Why buyout your spouse? In most cases, the numbers make sense.

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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. 

If you are separating from your spouse or divorcing, you may have questions about your options when it comes to your matrimonial home and possibly buying one spouse out of property ownership.

Having said this, a spousal buyout program can be an excellent way to pay off joint debt, and buyout one spouse instead of selling the house and paying real estate commission which often amounts to a substantial loss of assets for both parties. A spousal buyout can also help with a general consolidation of mounting debt and therefore, not only does it maintain credit but it recovers necessary cash flow which is required in costly litigation matters.

As mortgage professionals, we work closely with lenders who offer spousal buyout programs to ensure you obtain what you need and accomplish your goals! We help offer suitable mortgage products that can help people who are separating or divorcing manage their mortgage payment and financing.

In order to qualify under the spousal buyout program, you must have a valid separation or Divorce Agreement which outlines the mutual agreement to buy out one spouse out and for how much.
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Contact us today to explore the great rates we currently have available under this program.

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What is the maximum amount of mortgage money that can be withdrawn?

The maximum amount of mortgage money that can be withdrawn is the amount set out in the separation agreement.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.