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Reverse Mortgage Clause

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digitalworld Guest	Posted: Thu Nov 11, 2010 12:42 pm    Post subject: Reverse Mortgage Clause Like 0 Dislike 0 I have a two part question. First:If a property is held in Joint tenancy in California between husband and wife, can a wife sign over property using a attorney in fact to sell property without husbands signature if he is suffering from dementia? P.S wife is in now in long term care currently and it asking a grandchild to act as attorney in fact. 2nd Question : If Grandparents reverse Mortgage clause indicates that they must sell property or do a deed in lieu of fore closer since both husband and wife moved to long term care. What is best solution and what is repercussions to sell verses a deed in lieu regarding the estate when property is a short sale. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Nov 11, 2010 8:22 pm    Post subject: Like 0 Dislike 0 Welcome digitalworld, The wife can transfer or sell only her share of property to someone else. She won't be able to sell off or transfer her husband's share of property. It will be better if she could contact an attorney and take his/her help in this matter. As there is a reverse mortgage on the property, it will be sold off to pay off the lender. If the lender does not get his dues, then he will foreclose the property to recover the dues. _________________ Procrastination is the enemy of your financial success

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