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If a wife takes out a HELOC on the couple’s primary residence, does the husband get a notice of right of rescission and sign the homestead waiver, even if he does not own the property? – IBA Compliance Connection

IBA Compliance Connection

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If a wife takes out a HELOC on the couple’s primary residence, does the husband get a notice of right of rescission and sign the homestead waiver, even if he does not own the property?

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The husband does not receive a notice of the right of rescission, but the husband should sign the homestead waiver. The right of rescission only applies to persons with an ownership interest in the property. Having homestead rights only does not give rise to rescission rights. However, a spouse must sign the homestead waiver or else it will not be valid.

You might find this article helpful: FRB Philadelphia, Compliance Corner, The Right of Rescission: Overview and Recent Legal Developments (4Q 2007).