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The Moneyist: This father wants his daughter to co-sign on a $300,000 mortgage — what should she do?

Dear Moneyist,

My only daughter was asked by her father to co-sign a mortgage of $300,000 for 30 years on his home so he has enough to live on. The house is worth over $2 million, but it’s in a state of disrepair. It still carries a $66,000 mortgage. Her father remarried a few years back and has other debts of unknown amounts.

He is 68 years old and has received Social Security and has health issues. He told my daughter that he has a living trust set up to leave the house to her. This is too big a loan amount for anyone to co-sign even though my daughter is making a six-figure income.

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