Parents of adult children know that looking after your kids doesn’t end when they turn 18. While no longer responsible for your child’s decisions, you can be responsible if you start co-signing mortgages to help your kids buy a home.
If you’re thinking about doing that, you’re not alone. Join the club of parents who are the Bank of Mom and Dad. Home ownership is beyond the reach of many young people these days and wanting to give them a hand up to get into the marketplace is very common. You’ve taught them to be independent but when it comes to buying a home you’re enabling them in a good way. Just make sure you know what you’re getting into as a joint borrower.
Know your responsibilities
Whether it’s a credit card, line of credit or for…