<prompt> Human: As the title states, my dad asked me to co-sign a home equity loanHELOC and I have no idea what to do. Hes been retired for 10 years disabled from a non-work accident and has be accruing significant 40k credit card debt over the last 3-4 years. Since he isnt working, he needs me to co-sign the home equity loan, which he will use to pay-off his high interest credit card debt and also do some much needed repairs on the house. He owns the home outright and its worth about 900,000. For various reasons, selling the home is not an option at this time. The bank is offering a 5.5 interest rate on a 15 year fixed loan. He is also considering a HELOC. I understand the general differences between the two types of loans, but was hoping for some general advice. Briefly, Im 29 years old, recently graduated from school, and just started my first major job. I am making approximately 55-60k per year for the next 3 years in my current position. My credit score is very good. I have a great relationship with my dad and he has never asked me for help or money. He covered all of my living expenses and tuition while I was in college. I have no doubt that my dad would make all of his payments, but I am just concerned overall about the financial situation he is in and Im not sure what the best course of action is. Any advice on home equity loans, HELOCs, or any other options or suggestions would be greatly appreciated. Thanks in advance.Assistant: Hell nope. Your dad needs to learn how to budget cause hell end up with another 40k of debt in 4 years time. Youll be stuck paying for him when you should be paying for you and saving for you. If he cant get his spending together, maybe he needs a job?Human: Thanks for your reply. Im planning on talking to him about getting a part time job. But overall its hard for me to say no to co-signing the loan after all hes done for me.Assistant: I get that.Just make sure the two of you are clear on a plan for him living within his means from now on. He may need a bit of help going forward. He cant keep running up 10K in debt per year. You may need a plan to get to a place where he can sell the house.I know most will say NEVER co-sign and to be fair, I wouldnt co-sign for any of MY relatives but presumably you like your father, and if you got out of college without student loans and feel this is the way to pay him back for your own peace of mind, it can be worth it. You will need to address WHY he has been going into debt. If people this can include charities asking for money! have been preying on him, you need to agree to put a stop to the money going out. I know so little about the situation that guessing the reason is silly, but you need to know why even if it turns out to be something you cant completely fix.Human: Thanks for your reply. His monthly expenses are 2500 more than his income, which is where all of the debt is coming from. He doesnt spend money on anything else and doesnt travel. Hes otherwise very frugal. I agree that selling the house is probably the best option.  <response>: Hes not frugal at all if his MONTHLY expenses are 2500 more than his income!!! Thats total spendthrift territory. 