Don't let the complicated process of buying out your partner in a mortgage intimidate you.  With the right guidance and information, you can make informed decisions and successfully navigate the process. Contact Sarah today to get started on your journey towards buying out your partner in a mortgage.

A spousal buyout program in Canada is a type of mortgage financing option that allows one spouse to buy out the other spouse's share of the property in the event of a relationship breakdown, such as a divorce or separation. This program is available for married or common-law couples, as well as joint-titled individuals. The program allows the buyout to be included in the mortgage, and most programs allow you to finance up to 95% of your home's value. To qualify, you'll need to provide the lender with a copy of the signed separation agreement, which clearly outlines asset allocation. 

Popular Reasons People Buy Out Their Spouses 

• Maintaining optimal credit during a costly divorce or separation is important. Consolidating other liabilities such as credit cards, unsecured lines of credit, and student loans into one new mortgage can help save thousands of dollars. Additionally, accessing funds to help with legal costs and the costs associated with your spousal matter can be beneficial.

Unlock the Power of Your Home Equity: Access Up to 95% of Your Home's Value and Secure Your Financial Future with a Spousal Buyout Today!

When it comes to withdrawing mortgage money for a spousal buyout, there's a maximum amount that can be taken out. This amount is set out in the separation agreement, and  it cannot exceed 95 percent of the appraised value.