Should I be included in my grandsons mortgage?

I work a lot with seniors, and this exact question comes up more than almost any other. Before you say yes, understand that "included" can mean three very different things, with very different consequences for you. Co-signer, or guarantor. You are not on title. You are promising to pay if he does not. The debt appears on your credit report and counts against your own debt-to-income, which matters if you might ever want to refinance, buy, or qualify for anything yourself. You carry the risk and receive no ownership. Co-borrower. You are on the loan and usually on title too. Same credit and debt-to-income consequences, plus you now own part of a house. Fannie Mae and FHA both allow a non-occupant co-borrower on a primary residence with certain limits, so this is a real option, but it means the property is partly yours. Gift. You hand him money for the down payment with a documented gift letter, and you are done. Your name is nowhere. This is the option most families should consider first and usually consider last. What I would want you to think about before choosing. If you go on the loan, you are liable for the full amount, not half. If he stops paying, the lender comes to you, and a late payment on his part damages your credit as much as it does his. If you go on title, you have created estate questions. The property may be exposed to probate, and how it is titled affects what your heirs receive and how it is taxed. Transfers can also matter for Medicaid eligibility if long-term care is anywhere in your future. Those are questions for an estate attorney and a CPA, not for me and not for the loan officer. Getting off later is hard. Removing a co-signer or co-borrower generally requires refinancing the whole loan, which means he has to qualify alone at whatever rates exist then. Plan on being attached for years, not months. The middle path I usually suggest: ask his lender to run the file with a gift toward the down payment and no co-signer, and see whether he qualifies. If he does, you have helped him without attaching your name to anything. If he does not, then have the co-borrower conversation with real numbers in front of you, and with your own attorney, not his. This question is from 2021. Rates and agency guidelines have both changed, so have his lender re-run it currently. I am a real estate professional and a Seniors Real Estate Specialist, not an attorney, a lender, or a CPA. On a decision that touches your credit and your estate at the same time, get both of those professionals involved. I am Zoltan Peresztegi, Realtor and SRES, working the Palos Verdes Peninsula and the South Bay in Los Angeles County. Webster is not my market, but if the family wants an introduction to an agent near Rochester, I am glad to make one. Zoltan

It depends on your financial situation and goals. Adding your income may help your grandson qualify for a larger loan, but being on the mortgage also makes you legally responsible for the debt. Before deciding, speak with a lender to see if your income is needed and consult an attorney or financial advisor to understand the legal and estate planning implications. **Juan Picos** REALTOR® | JohnHart Real Estate Serving Burbank, Glendale & Greater Los Angeles

This is a personal financial decision. I would suggest speaking with a financial advisor to determine your best course of action. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

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.

Depends if his income is high enough to buy something suitable for you and his family.

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.

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.