My Son's Poor Decisions May Cause Me To Lose My House...

Location: Pennsylvania

I’m looking for some advice on a difficult situation.

I’m 60 years old. My son is 25, and my youngest child (daughter) is 17. I recently sold my home for $270K, free and clear, and moved to Pennsylvania to be closer to my son after he was accepted to George Washington University in DC. Which he since dropped out of but insists he got permission to take a semester off while training (letters have come to house indicating he is no longer enrolled).

After paying off some bills and covering moving expenses, I needed to take out a $75K loan for the new house. Due to my credit (divorce and disability), my son co-signed. At the time, it felt like a practical decision given my age—especially since he would eventually inherit part of the home anyway. He is on the deed as well.

Since then, things have taken a turn. He got a government job but was removed from training just three weeks before graduating. He hasn’t been honest with me about what happened, and he’s now spending money recklessly—over $8,700 in just April—on a new relationship he started during training.

He has a history of exaggerating or fabricating things to impress people, and I’m concerned this behavior is escalating. I’ve even caught him creating fake companies for resumes in the past. My biggest fear is that, if he runs out of money, he could make poor or even illegal decisions to maintain this lifestyle. His biological father served time for mail fraud, which adds to my concern.

Because he co-signed on my loan, I’m worried about potential legal or financial risk to my home if something were to happen.

Is there a way to legally protect myself and my property in this situation? For example:

Can I have him sign something stating the house is solely mine?

Can I clarify that he has no financial investment in the property and does not live here?

Is there a way to structure things so he is only a beneficiary, not an owner?

Would a power of attorney or similar document help?

I’m not in a position to refinance or remove him from the loan right now due to my credit, so I’m trying to understand what options I may have to protect myself moving forward.

Any guidance would be greatly appreciated.