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Should I be included in my grandsons mortgage?
My grandson wants to buy a house so I can move in with him and his family. Should he include me in the mortgage for more Income.
Asked By Melania A. | Webster, NY | 667 views | Finance Legal Info | Updated 3 years ago
Answer(4)
Amanda Courtney
REP Realty Group
You can be, but it depends on your goals. Being added to a mortgage makes you financially responsible for the loan, while being added to the deed makes you a co-owner. It can help him qualify, but it also ties your credit and liability to the property. Many families choose co-signing instead.
- 1 week ago
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Marty & Abby Champagne
RE/MAX Market Place
Depends if his income is high enough to buy something suitable for you and his family.
- 3 years ago
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David Merica
David Merica eXp Realty
I would speak with a local Lender, they can often tell you which way would be more beneficial. And as the other answer indicates, there may be some things to consider.
- 4 years ago
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The Rentz Team
Keller Williams Preferred
That would be a better questions for a mortgage lender. They would be able to tell you how much of a house he qualifies to buy, and that can determine whether or not he should add you to the loan. Just know, there is a little bit of risk because both of you will be liable for making the payments, even if you no longer live together a couple years down the road.
- 4 years ago
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