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Reverse Mortgage Conservatorship

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Question From Leticia S. on 8/21/2018

How to get conservertership on someone with severe dementia to obtain a reverse mortgage to pay for home care husband is fine wife has dementia.

Expert Answer

Hello Leticia,

It has to be done through the court.  I would suggest that you contact an elder care attorney and they can walk you through the process and give you an estimated timeframe for the courts in the area where the case would have to be heard.  Just remember that the person requesting the conservatorship should also ask for the specific right to apply for a reverse mortgage while in court as that will be needed for the loan when a conservatorship is being utilized.

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Question From Ruth G on 1/30/2018

I am a co-borrower on a reverse mortgage. The property is split in two lots with one lot having my husband's name & his deceased wife's name on that lot. My name and my husband's name is on the lot with the house but both lots are on the reverse mortgage. My husband had an old will from when his 1st wife was alive that his kids have tried to push through probate to gain executorship. My husband said he had a new will, naming me as executor, but gave a copy to one of his children for safe keeping and now it is non existent. I do not know what lawyer he was using at the time. I have found a partial document on his computer & a hand written note, naming executor. I have been in court trying be named executor. What are my options regarding the reverse mortgage? His children want to take the house from me.

Expert Answer

Hello Ruth,

I am not an attorney and therefore not allowed to give legal advice.  I would strongly recommend that you obtain competent legal representation as this sounds extremely unusual to me.  As a lender, I can tell you that we cannot put a reverse mortgage loan on two parcels, especially one that has another individual’s name on it other than our borrowers.  I would find it extremely unlikely that a lender would cross-collateralize more than one parcel with a reverse mortgage and especially so if the second parcel had a different individual’s name on it as that would create a cloud on title.  Talk to an attorney and let him/her tell you for sure.

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Question From Clifton on 12/29/2017

Wife diagnosed with Alheimers. Went to Atty immediately and got DPA. Seven years later, now told DPA no good, need conservatorship. Need money to care for wife but can't get any out of the house and can't sell it as it is in Trust and they won't believe DPA. ????

Expert Answer

Good Afternoon,

Unfortunately that is one of the areas that we  do run into more than we would like to.  HUD cannot afford to have the mortgage challenged by family members years later saying that the borrower was not competent to sign the power of attorney and therefore the loan should be ruled invalid and that is why their rules for the use of powers of attorney and with incapacitated borrowers are what they are.  As you yourself just stated, you didn’t get the Power of Attorney until AFTER your wife was diagnosed with Alzheimer’s Disease and therefore, the Power of Attorney itself may be subject to challenge as to its validity if any family members were so inclined at any time in the future.

Have you looked into the conservatorship?  I know it is more time consuming and will cost some money to complete but it is an option and probably the best one at this time.  Your attorney can tell you how the process would work and probably handle the entire procedure for you if this is what you feel is best.  And I know it is late to say this now in your case, but this is why I personally have told all family members to be sure to have not only a will but trusts and POA’s completed long before you ever think you will need one.  As you are now finding out, if you wait until after a diagnosis of illness or an accident that impairs the mental capacity, then the POA may not be accepted as valid since there is no way to ascertain whether or not the individual actually had the capacity to know the full implication of the document they were signing at the time, thereby making it invalid.  

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