Co-sign Mortgage for Parents?

[930addict]

I'll try to keep this short. Parents are 71 years old and have a mortgage on a house they still owe about $300k on. This is their primary residence. Dad also has a business credit line and a credit card. He owes $50k to each. He is seeking to consolidate all of this using equity on his house. The house is worth about $2million dollars.

They are living on social security. They are trying to finish a remodel they started before my dad got cancer so they can sell the house(agent says it needs to be finished). They plan on selling the house next spring. The refinance will save them about $1000 per month. Dad will close the credit line and the credit card.

They do not have the income to qualify for the refinance but the bank mentioned that if one of the kids could co-sign for them that it might work out. I'm the kid that is in the position to do it so my dad asked me this afternoon.

Questions for this brilliant Pelican braintrust:
1) Does this mean that I will be on the deed making me part owner of the house?
2) What happens when they sell the house as far as taxes are concerned. Would I share liability for taxes?
3) Same as #2 but for property taxes - am I liable - it's like 6k per year?
4) Any other ideas, questions or concerns I should have? I'm a computer guy not into tax/real estate/attorney stuff.

As an FYI, I would not have a problem paying the mortgage if my parents defaulted, or heaven forbid something happen to them. At this point I'm inclined to say yes to help them.

Any input and/or advice would be appreciated. I'm sure there are lots of things that I'm not thinking of. Thanks!

Edit: This is in San Jose, California

[Dueller]

PM'd ya...

[widgeon13]

Don't believe you are on the deed but you are responsible for the debt.