Any suggestions? Any "watch out for this"?
I am meeting with someone that is legally blind and wants to apply for a mortgage. The borrower does not read Braile so this is not an option. The borrower has the income and the assets to close. The spouse can see and claims to have a financial power of attorney.
1) Should I have a notary present to witness signatures after I read the forms to the borrower?
2) Does the financial power of attorney need to specify "for the purpose of entering into a financial obligation?"
The borrower has asked many of the right questions but I want to make sure that I have covered my bases if there ever is a question that the purchase and the resulting mortgage were not in the borrower's best interest or that he was not fully aware of the terms of the mortgage.
Did I forget to mention that the borrower is married to a much younger spouse for less than one year and that the borrower has significant net worth?