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It’s not uncommon for parents to want to help their adult children enter the housing market. For some, that help comes in the form of co-signing for their child’s mortgage, but experts warn that means taking on financial risks they might not understand and could impact their own debt and retirement plans.
“The most important thing to understand about co-signers is that if there are four people on the mortgage, each of them is not responsible for 25%; each one of them is responsible for 100%,” said Ron Butler, principal broker at Butler Mortgage.
Co-signing a mortgage can be a risky commitment
At several major lenders in Canada, he noted that only one person listed on the mortgage agreement needs to sign for a renewal to take effect. “There could be four people on the mortgage. The bank will accept the sign-off of one single person to process the renewal, and once the renewal is processed, it’s all locked in for another five years,” he said.
Butler said once you co-sign, it’s extremely difficult to remove yourself from the mortgage…
