If borrower has Alzheimer’s with no valid POA how can they do a HECM loan?
They will have to have a conservatorship/guardianship for B2 to move forward with a HECM. Whoever they elect to serve as such, must be approved through the court. It court has to appoint a person to specifically grant power to make decisions for lending, and must state they are approved to apply for the HECM for the individual they are the Conservator/Guardian for.
The POA must be submitted to 1st Reverse underwriting as early as possible for review and approval.