Spousal Buyout Mortgage Toronto ON
Toronto Mortgage Broker with 10+ years of experience
Equity take out to help facilitate the division of assets.
It can be difficult to move forward when life throws hardships our way. Couples going through a separation are often faced with the difficult decision of what to do with respect to their matrimonial home.
Selling the property and splitting the proceeds 50/50 is one option, but what happens if one of the borrowers want to remain in the home?
A common way borrowers hold on to their home during a separation is by refinancing their mortgage. The refinance would serve two primary functions:
- Changing title, removing the borrower who is relinquishing ownership of the property, and
- To pull out enough equity to buy the other borrower out
It is also possible to structure the new mortgage that allows you to purchase the property from your ex-spouse for up to 95% of the property’s current value.
If you’re experiencing a breakdown of your marriage or relationship and there is a property involved, please reach out to me to discuss your options and how best to structure your mortgage.