Real Estate Law
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yes it is
purchased before the marriage and paid for before the marriage. Stipulation in the will that husband may reside in the home if wife preceeds him in death . At such time that he cannot maintain the house or becomes deceased, the wife's children are entitled to the home.
Wife is now ill and in a facility. Ongoing health care is a concern. Husband suggested that he try to obtain a reverse mortgage against the house to cover expenses. Question, is he entitled to do that since house is not in his name
Ok, that is what I thought. even thought he resides there and IF he has a PoA ( as does the daughter) to manage her finances, he cannot apply/obtain a reverse mortgage on a property he does not own. His name is XXXXX XXXXX the deed. He would need her consent and signature on documents?/ Is that correct?
thank you very much. This has been very helpful .............
Ok, thank you. Have a good evening :-)
hmmm. the PoA allows him to open, maintain or close bank accounts, make deposits or withdrawal, obtain statements, drafts, money orders, borrow money and manage all aspects of the loan process, perfome acts to transfer, sell, depositany note.
Does that give him authority to do the reverse mortgage w/o her signature?
The PoA says he "can borrow money from any banking or financial institution if deemed necessary by my Attorney-in-fact, and to manage all aspects of the loan process, including the placement of security and the negotiation of terms; "
that is concerning then................, because he does to have the means to maintain that type of loan if he should default on the payment. If that happens, then the home is lost correct? and would that type of loan be based on his credit since he resides in the home and has a lesser income than she does?
It would initially be for her benefit but her condition is terminal..........
and would the children of the wife be responsible for the debt. If so and they could not pay, would the house be lost?
OK....... but you said the lender would give them ( the heirs/children) the opportunity to pay off the loan balance, If they could not, what happens to the house?
that is what I thought. OK , thank you very much. This has been very helpful!
OK, thank you...............:-)
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