Real Estate Law
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It is legal for your father to give a power of attorney to someone else for any purpose (as long as your father is in his right mind). But, it is a very risky thing to do and could result in dire consequences for him if the person takes advantage or cannot be trusted.
Your dad would be much better off to hire a lawyer to review any documents necessary to refinance the loan and for him/her to advise your father before he signs anything.