Just because something is crystal-clear to one individual, doesnt necessarily mean it will make any kind of sense to another.
Ill bet you think that I just made a common knowledge statement. You just stated the obvious cowboy, give me something original.
A Power of Attorney for real estate has never been cut-and-dried. People normally have a general power of attorney. The title company forces them to change it to a real estate specific power of attorney.
Its slightly difficult, but in conclusion, its no more than an inconvenience.
I had a borrower come to me to get a reverse mortgage in the last several weeks. The borrower was comprised of husband and wife, and mom. The wifes brother has power of attorney for mom, who suffers from dementia.
The husband, wife and mom are all on title. The goal was to take cash out of the home to make some home improvements and pay for medical treatment.
There didnt seem to be an issue initially, but then it reared its ugly head: Title companies no longer issue title insurance when a POA is involved. The Texas Department of Insurance put an end to this.
Now, you have to ask the question, what is the point of the power of attorney in the first place? This is a legal document designed such to accomplish legal matters just as these folks are trying do.
To the insurance big-wigs in Texas, issuing title insurance as in the example above wont wash. It doesnt seem fair, but there it is.
Texas Department of Insurance hasnt given me any explanation, but Im smarter than the average bear. The problem is legal action amid families and the insurance companies; the guys with money are tired of it.
Reality is, even a conservatorship as well as a power of attorney, doesnt seem to help.
Currently there does not appear to be a practical way out of this pickle, and that means serious trouble for my borrowers-to-be. I hope it works out, but for now the conclusion is a mystery. - 15224
Ill bet you think that I just made a common knowledge statement. You just stated the obvious cowboy, give me something original.
A Power of Attorney for real estate has never been cut-and-dried. People normally have a general power of attorney. The title company forces them to change it to a real estate specific power of attorney.
Its slightly difficult, but in conclusion, its no more than an inconvenience.
I had a borrower come to me to get a reverse mortgage in the last several weeks. The borrower was comprised of husband and wife, and mom. The wifes brother has power of attorney for mom, who suffers from dementia.
The husband, wife and mom are all on title. The goal was to take cash out of the home to make some home improvements and pay for medical treatment.
There didnt seem to be an issue initially, but then it reared its ugly head: Title companies no longer issue title insurance when a POA is involved. The Texas Department of Insurance put an end to this.
Now, you have to ask the question, what is the point of the power of attorney in the first place? This is a legal document designed such to accomplish legal matters just as these folks are trying do.
To the insurance big-wigs in Texas, issuing title insurance as in the example above wont wash. It doesnt seem fair, but there it is.
Texas Department of Insurance hasnt given me any explanation, but Im smarter than the average bear. The problem is legal action amid families and the insurance companies; the guys with money are tired of it.
Reality is, even a conservatorship as well as a power of attorney, doesnt seem to help.
Currently there does not appear to be a practical way out of this pickle, and that means serious trouble for my borrowers-to-be. I hope it works out, but for now the conclusion is a mystery. - 15224
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You get the facts pertaining to the reverse mortgage in Texas by letting your index finger do the walking. Also, get many questions about the Texas Reverse mortgage answered here.
