Is a person who has been appointed either power of attorney for an incapacitated person, or successor trustee on their property, required to live in the property before obtaining a home equity line of credit? Do different banks have different policies regarding this?
It's common for banks to have different pricing or other terms on home equity lines of credit, depending on whether the borrower resides in the home. Its hard to imagine that a bank would require an attorney-in-fact (the individual given authority by a power of attorney) to be a resident of the dwelling, but you will have to check with any banks where you are considering filing an application.
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It's common for banks to have different pricing or other terms on home equity lines of credit, depending on whether the borrower resides in the home. Its hard to imagine that a bank would require an attorney-in-fact (the individual given authority by a power of attorney) to be a resident of the dwelling, but you will have to check with any banks where you are considering filing an application.
