What to do when a parent has a spending problem and wants your help

The transcript discusses a financial dilemma where a mother is concerned about her daughter cosigning a $300,000 mortgage for her 68-year-old father, who has a history of financial instability. The house in question is valued at over $2,000,000 but is in disrepair. The father promises the daughter will inherit the house, but the situation is complicated by family dynamics and emotional factors. The advice given is to base the decision on financial logic rather than emotion, ensuring all agreements are documented legally.

What are the potential risks involved in cosigning a mortgage for a parent?

In what ways can family dynamics complicate financial decisions like cosigning a mortgage?

How does the relationship between the daughter and her father influence her decision to cosign?

What factors should be considered when evaluating the financial implications of cosigning a loan?

What legal protections should the daughter seek if she decides to cosign the mortgage?