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If she's on Medicaid, she doesn't have the funds to back up the loan if you can't pay. I can't believe the lender would allow this if they knew she was a Medicaid recipient. Do they know? It would be unethical to not tell them.
If it were me I wouldn't let her sign even if you could get it past the lenders.
No, its not wise for Grandmom to co-sign a loan. Even if on Medicaid just for health insurance, she gets it because she is low income. In home services, are worse because your only allowed a certain amt of monthly income and assets. If she ever needs Medicaid for Long-term care, co-signing for property will cause a problem.
I think your going to need to find another way to obtain a home. Maybe work to get a bigger down payment. Buy a less expensive house. Please do not drag Grandma into it. As said co-signing means she is responsible for payment if you default.
SP, the predatory lenders are lending again. If you ever want a horror story, take a read over in Reddits financial subgroups. Feels like 2008/2009 with predatory lending practices. Many astounding ?’s from grandkids in this position…. non traditional lenders got them to get the grands to be co-signers for cars, home, private student loans. That no worries as you will get a fabulou$$$ career once you graduate / get your first big job, so you will never default & will never b an issue for grannie. The who “she will not be paying any money”. Then it changes. A lot of adjustable rate mortgages no longer affordable as went from 3-4% to 8-9% and they can’t make that payment. But in addition to the grands being a co-signer, they also have allowed by signing the paperwork to have their home to be placed as cross collateralization. So not only is the house with the ARM mortgage collateral but also the grandparents home is cross collateralized to the lend as well. It’s touted to those who really cannot get qualify for a mortgage from a regular lender ever.
Even if your grandma has great credit, what major lender would allow someone on Medicaid with limited income be a co-signer?
Sure a predatory lender would be all for it, but they probably would not even give you a solid rate, and my guess if you need a co-signer which means either house is outside your price range, or your debt to income ratio is dog water. Should you even be looking to buy a house at this point?
Fix your credit first tbh, say thanks to grandma but don't have her co-sign knowing full well if you default your grandma cannot cover your payments. Defeats the whole purpose of a cosigner.
You don't mention her age, mental or physical status. I think this is a lose lose situation. Save some money and then try on your own. It will be a great accomplishment for you
She probably can do what she wants while on Medicare. The question would be with Medicaid since it is need based.
Paying or not, when someone cosigns they are a responsible party for the property. With that comes benefits for you but also lots of risks for both parties.
We refused to co-sign on a car for our son because the car he picked out was out of our price range. We knew we could not afford to make the payments if he defaulted and that is exactly what your grandmother would be saying.
Life is fragile and hard enough to be accountable for our own responsibilities. Anything can happen to you at any moment from losing a job, going on disability, or even death. Do you really want to saddle her with the responsibility of your managing, selling, etc. your home if something happens to you.
Like others have said, she probably would not even be approved to co-sign if she is on Medicaid. Even if she has money tucked in a trust, that money belongs to the trust not her and probably can not be considered as an asset for her to be considered a good credit risk.
It would probably be best to tell her thank you for the offer as it probably means a lot to her, but then tell her No Thank you.
Grandmother should not cosign. Could fall back on her and hurt her getting benefits. She cannot pay your mortgage or she would not be in Medicaid. Surprised the bank would take her as cosigner.
Medicaid is usually for poor people. The bank wants a cosigner because they think you won't pay. When you don't pay, they'll go after the cosigner. Even if they cannot get anything from the cosigner, the bank will attempt to collect. My aged mother in law is experiencing this, and the calls make her miserable, her relationship with the family member she cosigned for had been damaged, and her disabled senior daughter is left with the messy finances and trying to hide some of Mom's money from the collectors but that's another discussion. Is this what you want for Grandma? I recommend only buying what you can afford.
No, that is not why the bank wants a co-signer. They may want one because the OP could have had bad credit in the past. The grandmother may be poor and on Medicaid but have excellent credit. Like my mother. She is low-income and on Medicaid but she has excellent credit.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
If it were me I wouldn't let her sign even if you could get it past the lenders.
In either case IMO it is a real bad idea.
Medicaid is not welfare.
Why do you need a cosigner on the loan? It's usually an indication that you are taking on too much debt relative to your assets/income.
If you default, GMA will be responsible to pay. Does she have the funds to do that,?
I think your going to need to find another way to obtain a home. Maybe work to get a bigger down payment. Buy a less expensive house. Please do not drag Grandma into it. As said co-signing means she is responsible for payment if you default.
I doubt with her financial destitution she would be a qualified cosigner but stranger things have happened.
But in addition to the grands being a co-signer, they also have allowed by signing the paperwork to have their home to be placed as cross collateralization. So not only is the house with the ARM mortgage collateral but also the grandparents home is cross collateralized to the lend as well. It’s touted to those who really cannot get qualify for a mortgage from a regular lender ever.
“She will not be paying any money”… if only…
Sure a predatory lender would be all for it, but they probably would not even give you a solid rate, and my guess if you need a co-signer which means either house is outside your price range, or your debt to income ratio is dog water. Should you even be looking to buy a house at this point?
Fix your credit first tbh, say thanks to grandma but don't have her co-sign knowing full well if you default your grandma cannot cover your payments. Defeats the whole purpose of a cosigner.
Paying or not, when someone cosigns they are a responsible party for the property. With that comes benefits for you but also lots of risks for both parties.
We refused to co-sign on a car for our son because the car he picked out was out of our price range. We knew we could not afford to make the payments if he defaulted and that is exactly what your grandmother would be saying.
Life is fragile and hard enough to be accountable for our own responsibilities. Anything can happen to you at any moment from losing a job, going on disability, or even death. Do you really want to saddle her with the responsibility of your managing, selling, etc. your home if something happens to you.
Like others have said, she probably would not even be approved to co-sign if she is on Medicaid. Even if she has money tucked in a trust, that money belongs to the trust not her and probably can not be considered as an asset for her to be considered a good credit risk.
It would probably be best to tell her thank you for the offer as it probably means a lot to her, but then tell her No Thank you.
If the OP has to operate the way wealthy businesses and individuals do to realize that dream, then I say more power tp them and best of luck.
~BC 8/10/23
The bank wants a cosigner because they think you won't pay.
When you don't pay, they'll go after the cosigner.
Even if they cannot get anything from the cosigner, the bank will attempt to collect. My aged mother in law is experiencing this, and the calls make her miserable, her relationship with the family member she cosigned for had been damaged, and her disabled senior daughter is left with the messy finances and trying to hide some of Mom's money from the collectors but that's another discussion.
Is this what you want for Grandma?
I recommend only buying what you can afford.
No, that is not why the bank wants a co-signer. They may want one because the OP could have had bad credit in the past.
The grandmother may be poor and on Medicaid but have excellent credit. Like my mother. She is low-income and on Medicaid but she has excellent credit.