Legal Question in Elder Law in Florida

Re: home equity loans asset based

Mr. Jay has made the same suggestion I would make. She apparently should not be left in the same place on her own.

Re: home equity loans asset based

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The loan will have to be repaid. Your mother took the money and there is most definitely a mortgage against her condominium. Unless you can prove that she was incompetent at the time of executing the mortgage, and are able to convince a court that the mortgage should be set aside, it is a lien against her unit. Perhaps you can track where the monies were deposited and whether or not monies still exist. Depending on when she borrowed the monies, that is a large sum to use in a short period of time.

You might wish to consider refinancing the mortgage if a better loan is available. Alternatively, a reverse mortgage might be adviseable. I would suggest she meets with a qualified real estate attorney to discuss her options. Recently, I had a somewhat similar matter and I worked with the elderly client to sell her condominium, pay off her mortgage and use the proceeds to live in an assisted living facility. Perhaps, this might be the answer for your mother.

Scott R. Jay, Esq.