Would you cosign a lease for senior housing?

[KTP]

If you had a parent that was applying for senior housing, and they required she/he have a cosigner, would you do it?

Some states have old filial support laws on the books...would taking responsibility for a lease put you on the hook for other things under these laws?

[Joan.of.the.Arch]

Without the least hesitation.

My mother was told when she went to lease in a senior building that she really did not have enough income. They told her, though, that if she would have each of her 6 kids pledge a certain monthly dollar amount (I think it was only $20 each), they would let her have an apartment. Of course we all said we would. The management let her move in and she has kept up with her expenses without accepting any money from any of us. I think it has been 9 years now.

This is not assisted living and no services are provided.

I cannot see how signing a contract for housing could obligate you to pay for anything else.

[disneysteve]

If you had a parent that was applying for senior housing, and they required she/he have a cosigner, would you do it?

Not unless I was in a financial situation to comfortably pay their living expenses. If not, I'd be helping them find a place that they could afford on their own.

[KTP]

No, it isn't an income problem. They have enough SS to cover the rent plus food and other expenses. I think the housing place wants us on the hook for the lease if our parent has to go in the hospital or into a assisted living place. I offered to pre-pay a month or two of rent but they want the cosigning.

[asmom]

Would I sign a lease so the people who raised me could have a place to stay? Of course. Who would leave their parents homeless (assuming they were decent parents)?

[asmom]

No, it isn't an income problem. They have enough SS to cover the rent plus food and other expenses. I think the housing place wants us on the hook for the lease if our parent has to go in the hospital or into a assisted living place. I offered to pre-pay a month or two of rent but they want the cosigning.

Actually I have never heard of anything like that. If they go into the hospital, they would continue to pay rent just like anybody else would. If they go into assisted living, they would just terminate the lease.

I'm guessing this is not subsidized senior housing. I would investigate more however; if there is not an income problem, then why do they need a co-signer? Check the lease very carefully before signing because something might not be on the up-and-up with this place (not because I would hesitate to help my parents).

[Wino]

I would not cosign, but I might sign and sublease. Let my folks pay me, and let me make sure the landlord gets paid. That way, I'll know that everything is taken care of.

That being said, I won't have this problem. My father and mother are set for retirement, so they could probably cosign for ME, if I needed them to.

[Jerry91]

It will depend upon the mentality of the concerned person. I would definitely co-sign for a parent or a senior in my house. But that's me! It will be the sole discretion of the person who has to co-sign for the housing. No one can force him or her for co-signing.

[Chris Leese]

For my parents, I would co-sign, but only because I know that I could take on the expense if needed financially. I would not do so and help them find somewhere more affordable if it would be too much if a financial burden.

[disneysteve]

I think the housing place wants us on the hook for the lease if our parent has to go in the hospital or into a assisted living place.

I would definitely not sign onto that deal. They want you to agree to keep paying even if your parent no longer lives there? No thanks. If my mom (who does live in senior housing by the way) too ill and could no longer live independently, I'd fully expect that she would give up her apartment and we'd move her into more appropriate housing without being stuck continuing to pay rent on an apartment she no longer occupied.

I'd suggest finding another place for them to live.

[JulieAlbright]

One thing I have to ask here - Isn't it illegal to discriminate against somebody in terms of housing and credit decisions using age as the basis for the decision? I'm assuming this is in the United States, maybe I'm wrong there too.

If your parent has adequate income and a decent credit history and their only basis for wanting a co-signor is "They're old and might get sick and go to the hospital or nursing home" etc --- to me that sounds like the kind of thing that should be reported to whomever you report those sort of age discrimination issues to. I'd be looking into that in your case.

But to answer your question, I think we probably will have to at some point for my Mother. In our case though it will be a lack of money on her part and a terrible credit score on her record and not just because the housing places want old people to have a co-signor. Not thrilled about it, but yes we will likely do it.