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Divorce and Separation are extremely common in Canada. In fact, the divorce rate for legally married couples is currently more than 50% (50 couples out of every 1000). When couples get divorced or separate from each other there are many financial questions that must be addressed. One of them is what to do about dividing property... When you have been living with someone for a very long time, it is common to have your finances interlaced with each other, sharing the responsibility in most, if not all, loan repayment. This can include mortgage payments, student and car loans, property taxes and so on. If you are currently in this situation, you may also be wondering if you should just sell the home. There are spousal buyout mortgages available which are insured through Canada Mortgage and Housing Corporation and Genworth that would allow you to buy your spouse out of the matrimonial home and allow you to live comfortably on your own. By applying under these programs, you will be able to qualify for a great rate, an excellent mortgage product and be able to borrow up to 95 percent of your property’s value. You will also be able to pay off joint debt and consolidate costly lines of credit that may either be secured or unsecured. These programs ultimately offer secure mortgage options that can safeguard your financial obligations and future. In order to qualify for the spousal buyout program, it is important you obtain legal advice and have a duly signed Separation Agreement. The agreement should outline who will be paid out and for how much along with other costs like child support, for example. As a mortgage professional, I can help you figure out your Separation and make sense of it all right from the drawing board. I can also help you spare your credit rating which will be essential when going through the Separation process. A mortgage broker can help simplify your life when you need simplifying the most. Sarah A.Colucci Senior Mortgage Agent Lic. M14000929 Mortgage Edge Broker 10680 Direct: (647) 773-4849
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By: Sarah ColucciSenior Mortgage Agent, Lic. M14000929 Archives
January 2023
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