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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3618
Experience:  Experienced real estate lawyer and real estate broker.
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I am co trustee on my mothers property. Her home is paid in

Customer Question

I am co trustee on my mothers property. Her home is paid in full and needs some repair. I want to apply for an equity loan. I am her primary care giver she is 93 and demented. I also have POA both medical and financial. I was told by our credit union that she has to be able to understand not just sign to get the loan. The credit union rep explained other banks would accept POA. I plan to be the one paying the loan but can't do without her signature. What are my options ??
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 8 months ago.
If you have a general POA, under California law, you should be able to sign any bank mortgage/home equity loan agreement and get the financing for the repairs. If you are operating under POA, you don't need her to sign anything at all. I"m not sure why the credit union even told you that, because the credit union as well appears to be mistaken. If you have a broad POA, you can take out the mortgage, pledge the house, even sell the house tec. I would suggest trying Wells Fargo, BofA and other lenders. You will get just as good rates there and they will understand the POA and process better. Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.
Expert:  WiseOwl58 replied 7 months ago.
Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

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