Can power of attorney [parent has Alzheimer's and cannot sign documents] be used to obtain a personal loan [from a bank] in parent's name?
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2007-08-23 14:20:12 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
not be cruel but how are they go to remember to make the payments == i would not do it -- to many problems could come up -- if they need money for living expense i would look into a reverse mortgage!!!
2007-08-27 11:38:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A general Power of Attorney can be used, but the bank does not have to accept a Power of Attorney.
I'd be very careful if you pursue this. If there is any hint the funds were used for other than the parents benefit, they could come after you personally. (elder abuse, fraud, etc)
2007-08-23 22:46:02 · answer #2 · answered by Wendy C 2 · 0⤊ 0⤋
Depends on the level of power of attorney, but sounds pretty shaky. And a bank would not likely lend money to a person who is incompetent.
2007-08-23 21:24:52 · answer #3 · answered by Judy 7 · 2⤊ 0⤋