The Moneyist: My mother guaranteed my brother’s mortgage — using her home as collateral. What happens if she needs long-term care or she dies?

by | Oct 27, 2023 | Stock Market

Dear Quentin, My mother and stepfather just cosigned for a mortgage for my brother. My mom said their house is being used as collateral. If my brother can’t pay his mortgage, our mother will have to pay it for him, or the bank will take her house, right? 

Also, what happens if my mother and stepfather both pass away and my brother’s house is not paid off? What happens if one of them needs assisted care and the house needs to be sold for that? They are both in their mid 70s. The Other Sibling

“In a worst-case scenario, your brother de …

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