💰 5 Things to Weigh Before Co-signing Your Kid’s Mortgage (AARP Article)

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FROM THE ARTICLE - SEE ARTICLE FOR MORE!!!

Co-sign a Mortgage for Your Kid? 5 Reasons to Think Twice Before You Do.

It’s natural to want to help your child. But first assess the risk to your finances — and your relationship.

By Diane Harris, AARP. Published October 08, 2024.

When the oldest of Cherie Jenkins’ four children recently asked her to cosign the mortgage for his first home, Jenkins and her husband were quickly on board. Their son, 24, and his wife, 23, had solid credit scores and earned enough to cover payments for the $390,000, 1,800-square-foot starter house they wanted to buy in Kennewick, Washington. But the young couple hadn’t been at their jobs long enough — he works for the family construction business, she’s a marketing assistant at the real estate firm where Jenkins is an agent — to qualify for the loan on their own.

“They’re thinking about starting a family, and they were so excited about the house,” Jenkins says. “My mother heartstrings got pulled on."

https://www.aarp.org/money/budgeting-saving/info-2024/cosigning-kids-mortgage-considerations.html