What would be required to do a reverse mortgage, if there is a revocable trust, the borrower is declared incompetent, the trustee is a third party, and an attorney is involved?
The title company would need to review the trust, any amendments, and restatements of the trust. Since the borrower is incompetent, the title company and lender may require 1-2 Doctors letters stating that the senior can no longer handle their financial affairs. It is required on the loan documents that the borrower sign as an individual therefore, a Power of Attorney or Conservatorship must be in place in order to move forward with the reverse mortgage.[ add comment ] ( 2 views ) | permalink |
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