Legal Question in Elder Law in California
I have POA for my parents. Can I get a home equity loan to help pay for assisted living expenses if the home is in a trust?
Asked on 6/04/12, 9:09 am
2 Answers from Attorneys
Terry A. Nelson
Nelson & Lawless
If the house is in the trust, then the trust could apply. Finding a bank that will lend will be difficult.
Answered on 6/04/12, 4:25 pm
Rosemary Meagher-Leonard
Law Office of Rosemary Meagher-Leonard
Techinically, yes. But as Attorney Nelson has said, it will be difficult to find a lender, particualrly if there are issues with income. You might consider a reverse mortgage with a reputable company, too.
Answered on 6/05/12, 3:07 pm
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