Sarah A. Colucci, York Region's Mortgage Expert. Savings Guaranteed.
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Mortgage News 2022

Divorce and Your Mortgage: It can still be possible to buy out your spouse, consolidate debts, and most importantly, spare your credit rating but you may need help.

8/2/2019

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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 Colucci

    Senior Mortgage Agent, Lic. M14000929

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Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Sherwood Mortgage Group
Licence # 12176

Telephone

Direct: 647-773-4849
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Email: scolucci@sherwoodmortgagegroup.com
Picture
  • Home
  • WHY USE SARAH FOR YOUR NEXT MORTGAGE
  • APPLY ONLINE
  • PRODUCTS
    • Free House Value Tracker Report
    • CASH-BACK MORTGAGE
    • BRIDGE FUNDS
    • REVERSE MORTGAGES
    • SELF-EMPLOYED MORTGAGES
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • WHY INVEST IN REAL ESTATE
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE DICTIONARY
  • MORTGAGE NEWS
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • HOUSE HUNTING CHECKLIST
  • APPRAISALS
  • FIXED OR VARIABLE RATE?