Spousal Buyout Mortgage is for those that are legally married, own a home and in the process of divorce one of the spouses prefer to keep the property and needs to “buy out” the departing spouse.
According to CBC in it’s October 4th article, 4 in 10 first marriages end in divorce
A divorce experience may be stressful, so a buyout of the property may help alleviate the stress and provide an equitable separation at the same time.
The Spousal buyout mortgage can help buy out the other spouse off, the property title and up to 95% LTV! It could also allow the consolidation of matrimonial liabilities.
The payout to the departing spouse comes from the existing home equity.
The buying spouse is still subject to the qualification process.
Additional conditions apply for this mortgage, feel free to contact me for more information
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