Spousal Buy-Out Mortgage
Divorce is never easy, but it happens. Between lawyers, court, litigation, separation agreements, and the emotional impact of the situation, it can weigh on all parties involved. One source of contention when discussing how to divide the assets is what to do with the matrimonial home. It’s generally your largest asset, and dealing with it effectively is important for all parties involved. To provide you with options, we offer spousal buyout mortgages.
There are several key things to consider during a separation. Will you be keeping or selling the home? Who will be coming off the title? Who will be staying in the house? Can the equity in your property be used to consolidate marital debt? Answering these questions can help you determine if a spousal buyout mortgage is a right solution for you.
A traditional mortgage will only allow you to take up to 80% of the equity out of your home. In cases of divorce, this is often not enough for a buyout or settlement between parties. There are however options that will allow a spouse to be bought off the title in the event of a marital split, allowing you to take up to 95% of the equity out of the house.
Mortgage Broker Debbie Viveiros serves across Bradford and surrounding areas including Newmarket, Innisfil, Keswick, Barrie,East Gwillimbury, Holland Landing, Vaughan, Markham, Aurora.