The Use of a DURABLE Power of Attorney in a
Reverse Mortgage Transaction in Florida.
En Español
NOTICE: The information provided here is for informational purposes only. Please understand that NOTHING of the here stated should be interpreted as legal counsel or advise. Juan Luis Rodriguez-Kohly, Loan Originator, NMLS257898 IS NOT AN ATTORNEY nor is capable of giving legal counsel or advise. Please consult a competent Attorney.
Durable Power of Attorney in Florida:
In a Reverse Mortgage transaction, it is a Legal document through which the Principal (Borrower) authorizes an “Attorney-in-Fact” or “POA”to act in the place of the Principal, and Executed (signed) at least 6 months PRIOR to the diagnostic of incompetence or physical incapacity. A Durable POA is valid even when the Principal becomes incapacitated.
Please note that an Attending Physician’s letter will be required stating the date of initial Diagnostic which must be at least 6 months AFTER the Execution of the Durable Power of Attorney.
It MUST include the LEGAL DESCRIPTION of the property and MUST include the wording that the POA can hypothecate or encumber the property among other things that your Attorney can include. Only a Durable Power of Attorney can be used in a Reverse Mortgage Transaction.
It MUST be prepared by a competent Attorney. DO NOT use a store bought or web document.
Call or email me today, or use the Form provided below to obtain information without any cost or obligation.