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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22986
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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Are there costs involved when arranging power of attourney?

Customer Question

Are there costs involved when arranging power of attourney? My mother in law wants my husband to be POA as she has recently been very ill.She is 79 years old has her own home (we have just discovered she arranged a mortgage on her home in 2007 and drew down further loans,thinking there would be no added costs . She made no repayments and finds now that her loans amounting $ 73,000 are now $135,000 with interest almost $800 per month ,rising each month).She was not aware of the increasing debt. We will be trying to help her and prevent this debt escalating even more. We would appreciate any advice on this matter. We are not in a position to pay off her debt as we have a big family and a mortgage of our own. Regards ***** *****
Submitted: 11 months ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 11 months ago.

Most any property lawyer will help you with a power of attorney. Each party has to get independent legal advice, so there is some fees involved. You should always ask the lawyers for a quote however. As for the mortgage, this looks like a reverse equity mortgage, which are sold to older people to enable them to spend money based on the equity in their home. I hope she got adequate legal advice about the loan, because lending to someone who was then 71, if she was only receiving a pension, seems a fairly doubtful proposition. If you have your own lawyer you can ask them to arrange the power of attorney, and they will also have someone to advise your mother in law.