of attorney. may i initiate a loan?
i have power of attorney {certificate of trust} for my mother may i initiate a reverse mortgage ?
Hi Ewf,
I don't think you will be able to get the reverse mortgage in your name. The property has to be in your mother's name and she can get a reverse mortgage in her name only.
I shall talk to some lenders on the matter and get back soon.
Regards,
Blue
I don't think you will be able to get the reverse mortgage in your name. The property has to be in your mother's name and she can get a reverse mortgage in her name only.
I shall talk to some lenders on the matter and get back soon.
Regards,
Blue
Hi Ewf,
Welcome to MortgageFit Forums.
I feel sorry for your mother's condition and am happy that you are taking care for her.
Yes, you can get a reverse mortgage for your mother under this situation. A Power of Attorney is given to a member by a person to take care of his/her financial matters and health care.
If the document for the power of attorney is in effect while applying for the mortgage, then you are entitled to sign all the necessary reverse mortgage documents and attend the counseling sessions on your mother's behalf.
So, you may contact a lender offering reverse mortgage programs, explain him the situation and show the necessary certificates.
Feel free to contact us if you have some more queries. We shall try to help in the best possible manner.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
I feel sorry for your mother's condition and am happy that you are taking care for her.
Yes, you can get a reverse mortgage for your mother under this situation. A Power of Attorney is given to a member by a person to take care of his/her financial matters and health care.
If the document for the power of attorney is in effect while applying for the mortgage, then you are entitled to sign all the necessary reverse mortgage documents and attend the counseling sessions on your mother's behalf.
So, you may contact a lender offering reverse mortgage programs, explain him the situation and show the necessary certificates.
Feel free to contact us if you have some more queries. We shall try to help in the best possible manner.
God bless you.
For MortgageFit,
Samantha
Hi Ewf,
I have talked to some of the professionals regarding this. They all agreed that you may get a reverse mortgage for your mother with the Power of Attorney. I am sorry that I answered you wrong due to ignorance.
Some of the things that should be taken care of in getting a reverse mortgage with a Power of Attorney are -
So, you will be able to get a reverse mortgage with your mother as the applicant. You may contact a lender and get the procedure in making the application.
Regards,
Blue
I have talked to some of the professionals regarding this. They all agreed that you may get a reverse mortgage for your mother with the Power of Attorney. I am sorry that I answered you wrong due to ignorance.
Some of the things that should be taken care of in getting a reverse mortgage with a Power of Attorney are -
- The Power of Attorney should be already in effect before the loan application is made.
- Power of Attorney is valid in some states only when the loan applicant is disabled.
- The Power of Attorney should be durable.
So, you will be able to get a reverse mortgage with your mother as the applicant. You may contact a lender and get the procedure in making the application.
Regards,
Blue
A duarable financial power of attorney will allow you to take care of all the financial matters for your mother.
Ken
Ken