SARAH COLUCCI, MORTGAGE BROKER
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Spousal Buyouts

DIVORCE AND YOUR MORTGAGE:
Here's What You Need To Know.

Divorce Booklet
File Size: 41779 kb
File Type: pdf
Download File

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. 

Fortunately, there exist spousal buyout mortgages which are insured through Canada Mortgage and Housing Corporation and Genworth that could allow you to buy your spouse out of your matrimonial home and live comfortably on your own. By applying under these programs, you may be able to qualify for a great rate, an excellent mortgage product and have the ability to borrow up to 95 percent of your property’s current value. You may also be able to pay off joint debt, consolidating costly lines of credit that may be secured or unsecured at much higher interest rates.

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. Please feel free to download my Divorce Booklet which is located at the top of this page.

Here are some popular reasons:
  • Maintain optimal credit during a costly divorce or separation.
  • Include other liabilities which cost more money into one    new mortgage such as credit cards, unsecured lines of credit , student loans, etc. , which can help you save thousands. 
  • Access funds to help with legal costs and the costs associated with your spousal matter. 

Can the net proceeds of a spousal buyout be used to pay out loans or other debts?

No, under the spousal buyout program the funds must only be used to pay out a spouse what is agreed upon pursuant to a Separation Agreement.

What is the maximum amount of mortgage money that can be withdrawn?

The maximum amount of mortgage money that can be withdrawn is the amount set out in the separation agreement.  This amount cannot exceed 95 per cent of the appraised value. 

Is a full appraisal required?

Yes, a full appraisal will most-likely be required to confirm property value.  Sometimes, if there is substantial equity in the property, an appraisal may be waived based on lender's discretion.

CONTACT ME

Let's get started today.



Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Second Location: 
Tottenham, Ontario 

Head Office: 
15 Wertheim Court, Suite 210
Richmond Hill, Ontario 
L4B 3H7 

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Mortgage Edge, FSCO Lic. 10680

Telephone

Direct: 647-773-4849
​
Email: sarah.colucci@coluccimortgage.com
Picture
  • Home
  • ABOUT ME
  • Why Use A Mortgage Broker
  • APPLY ONLINE
  • PRODUCTS
    • BEAT THE BANKS
    • WHY INVEST IN REAL ESTATE
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • SELF-EMPLOYED MORTGAGES
    • 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
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • PERSONAL LOANS
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE QUESTIONS
  • MORTGAGE DICTIONARY
  • MY LENDERS
  • MISSION
  • MORTGAGE NEWS
  • MULTIMEDIA & APPEARANCES
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • TESTIMONIALS
  • HOUSE HUNTING CHECKLIST
  • MORTGAGE WITH ME